Statista overview report on the B2C insurtech sector in the United States
In 2019, some 68 percent of insurance agents under 40 said that the insurance industry is too slow to adapt to change. However, they might have to rethink this statement: The insurance industry, which has indeed traditionally approached innovation and digitalization at a glacial pace, is being disrupted by a new technology: insurtech. This transformation is taking place in each stage of insurance –advising, purchasing, underwriting, processing claims, and managing policy details. It has the potential to drive business efficiency by lowering costs and increasing sales.
There are many areas of insurtech, but we will examine the forecast rise of premiums being written online in the United States. This type of innovation is more widely implemented and trusted by consumers, so it can serve as an indicator of consumer appetite for further digitalization of the sector. Statista has prepared forecasts for four branches of insurance up to 2024.
This report will offer an overview of the insurtech sector in the U.S. and compare the growth trajectory of online insurance purchases across four branches: health, life, motor, and property. We will conclude by examining the level of support insurtech has among young consumers and insurance agents.
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