The global insurtech market is valued at US$ 8.6 billion in 2023 and is projected to reach US$ 34.7 billion by the end of 2033.
The insurance industry, known for its traditional and conservative nature, is undergoing significant transformation with the emergence of insurtech. Insurtech refers to the use of innovative technologies, such as artificial intelligence (AI), data analytics, and automation, to upgrade and optimize various processes in the insurance value chain. This wave of technological innovation is empowering start-up companies to challenge incumbents and revolutionize the insurance market.
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