The data-laden nature of the insurance industry makes it ideal for digital reformation. It’s a fact reflected in the huge investments insurance companies across the globe are making in various emerging technologies. To put numbers into perspective, the global insurtech market is projected to surpass $ 20 billion in 2023.
Most of the promised value-additions from these InsurTechs are fundamentally different due to the following reasons:
1) They concentrate on one or two functional areas / insurance products
2) They exploit new technology like artificial intelligence
3) They show some results that they achieved in last 18 months.
Nest has studied a few and created a white paper with some details of these offerings.