Posted on Oct 22, 2018
Axis Insurance Services, LLC
Insurance technology is booming, and firms are standing to benefit from the premiums behind it. Premiums taken by firms using this new technology are set to double globally–from $187 billion today to more than $400 billion by 2023, according to Juniper Research Ltd., a U.K. market analysis company. The quick jump has regulators on their toes, grappling to meet the demand for the need. Insurance technology is poised to make up at least 10 percent of the global insurance market within five years, Juniper found; considering it hovers at four percent right now, that six percent rise will be nice for those firms investing in this technology. Insurance technology is not going anywhere anytime soon. The global insurance market has no choice but to make room for it. Investing in these kinds of startups is key–it’s going to continue growing from here. Here’s all you need to know about insurtech and how it’s impacting insurers everywhere.