Investment in the insurtech space continues to grow. Investment in the space was just $140 million in 2011; by 2018, it had grown to $4.9 billion. As insurtech continues to expand, it is increasingly important for the industry to stay abreast of key trends, according to a new report from QBE North America and Village Capital.
The Impact InsurTech report pinpoints three themes in insurtech: Insurance for all, society shaping insurance and micro-transformations influencing macro risks. Innovations like process automation, AI and blockchain are making insurance processes more efficient, increasing both the affordability and accessibility of insurance, the report found. Insurtech is also changing the way that real-time and predictive data can be used to promote the development of insurance products that are more responsive to emerging risk.
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