A new insurtech platform called The Spark has officially launched at the annual Rendez-Vous in Monte Carlo, describing itself as “the world’s first global prevention lab.” Supported by leading insurers and brokers, The Spark aims to shift insurance from a traditional claims-paying model to one centered on risk prevention.
Founding Members and Industry Participation
The Spark’s founding members include Aon, Generali, and QBE Ventures. The platform noted that additional global insurers are in advanced stages of joining and that it represents insurers with collective premium volumes exceeding $300 billion. An advisory board made up of C-suite and senior leaders from the founding members will guide future developments, with more participants expected before the end of the year.
Focus on Prevention and Loss Reduction
The initiative is designed to “bend the loss curve,” moving the sector toward preventive measures that reduce claims and support profitable growth. Gil Arazi, founder and chairman of The Spark, emphasized that the insurance industry has “a responsibility to drive meaningful impact beyond claims payment” by developing technologies and tools that prevent losses and create financially viable, socially beneficial solutions.
Market Context and Financial Projections
The launch comes amid significant growth in the global insurtech market. As of the second quarter of 2025, global insurtech funding surpassed $60.8 billion since 2012, with about $15 billion – around 25% – allocated to artificial intelligence (AI) technologies.
The Spark highlighted that global insurance premiums exceed $7 trillion annually, while natural catastrophe losses reached $145 billion, underscoring the need for prevention-focused approaches. Citing industry analyst projections, the platform estimates that fee-based prevention revenue for U.S. property/casualty insurers will grow from $21.6 billion in 2023 to $49.5 billion by 2030.
Call for Industry-Wide Participation
Positioned as a collaborative effort, The Spark issued an open invitation to insurance companies worldwide to join its prevention-centered strategy. The organization describes its debut as a signal of “a fundamental realignment of industry priorities,” aiming to build infrastructure that supports preventive practices across the insurance sector.
The Spark’s launch marks a key development in the intersection of insurance and technology, as industry stakeholders seek new ways to manage risks and reduce losses on a global scale.
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