While the global insurtech market was valued at $5.48bn in 2019, new research has suggested that figure could jump to $10.14bn by 2025, representing a compound annual growth rate of 10.8%.
One report suggests that the market will see growth with innovation simplifying the claims process, improving communication with clients and the capabilities to implement automation. Additionally, the health insurance market is expected to have the highest growth rate in the upcoming years as the adoption of insurtech is significantly higher compared to that of other insurance sectors, such as property and casualty and others.
Some reports have suggested that COVID-19 will be the push traditional insurance carriers need to embrace insurtech with the current crisis demonstrating the need for traditional players to innovate.
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