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InsurTech Market to Grow by USD 77.41 Billion (2024-2028), Driven by the Need to Improve Business Efficiency, with AI Redefining Market Landscape – Technavio

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NEW YORK, Nov. 19, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global insurtech market  size is estimated to grow by USD 77.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.35%  during the forecast period. Increasing need to improve business efficiency is driving market growth, with a trend towards investors collaborating with insurtech firms. However, high cost of investment  poses a challenge.Key market players include Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Marketing and distribution, IT support, Claim management, Policy administration and management, and Others), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd.

Key Market Trends Fueling Growth

InsurTech, the fusion of Insurance and Technology, is creating waves in the industry. This innovation is revolutionizing the creation, distribution, and administration of insurance products. From social insurance to life & health, auto, marine, liability, buildings, and commercial buildings insurance, InsurTech is transforming business lines and product lines. Machine learning and artificial intelligence are driving personalized solutions for niche customers. Real-time tracking and monitoring information enable better risk monitoring and decision making. Customer data is the new currency, with predictions based on purchase quantity and consumer needs. Cloud computing, blockchain, IoT, and digital solutions are the new norm. InsurTech is transforming insurance planning with big data, chatbots, and on-premise solutions. Insurance carriers are embracing digital transformation, leveraging technology to streamline operations and enhance customer experience. The future of InsurTech lies in continuous innovation and meeting evolving customer needs. 

Investors are showing heightened enthusiasm towards partnering with InsurTech firms, as evidenced by the recent conference where 1,500 investors, entrepreneurs, and insurance executives convened. The primary objective of the event was to explore how technology is revolutionizing the insurance sector. Technological advancements have significantly impacted the insurance value chain, streamlining costing processes, enhancing consumer experience, increasing transparency, reducing fraud through data analysis, and simplifying claims for customers. InsurTech companies are prioritizing the growing consumer demand for tailored insurance products and personalized services. 

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Market Challenges

The InsurTech market is revolutionizing the insurance industry by creating and distributing innovative insurance products using technology. Challenges in insurance creation and administration are being addressed through the use of machine learning and artificial intelligence. Social insurance and customer data analysis help insurers make accurate predictions and personalized decisions for insurance planning. Real-time tracking and monitoring information are crucial for risk monitoring and customer satisfaction. Insurance carriers are embracing digital solutions to meet consumer needs, including cloud computing, IoT, and blockchain. Business lines and product lines are catering to niche customers with specific risk profiles. Machine learning algorithms help insurers assess purchase quantity and make informed decisions. Big data and chatbots streamline customer interaction and improve decision-making processes. Solutions providers are leading the digital transformation in insurance, offering cloud-based and on-premise solutions for life & health, auto, marine, liability, buildings, and commercial buildings insurance. IoT devices provide real-time data for dwelling coverage, contents coverage, and risk monitoring. The integration of technology in insurance is a game-changer, enabling insurers to provide customized solutions and improve overall customer experience.Insurance firms are embracing the sale of products through the latest technology, known as InsurTech. However, this new approach necessitates specialized training for insurance staff to effectively use the technology and understand the insurance offerings. Retraining is essential to ensure that employees can provide clients with suitable insurance solutions. Many firms are integrating technology with banking and broking services, but managing these systems effectively requires technical expertise, which some firms may lack. Therefore, investing in trainers for staff and brokers is crucial for successful implementation of InsurTech solutions.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This insurtech market report extensively covers market segmentation by

Application 1.1 Marketing and distribution1.2 IT support1.3 Claim management1.4 Policy administration and management1.5 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Marketing and distribution-  The InsurTech market’s marketing and distribution segment is poised for significant growth during the forecast period. The widespread use of smartphones and easy internet access have fueled digital marketing and distribution of insurance policies through advanced technologies. Regulations mandating electronic promotion system certifications ensure security. Mobile point-of-sales in e-retail is gaining acceptance, providing insurance companies with opportunities to cater to busy customers. InsurTech platforms offer chatbots for live customer interaction and resolution of queries, enhancing the digital experience. Customer-centricity and high ROI are driving segment growth. InsurTech startups disrupt traditional financial services with increased access, transparency, and lower costs. Automation through pattern recognition algorithms and predictive coding reduce industry overheads and improve process efficiency. Deregulation of equity crowdfunding and private startup investments attract investors, further fueling market growth.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Insurance Technology, or InsurTech, refers to the use of technology to create, distribute, and administer insurance products. This innovative sector is revolutionizing the industry by enabling the creation of ultra-customized policies tailored to individual needs. Social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance are just a few areas benefiting from InsurTech. Machine learning and artificial intelligence are key technologies driving personalized offerings. Customer data is analyzed to provide accurate risk assessments and pricing. Cloud computing and deployment models allow for flexible and scalable solutions. Blockchain ensures secure and transparent transactions. Business analytics and IoT devices provide real-time data for risk assessment and claims processing. InsurTech is transforming various insurance sectors, including life & health, auto, marine, liability, buildings, and home insurance. Dwelling coverage and contents coverage are now offered with greater precision and efficiency. The future of insurance is technology-driven, offering customized policies and improved customer experiences.

