Those are the platforms with technology supporting insurance at the heart of their design
According to Juniper Research, the total value of premiums generated by insurtech platforms will exceed $556 billion in 2025, up from $250 billion in 2020. That’s 123% growth.
The research predicts that insurers in the motor, life, home, and health industries risk becoming less attractive to potential customers if they fail to capitalize on the benefits that AI underwriting systems bring.
Besides, the weakened customer loyalty and the driving down of premiums by grown competition and the shift to digital will cause a change in insurance over the next 5 years.
Juniper Research has also found that insurtech will affect health insurance strongly. In fact, the value of premiums underwritten by insurtech growing by over 1,000% between 2020 and 2025, exceeding $95 billion globally in 2025.
The research identified the ability to collect and use customer data through wearables, API calls to e-health records, and digital therapeutics as critical to driving digital transformation.
The research recommends that health insurers redesign their user experience to be digital-first, to increase user engagement and loyalty.
We’ve reported that China is set to become the largest global insurance market, thus attracting foreign insurers to invest in the country.