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InsurTech Market to Grow by USD 77.41 Billion from 2024-2028, Driven by Rising Need for Business Efficiency, Report on the AI Impact on Market Trends – Technavio

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NEW YORK, Feb. 4, 2025 /PRNewswire/ — Report on how AI is redefining market landscape – 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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InsurTech Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 42.35%

Market growth 2024-2028

USD 77.41 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

40.22

Regional analysis

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

Performing market contribution

North America at 51%

Key countries

US, China, India, UK, and France

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.

Market Driver

InsurTech, the fusion of Insurance and Technology, is creating waves in the industry. This innovation is revolutionizing Insurance Creation, Distribution, and Administration. Machine Learning and Artificial Intelligence are driving the development of new Insurance Products, including Social Insurance. Customer Data is the new currency, and InsurTech is leveraging it to make accurate Predictions and personalized Decision Making. Real-time Tracking and Monitoring Information help insureds manage their Insurance Planning. Cloud Computing, Blockchain, IoT, and Chatbots are the digital solutions transforming various Business Lines and Product Lines. Niche Customers’ needs are being met with customized Risk Monitoring and Insurance Solutions. Machine Learning algorithms analyze Purchase Quantity and Consumer Needs to offer tailored Insurance Products. InsurTech is streamlining Insurance Carriers’ operations with on-premise and cloud solutions. The future is bright for this dynamic sector. 

Investors are showing heightened interest in partnering with InsurTech firms, as evidenced by the recent conference with 1,500 attendees from the global insurance ecosystem. The primary focus was on technology’s impact on the insurance sector. Technological advancements have revolutionized the industry, enhancing costing processes, improving consumer experience, increasing transparency, reducing fraud through data analysis, and streamlining claims for customers. InsurTech companies prioritize meeting consumers’ demands for tailored insurance products and personalized services. 

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 Market Challenges

The InsurTech market is revolutionizing the insurance industry by leveraging technology for insurance creation, distribution, and administration. Challenges include managing customer data for personalized insurance products, integrating social insurance with digital solutions, and using machine learning and artificial intelligence for predictions and decision making. Real-time tracking and monitoring information are essential for risk monitoring, especially in niche markets like life & health, auto, marine, liability, buildings, and commercial buildings insurance. Solutions providers are focusing on digital transformation, using big data, cloud computing, blockchain, IoT, and chatbots to meet consumer needs and improve purchase quantity. Insurance carriers are embracing on-premise and cloud-based systems to streamline business lines and product lines, offering customized solutions for various industries.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 utilize the technology and understand the insurance offerings. Consequently, insurance companies must invest in hiring trainers for their employees and brokers. Integration of various products and services with advanced technologies through banks and broking agents is becoming commonplace. Yet, many firms encounter challenges in managing these systems effectively due to a lack of technical expertise. Therefore, it is essential for insurance companies to prioritize employee training and consider partnering with technology experts to ensure successful implementation and management of InsurTech solutions.

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Segment Overview 

This insurtech market report extensively covers market segmentation by  

ApplicationMarketing And DistributionIT SupportClaim ManagementPolicy Administration And ManagementOthersDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth AmericaTechnologyBlockchainCloud ComputingIoTMachine LearningRobo AdvisoryOthersTypeAutoBusinessHealthHomeSpecialtyTravelOthers

1.1 Marketing and distribution-  The InsurTech market’s marketing and distribution segment is poised for substantial growth during the forecast period. The widespread use of smartphones and the convenience of internet access on them have fueled digital marketing and distribution of insurance policies through advanced technologies. Regulations in various countries mandate certifications for electronic promotion systems to ensure security. The mobile point-of-sale in e-retail is gaining acceptance, providing insurance companies with opportunities to cater to a large customer base with busy lifestyles. InsurTech platforms offer insurers technologies like chatbots for live customer interaction and query resolution, enhancing the digital customer experience. Customer-centricity and high ROI are driving the segment’s growth. InsurTech startups are disrupting the industry with more access, transparency, and lower costs, contrasting traditional banking institutions. Automation through pattern recognition algorithms and predictive coding can lower industry overheads and improve process efficiency. Deregulation of equity crowdfunding and private startup investments is attracting investors to the market, further fueling growth.