Market Research Overview

The InsurTech market refers to the use of technology to create, distribute, and administer insurance products. This includes social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance. Customer data is a crucial element, with machine learning and artificial intelligence used for predictions based on consumer needs, purchase quantity, and decision making. Real-time tracking and monitoring information are essential for insured parties, and businesses are leveraging digital solutions to streamline insurance planning. Cloud computing, blockchain, IoT, and big data are transforming the industry, with solutions providers offering digital transformation through on-premise and cloud-based platforms. Chatbots and insurance carriers are also part of this landscape, enhancing customer experience and enabling efficient claim processing. Overall, InsurTech is revolutionizing the insurance industry by providing innovative digital solutions for various business lines and niche customers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMarketing And DistributionIT SupportClaim ManagementPolicy Administration And ManagementOthersDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Simply announces compatibility with AI glasses from Meta

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April 29, 2026

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NEW YORK, April 29, 2026 /PRNewswire/ — Simply, the creative hobbies leader behind the market leading apps Simply Piano, Simply Guitar, Simply Sing, and Simply Draw, today announced compatibility with AI glasses from Meta.

 

The launch signals Simply’s next leap – from mobile and augmented reality into AI glasses – as part of its long–term vision to build a fully multimodal AI platform that connects physical creativity, digital experiences, and wearable interfaces.

After pioneering music learning through augmented reality with Simply Piano for Apple Vision Pro and Simply Piano for Android XR, Simply is now expanding its creative hobbies ecosystem into AI–powered wearables. The new integration with Simply Draw and AI glasses from Meta lets learners capture their drawing process in real time, generating AI–enhanced timelapses and shareable creative assets that showcase their creation. 

“This is an exciting step toward a new era for creativity,” said Yuval Kaminka, CEO and Co–Founder of Simply. “We believe that the way we experience the arts, learning, playing and creative expression at home will become fully contextual. AI glasses allow us to move closer to a true AI creative companion – a multimodal AI, one that understands what you’re doing and supports you in the moment.”

“AI glasses are becoming a natural extension of how we learn and create,” added Eliran Douenias, Head of Product Innovation at Simply. “Our products already enable immersive and virtual experiences with XR and spatial computing, now we’re adding AI glasses from Meta as the next interface – and it’s just the first of an exciting roadmap ahead.”

“Simply’s early move into the AI glasses space puts us ahead of the curve and positions us to lead in how wearables – specifically AI glasses – become part of everyday creative life,” said Douenias.

With this launch, Simply is expanding its platform for the AI era. The new compatibility with AI glasses from Meta enhances how learners see, capture, and share their creative process, with many more experiences to follow.

About Simply

Simply is the world’s leading AI creativity platform redefining how people learn and express themselves through music, arts, crafts, and more. Its award–winning apps – Simply Piano, Simply Guitar, Simply Sing, and Simply Draw – have empowered millions globally to pick up and develop fulfilling creative hobbies that last.

Contact info: eliran@hellosimply.com

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Levine Leichtman Capital Partners Hires James Smith as Managing Director

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32 minutes ago

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April 29, 2026

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LONDON, April 29, 2026 /PRNewswire/ — Levine Leichtman Capital Partners (“LLCP”) announced today that James Smith has joined the Firm as a Managing Director in the Investment Management group. James will be based in LLCP’s London office.

Josh Kaufman, Head of Europe at LLCP, said, “We are thrilled to welcome James to LLCP. James adds valuable experience to the team within our core Business Services sector vertical. We look forward to the impact he will have as our European business and team continues to grow.”

James joins LLCP from Advent International where he was a senior member of the European Business & Financial Services team and participated in numerous successful transactions over his 12-year tenure. Prior to Advent, James worked at Bain & Company. James’ full biography can be found at https://www.llcp.com/team. 

About Levine Leichtman Capital Partners

Levine Leichtman Capital Partners, LLC is a middle-market private equity firm with a 42-year track record of investing across various targeted sectors, including Business Services, Franchising & Multi-unit, Education & Training and Engineered Products & Manufacturing. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. LLCP believes that by investing in a combination of debt and equity securities, it offers management teams growth capital in a highly tailored, flexible investment structure that can be a more attractive alternative than traditional private equity.

LLCP’s global team of dedicated investment professionals is led by 9 partners who have worked at LLCP for an average of 20 years. Since inception, LLCP and its affiliates have managed approximately $18.5 billion of capital across nearly 20 investment funds and has invested in approximately 120 portfolio companies. LLCP currently manages $12.6 billion of assets and has offices in Los Angeles, New York, Chicago, Miami, London, Stockholm, Amsterdam and Frankfurt.

