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The estimated available global market size for claims processing improvements in 2020 was billion U.S. dollars. Blockchain, Artificial Intelligence (AI) and the Internet of Things (IoT) are growing in importance for the insurance industry, because they enable insurers to underwrite and process claims more efficiently.

Insurtech investments

Insurtech refers to the use of technology by insurance providers to increase efficiency of processes and gather data from customers. Investment into insurtech has been increasing since 2013, with a slight drop between 2017 and 2018. The majority of funding transactions have been in the seed/angel investment stage, because it’s an emerging area.

Future of the insurance industry

Most Insurtech companies wish to collaborate with traditional insurance companies, rather than disrupt the industry. This means that the insurance industry as a whole will likely grow as the insurtech market grows, rather than it being replaced by this emerging market.