The global insurtech market is poised to expand significantly, with a projected growth of $77.41 billion from 2024 to 2028, reflecting a compound annual growth rate (CAGR) of 42.35%, according to Technavio.
A key driver of this growth is expected to be the marketing and distribution segment, which will benefit from rising smartphone usage and improved internet accessibility. These factors enable the widespread digital distribution of insurance policies through cutting-edge technologies.
New regulations mandating certifications for electronic promotion systems are enhancing security in this space, while mobile point-of-sale tools in e-retail are providing insurers with unique opportunities to engage with customers who are pressed for time.
Insurtech startups continue to disrupt the traditional financial services industry, improving accessibility, transparency, and cost-efficiency. Meanwhile, the deregulation of equity crowdfunding and private investments in startups is attracting investors, fueling further market expansion.
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