NTT – Insurtech Global Outlook, 2024

The evolution of Insurtech over the years has resulted in changes in business models, product lines, and technology adoption, influenced by internal and external factors in the insurance industry. Despite a decrease in funding, this does not necessarily indicate a negative trend for the industry. In fact, the insurance sector is continually seeking new advancements and innovations to address specific challenges. Through exploring the Insurtech sector, three distinct waves of innovation can be identified, each characterized by the key technologies of their time. This evolution highlights the integration of innovation with insurance, from the emergence of digital platforms to the introduction of artificial intelligence, shaping the industry's development moving forward.