How are InsurTech Companies Shaping the PostPandemic Business World? The evolution of technology and rapid digitization have transformed how businesses work. As such, insurance tech has played a massive role and driving factor behind the transformation of traditional insurance processes such as claims management, underwriting, policy administration, and lead capturing. The global coronavirus health crisis has stimulated the growth of insurtech across the globe, highlighting the importance of innovation in times of disruption and volatility. This has given a boost to insurtech companies, whose futuristic and digital-first approach has empowered them to successfully cope with challenges while adapting to the new normal.
Insurance Technology: Market Size In 2020, the global market size of insurtech was valued at $2.72 billion. This figure is stipulated to increase and reach $3.78 Billion in the year 2021, and $60.98 Billion by the year 2028, at a compound annual growth rate of a whopping 48.8%.