Insurance Technology (InsureTech) is riding a wave of innovation and investment that is attempting to do in a few short years what the insurance industry itself has failed to do over the last decade: a complete digital migration across all business processes. With $4.6 trillion in global annual premiums, or 5.6% of global GDP, the insurance industry is a highly attractive market where incumbents have been slow to embrace innovation. The insurance industry as a whole must rapidly transition from the antiquated and less profitable business model of old to the tech-focused business model of the future or risk significant loss of market share to tech-focused new market entrants. Investors can sense the opportunity: InsureTech investments are up six-fold over the past five years across all stages of funding. This report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.
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