Digital technologies to optimize CARE make the difference for new-age players flush with investment capital: BigTech valuation increased 2.5 times the total market cap of the top-30 largest insurer in two years. And in 2020, InsurTech surpassed USD22 billion in market cap. As investment capital enables analytics at scale and turns data into value, a flywheel effect across the CARE equation will gain momentum.

Unprecedented access to capital gave BigTechs and listed InsurTechs a significant boost

Full carrier InsurTechs are turning real competitors to incumbents, while Enabler InsurTechs are enjoying healthy growth through collaboration at scale with insurers. Distributors are declining in numbers, which may be a sign of maturity as some become full carriers and others exit the market through incumbent insurer acquisition.

Full carriers are on the rise, distributors are maturing, and enablers are steady

InsurTech market growth expectations put 2020–24 CAGR at a stunning +36%. Interestingly, growth is being equally driven by prominent InsurTech full carriers and a cadre of smaller players. This unusual phenomenon illustrates how InsurTechs are maturing and are enjoying rapid customer adoption.

InsurTech full carriers and enablers are prepared to disrupt