Media Contact: Isabel Moon, imoon@llcp.com

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Appian Advances AI in Process to Deliver Enterprise Outcomes at Scale

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32 minutes ago

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April 29, 2026

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New capabilities in agentic automation and AI-assisted spec-driven development transform complex work.

ORLANDO, Fla., April 29, 2026 /PRNewswire/ — Appian [Nasdaq: APPN] today announced enhancements to the Appian Platform, including AI-assisted spec-driven development and Model Context Protocol (MCP) integration for agents. By anchoring AI within processes, Appian eliminates the primary hurdles to AI value: fragmented data, and a lack of reliability and control. Process models provide the structure needed to deliver results safely, and at scale.

Advancements in AI agents enable more intelligent, coordinated work

AI agents in Appian are smarter, safer and more effective because they have better structure, context and guardrails. Appian is enhancing interoperability across its AI ecosystem. By adopting powerful standards like Model Context Protocol (MCP), Appian agents will be able to interface securely with external enterprise systems. Third party AI agents will have access to powerful Appian tools like data fabric which uniquely provides unified read-write access to enterprise data.

Appian is also advancing agent learning by providing users the ability to track agent performance, and then apply an agent’s memory across processes to improve decision making. Users will soon be able to expand on this by giving AI guidance on what objectives to optimize against and recommend improvements that can be applied safely.

Customer value

Global Excel Management, a worldwide healthcare risk management provider, uses Appian to transform claims processes with AI.

“As part of our digital transformation we are evolving our claims processes by transitioning from fragmented workflows to an enhanced level of operations using technological advancements enabled with AI features,” said Pascal Tanguay, SVP, Global Technology Services, Global Excel Management. “With Appian, our processes will be unified. From initial intake to adjudication, our advanced technology will reduce redundant tasks and lessen complexity for our team members. This ensures that our claims processes are consistent and completed more efficiently and accurately.”

Context gives agents a common vocabulary for business data

To support advanced agent capabilities, Appian is augmenting its industry-leading data fabric. Appian’s data fabric has been enhanced to provide a unified metadata model that gives agents clearer context about how information is structured and connected across systems.

Furthering its commitment to supporting industry-leading data platforms, Appian is launching a technology partnership with Snowflake. This unites Appian as the AI orchestration layer with Snowflake’s AI Data Cloud, combining data aggregation, model training, and process orchestration to enable immediate business value. Direct MCP-enabled integration between Appian data fabric and Snowflake equips agents with deep enterprise context, and allows them to interact directly with Snowflake Cortex AI to drive intelligent, data-backed decisions.

“Enterprises don’t need more AI experiments, they need AI that delivers real business outcomes on governed data,” said Baris Gultekin, Vice President of AI, Snowflake. “By combining Appian’s process orchestration and data fabric with the Snowflake AI Data Cloud, we’re bringing intelligence directly into the flow of work. Together, we enable secure, enterprise-grade AI where agents can access trusted data through Cortex AI, act with context, and drive measurable impact across the business.”

AI-assisted spec-driven development

AI-assisted development has revolutionized coding, but mission-critical work needs more than fast, cheap code. Appian puts structure around AI-assisted development. Without that structure, AI-generated code can introduce compliance issues and technical debt instead of business value.

Appian is introducing AI-assisted spec-driven development. AI extracts rich specifications from legacy applications to create a clear visual plan. This plan helps visualize the UI, data models and process flows for rapid and iterative operational improvements. AI developer agents, operating under human supervision, complete tasks according to specifications, accelerating delivery and reducing rework.

New developer MCP servers will allow organizations to use their choice of AI development tools, such as Claude Code or Kiro to build and update Appian applications. Appian will support a wide range of AI models, enabling teams to work in the environments they prefer.

Together, these enhancements will deliver the speed and developer productivity of AI-assisted development, with enterprise-grade control.

“Appian Composer, Agents and Appian MCP servers enable trusted agentic process orchestration and application modernization,” said Mike Beckley, Chief Technology Officer and Founder of Appian. “Composer complements Appian’s agentic orchestration and data fabric with new spec-driven development tools that are both conversational and iterative. Beneath the covers, Appian Composer is built on Appian’s new open MCP – a model-driven representation of your complete application estate—requirements, apps, data entities, logic, workflows, security/governance rules, integrations, and multi-object dependencies—now exposed as context for developers and agents to safely evolve and optimize.”

The advancements announced today were unveiled at Appian World 2026 and will be available in coming releases. Learn more at www.appian.com

About Appian

Appian provides process automation technology. We automate complex processes in large enterprises and governments. Our platform is known for its unique reliability and scale. We’ve been automating processes for 25 years and understand enterprise operations like no one else. For more information, visit appian.com. [Nasdaq: APPN]

Follow Appian: LinkedIn, Youtube, Instagram, Facebook, and X.

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