According to a study conducted by the digital transformation research specialist Juniper Research, premiums generated by insurtech [4] should exceed 400 billion USD by 2023 against 187 billion USD estimated for the end of 2018. The share of this activity in the global Insurance market will increase from 4% at the end of 2018 to 7% five years later.
The study entitled Insurtech: Cost Savings, Insurer Readiness & Market Forecasts 2018-2023, points out that the deployment of artificial intelligence [5] in contract management and claims settlement should significantly improve the industry revenues. Axa, Allianz, Aviva, Ping An and United Health are among the insurers that have invested the most in innovative start-ups.
Published on August 21, 2018, the research was carried out in the following regions: North America, Latin America, Western Europe, Central and Eastern Europe, Far East, the Indian subcontinent, Asia-Pacific, Africa and Middle East. It includes the life, motor, homeowner’s, health, credit, travel classes of business as well as brokerage.