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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 offering ultra-customized policies tailored to individual customer needs. Social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance are just a few areas where InsurTech is making a significant impact. Key drivers of this market include the use of customer data, machine learning, artificial intelligence, cloud computing, and deployment models like cloud and blockchain. These technologies enable insurers to analyze risk profiles, personalize policies, and streamline claims processing. IoT is another game-changer, with sensors and connected devices providing real-time data for dwelling coverage, contents coverage, and other types of insurance. Business analytics and predictive modeling further enhance risk assessment and underwriting, while AI and machine learning optimize pricing and fraud detection. Overall, InsurTech is transforming the insurance landscape, offering more personalized, efficient, and cost-effective solutions.

Market Research Overview

Insurance Technology, or InsurTech, refers to the use of technology to create, distribute, and administer insurance products. This includes social insurance, where customer data is analyzed using machine learning and artificial intelligence to make predictions and personalized recommendations based on consumer needs and purchase quantity. Real-time tracking and monitoring information are used for risk monitoring and decision making in insurance planning. Cloud computing, blockchain, IoT, and digital solutions are transforming the industry, with providers offering digital solutions for various business lines and niche customers. Life & health, auto, marine, liability, buildings, and commercial buildings insurance are all being revolutionized with these advancements. Solutions providers are leveraging big data, chatbots, and on-premise systems to offer innovative digital transformation in the insurance sector.

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 AmericaTechnologyBlockchainCloud ComputingIoTMachine LearningRobo AdvisoryOthersTypeAutoBusinessHealthHomeSpecialtyTravelOthers

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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3M announces collaboration with GSEO to advance Expanded Beam Optical manufacturing and development

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October 19, 2026

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ST. PAUL, Minn., Oct. 19, 2026 /PRNewswire/ — 3M (NYSE: MMM) today announced a collaboration with Genius Electronic Optical Co., Ltd. (GSEO, Taiwan: 3406), an optical technology company, to advance technology development and manufacturing for 3M’s Expanded Beam Optical (EBO) solutions. In support of these efforts, 3M expects to make a strategic investment to acquire approximately 4.7% of GSEO’s common shares as part of the company’s private placement of newly issued shares, subject to customary closing conditions.

The collaboration brings together 3M’s EBO technology leadership, optical interconnect expertise, materials science, manufacturing scale and customer relationships with GSEO’s precision optics manufacturing capabilities and production scale. Together, the companies aim to support EBO commercialization and long-term capacity expansion to meet growing demand from hyperscale data centers and other advanced connectivity applications.

“3M is investing in capabilities and partnerships that can accelerate innovation for our customers,” said William Brown, 3M Chairman and CEO. “By selecting GSEO as a manufacturing partner and investing in the company, we are strengthening the path to scale next-generation optical connectivity solutions for high-performance data center infrastructure.”

GSEO’s existing precision optics manufacturing capabilities and technical development experience are expected to support manufacturing readiness for 3M’s EBO ferrules, co-packaged optics solutions and related optical interconnect applications. The collaboration is part of 3M’s broader EBO ecosystem strategy, which includes continued work with customers and partners across the optical interconnect market.

“GSEO is pleased to expand its relationship with 3M as we work together to advance optical interconnect solutions for next-generation data center infrastructure,” said Micro Kuo, GSEO CEO and President. “This collaboration brings together complementary technology and manufacturing strengths to support continued innovation and help meet the performance demands of high-growth connectivity markets.”

3M expects the strategic investment to close in the fourth quarter of 2026, subject to customary closing conditions.

Forward-Looking Statements
Certain statements in this release are considered “forward-looking statements” under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, and are intended to enjoy the protection of those laws. Forward-looking statements may appear throughout this release and are typically identified by the words “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “impact,” “initial,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words that are similar to, or have the opposite meanings of, those words. Forward-looking statements speak only as of the date they are made, 3M assumes no duty to update those statements, and readers are cautioned not to place undue reliance on any of those statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” of 3M’s Form 10-K for the year ended December 31, 2025.

About 3M
3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.

Contacts
3M
Investor Contact:
Diane Farrow, 612-202-2449
Media Contact:
3MNews@mmm.com 

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Scott Vicknair Personal Injury Lawyers Announces Second Annual Operation Fur-Ever Home Pet Adoption Event at Lafreniere Park

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October 19, 2026

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NEW ORLEANS, Oct. 19, 2026 /PRNewswire/ — Scott Vicknair Personal Injury Lawyers is excited to announce the return of its second annual Operation Fur-Ever Home, a free community pet adoption event taking place on Saturday, November 14, 2026, from 9:00 a.m. to 11:00 a.m. at Lafreniere Park in Metairie, Louisiana.

