The InsurTech market might see some good news in the future, and the recent information indicates an upward trend. Insurtech market, as the forecasted growth for the next few years, could grow to around 46%. By the year 2030, the valuation for the market should reach $114,489 billion as venture capitalist investors. Also, Insurtech companies continue to explore areas of opportunity missed or avoided by traditional insurance companies.
These aspects include social insurance, superior customization options, and premiums priced according to data streams that analyze an insured’s behaviors.
Insurtech is a phrase developed from the combination of insurance and technology. Additionally, companies working in this arena are focusing on applying the latest technological advancements to the insurance sector to maximize efficiency and reveal cost advantages. One example of this application is Portal Pro, a customizable online portal for insurance companies and all related activities. The ability to save money, turn a more significant profit and offer the consumers amazing experiences are driving the commercial side of Insurtech. Still, consumers demanding more customization and quality coverage at affordable rates are also keeping the interest alive.
As Insurtech firms harness the power of software to promote portfolio management and diversified insurance products, companies that aren’t technologically savvy are getting left behind. Venture capital firms have realized the gold mine that lies in Insurtech, and money is flooding into the sector to keep the dream alive. For the companies developing the products, these factors continue to contribute to growth in the market.
Today’s payment systems differ vastly from the average transaction 20 years ago. As technologies have emerged to reinvent payment systems, insurance companies jumped on board to make the transaction process more convenient and efficient. Electronic payment systems are still transaction leaders, but adopting more advanced technologies like blockchain could be on the horizon.
Because of the convenience and security of digital payments, many insurance companies and financial institutions are looking for more strategic ways to provide consumers with innovative payment options. The innovation in Fintech and the rise of online portals like Portal Pro have many companies looking to step up their game with more consumer-friendly websites and smartphone apps.
There is room for growth, given the diverse needs of the insurance market. The size of the aging population is demanding Insurtech products for retirement or life insurance. At the same time, the emergence of millennials has created a demand for highly personalized services and security support for newly acquired assets.
Growth opportunities are plenty for Insurtech companies, and the capital is there to fund the market. Failing to recognize the trends and where the growth lies will render your company irrelevant.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at (541) 209-0700.
