As per a report published recently, the industry of Insurtech is expected to clock a whopping USD 45.09 billion in valuation by 2028. This financial surge comes into play after the market observed a steep rise in the use of wearable technology. However, the bigger catalyst for this projected growth is the level of advancements we have made on the data generation frontier. Different technologies like enhanced data storage facilities along the evolving human nature have also made heavy contributions towards creating an environment that’s perfect for the industry to thrive in.

The emergence of Insurtech in a world where every major operation is technology-driven has constructed an improved structure for the business industry. The proactive nature of insurtech means companies around the world are using it for services like predictive analysis, gaining a defining amount of market and consumer insights, and latest trends that are dominating at present. According to surveys carried about insurtech companies as well as other independent organizations, one of the major elements that are driving the growth of Insurtech is how it has introduced an entirely new approach towards customer service. The numbers of satisfied customers has gone up in the era of Insurtech, and with consistent performances, it’s likely to get even better.

The published reports also reveal the industries that Insurtech is currently serving and which one might be the most crucial one to make the bump in valuation happen. The gathered data states that the industry is currently providing core services to sectors like BFSI, healthcare, manufacturing, government, retail, transportation, and some others. The biggest one here is reportedly BFSI. The sector’s meticulous approach towards risk modeling, analysis, and fraud prevention increases its dependency on Insurtech. From a comprehensive standpoint, as of 2020, North America is dominating the global Insurtech industry, with projections indicating that this dominance will be maintained over the foreseeable future.

It’s expected that the new developments across telecommunications sector will encourage more and more businesses to adapt to Insurtech. With a wider consumer-base and cost-effective strategies, Insurtech will be looking to explore some serious untapped potential.

Source:  Business Wire