The free, family-friendly event will give attendees the opportunity to meet adoptable pets from local animal shelters, learn about responsible pet ownership, and potentially welcome a new furry companion into their homes. Those who preregister for the event will also be entered for a chance to win a Soundcore speaker and a free pet adoption.

“Last year’s event was everything we hoped it would be, and we are incredibly excited to bring Operation Fur-Ever Home back for a second year,” said David Vicknair, founding partner of Scott Vicknair Personal Injury Lawyers. “There is something special about watching a family meet a pet that could become part of their lives for years to come. We wanted to create another opportunity to make those connections while supporting the organizations that work tirelessly to care for animals in our community.”

Building on the success of the first event, this year’s event continues the firm’s commitment to supporting local animal shelters and creating meaningful opportunities for families throughout Southeast Louisiana.

“Giving back to our community has always been an important part of who we are as a firm,” said Vicknair. “Whether we are helping students prepare for school, recognizing deserving teachers, or supporting local animal shelters, our goal is to make a positive difference in the communities we serve.”

Operation Fur-Ever Home is free and open to the public. Families, animal lovers, and anyone interested in adopting a pet are encouraged to attend and preregister.

About Scott Vicknair Personal Injury Lawyers

Scott Vicknair Personal Injury Lawyers is a New Orleans-based personal injury firm committed to providing exceptional legal representation while also investing in the communities it serves. Their experienced team of dedicated attorneys specializes in car accidents, personal injury, and wrongful death cases in New Orleans. With diverse personal and professional backgrounds, they craft legal strategies tailored to each client’s specific case and needs.

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Can we produce low-cost omega-3s without relying on fish?

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October 19, 2026

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GOLD COAST, Australia, Oct. 19, 2026 /PRNewswire/ — Southern Cross University researchers are aiming to halve the cost of producing omega-3 supplements to make these essential nutrients more accessible to pregnant women and infants in low-income countries, backed by the University’s first-ever grant from The Gates Foundation.

The research takes a novel approach: rather than relying on fish oil, the team is going closer to the original source of omega-3. Fish don’t produce omega-3 themselves – they accumulate it from marine microorganisms lower in the food chain.

Led by Professor Dirk Erler from Southern Cross University’s Faculty of Science and Engineering, the team is investigating how these naturally omega-3-producing microorganisms can be grown more cheaply through precision fermentation, including the use of agricultural and food-processing by-products as a source of fermentation sugar.

Omega-3 is an important nutrient during pregnancy and early life, supporting brain and nervous system development in babies. But the cost of supplements remains a significant barrier to access in many low-income countries.

“The main barrier for the uptake of omega-3s as supplements in pregnant women is the cost,” Professor Erler said.

“The whole objective of our project is to reduce that cost and make omega-3 supplements more available.”

The research team at Southern Cross University, which includes biomedical scientist Dr Nedeljka Rosic, Dr Shane McIntosh, postdoctoral researcher Dr Jasmine Haskell and PhD researcher Michael Ingram, is focused on growing omega-3-producing marine microorganisms known as thraustochytrids – or ‘throstys’ for short.

“By growing those microorganisms on land through precision fermentation, we have an alternative way of producing omega-3s that is both reliable and highly targeted,” Professor Erler said.

Precision fermentation allows the researchers to grow thraustochytrids under controlled conditions to produce omega-3 oils. The team is investigating whether expensive feedstocks used in the process can be replaced with lower-cost agricultural and food-processing by-products, helping drive down the overall cost of production.

The approach could also reduce reliance on wild-caught fish as a source of omega-3 oil and create a more reliable, scalable, and local supply.

For biomedical scientist Dr Nedeljka Rosic, the production challenge is ultimately about what greater access to omega-3 could mean for women and babies.

“As a biomedical scientist, my purpose is to find ways to use science to improve people’s health,” Dr Rosic said.

“This project is important because it aims to improve the health of pregnant women and children and reduce preterm births through simple dietary improvements.”

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SOURCE Southern Cross University

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