INSURANCE
C urrently , insurtech occupies just 2 % of the global insurance industry . But that is changing fast as companies scale at pace and investors throw their weight behind the new digital insurance providers emerging in the space . According to the latest studies by Research and Markets , the insurtech market is poised to grow by US $ 33.73bn between now and 2025 , progressing at a CAGR of 45.28 %.
Needless to say , the industry is maturing in a multi-dimensional , omnichannel environment , where strategic collaborations with other providers and new technologies are racing to produce new and increasingly innovative products and services . In fact , the environment is so ripe for creativity , that one of the defining success factors in a company , is how they decide which element to concentrate on in this swiftly expanding environment .
Big Data and KYC opportunities One of the biggest disruptive elements in insurtech is the increased access to Big Data . Times have changed , and with it , the way data is used to define and determine market trends . Just a decade ago , insurance companies relied on information being provided over a long period of time , and just from a few data point sources .
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