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A new study from Juniper Research has found that insurance premiums generated by emerging insurtech services will exceed $400 billion by 2023, up from an estimated $187 billion in 2018. The research found that insurtech platforms will equip insurers to meet the challenges of diminishing margins and increased competition, creating an opportunity insurers cannot ignore in the future.
Source: Jupiter Research | Published on August 21, 2018
However, while insurtech enables rapid transformation of traditional insurance business models, the adoption of these platforms by incumbents has been limited due to relatively slow rates of innovation within the industry. Consequently, Juniper forecasts that this new sector will represent under 10% of the global insurance market by 2023, compared to approximately 4% in 2018.
For more insights, download the free whitepaper: Why Insurers Must Invest in Insurtech.
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