Juniper Research: Insurtech-based Premiums to Exceed $400 Billion by 2023, Representing 7% of Global Insurance Market
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However, while insurtech enables rapid transformation of traditional insurance business models, the adoption of these platforms by incumbents has been limited due to relatively slow rates of innovation within the industry. Consequently, Juniper forecasts that this new sector will represent under 10% of the global insurance market by 2023, compared to approximately 4% in 2018.
For more insights, download the free whitepaper: Why Insurers Must Invest in Insurtech. AI Claims Management to Drive Cost Savings The new research, Insurtech: Cost Savings, Insurer Readiness & Market Forecasts 2018-2023, found that despite still being in early deployment stage, the introduction of AI in the claims process will generate significant cost savings. Juniper forecasts that across property, health, life and motor insurance, the annual cost savings will exceed
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