By: Parul Singh
Buying insurance is no longer the painful process it used to be. The rise of insurance technology, known as insurtech, has made insurance fit the needs of the modern consumer, personalized, and more user-friendly than ever.
What is Insurtech?
Let’s start with the basics, what is insurtech and how did it come to be? Insurtech refers to the use of technology innovations designed to create new revenue streams and squeeze out savings and efficiency from the current insurance industry model. A quick history lesson: the term “insurtech” did not exist until late 2015, see the Google search results trend graph for “insurtech” below.
Insurtech came to be as increasing digitally literate customers began to demand greater efficiency and better customer experiences from their insurance companies. Though the insurance industry has been slow to innovate, emerging insurtech companies have forced a new wave of innovation in the space.
Insurtech is a massive market
The insurtech market is valued at $16.6 billion in 2022 and is expected to grow at an impressive rate reaching $165.4 billion by 2032. iAs an investor, this represents an attractive time to…
