Global insurtech market to hit $77.41b by 2028

Key drivers include the need for improved business efficiency.

The global insurtech market is projected to grow by $77.41b between 2024 and 2028, registering a compound annual growth rate of 42.35%, according to a Technavio report.

This will be driven by the increasing need to improve business efficiency and increased collaboration between investors and insurtech firms.

Technologies like machine learning and artificial intelligence are enabling personalised solutions for niche customers, while real-time tracking and monitoring support better risk management and decision-making.

Challenges include high investment costs and the need for specialised training to help insurance staff understand and utilise the technology effectively.

Moreover, integrating technology with banking and broking services demands technical expertise, which many firms may currently lack, Technavio noted.

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