Forecast of global market size for insurtech industry 2016-2020, by improvement type
Insurtech investments
Insurtech refers to the use of technology by insurance providers to increase efficiency of processes and gather data from customers. Investment into insurtech has been increasing since 2013, with a slight drop between 2017 and 2018. The majority of funding transactions have been in the seed/angel investment stage, because it’s an emerging area.
Future of the insurance industry
Most Insurtech companies wish to collaborate with traditional insurance companies, rather than disrupt the industry. This means that the insurance industry as a whole will likely grow as the insurtech market grows, rather than it being replaced by this emerging market.