Market research analyst Technavio has released its forecast for the global insurtech market for the period 2019-2023. The analysis looks at various segments of the market (marketing, IT support, policy management etc) as well as various regions (APAC, Europe, MEA, North and South America).
The company has outlined that the global insurtech market will grow at a CAGR of over 41% by 2023. Specific areas cited for growth are digitisation for machine-to-machine (M2M) communications and business process management. While these areas are set to grow significantly however, Technavio has also stated that year-over-year growth will decline over the period.
Big Data and AI will be key for the insurance sector as insurtech companies analyse data to improve customer service and identify new opportunities, as well as utilising robotics to automate processes.
A Technavio analyst stated that much of the growth will happen in Europe. “Data has become a strategic asset across Europe and the adoption rate of technology in this region is higher than other geographies,” they explained.