Insurtech market forecasted at 42% CAGR by 2028

The marketing and distribution segment is expected to see substantial growth.

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

The marketing and distribution segment is expected to see substantial growth during this period, driven by increased smartphone usage and internet accessibility, which facilitate digital insurance policy distribution through advanced technologies. 

Regulations requiring certifications for electronic promotion systems ensure security, whilst mobile point-of-sale tools in e-retail provide insurers with opportunities to cater to time-constrained customers.

Insurtech startups continue to disrupt traditional financial services by improving accessibility, transparency, and cost efficiency. 

Additionally, deregulation of equity crowdfunding and private startup investments is attracting investors, further propelling market growth.