A new study by Juniper Research has found that the total value of premiums generated by insurtech firms will exceed $556 billion in 2025, a 123% leap from the $250 billion seen in 2020.
Juniper Research’s analysis also predicts that insurers in the motor, life, home and health industries risk becoming less attractive to potential customers if they fail to capitalise on the benefits that AI underwriting systems bring.
The report concluded that weakened customer loyalty, the driving down of premiums by increased competition, and the shift to digital will cause significant change in insurance over the next five years.
