- InsuraGuest to offer digital insurance solutions to more verticals
- Insurtech sector set to grow at CAGR of 43% to 2025, twice as fast as fintech
- Insurtech market to cross $18 billion in 2025
- Big insurers continue to drive demand for insurtech
It took a while, but insurtech is now giving fintech a run for its money. Slow off the starting block, innovation in the insurance industry is currently outpacing digital developments in banking, payments, and other financial technologies. As a result, traditional insurers are turning to companies, such as InsuraGuest Technologies Inc. (TSX.V: ISGI), that offer cutting-edge ideas and solutions to revamp antiquated business models and systems. Consequently, InsuraGuest plans to increase its range of services to meet the growing demand for insurtech solutions. Digitizing insurance services is widely expected to reduce operating costs and increase customer satisfaction during the sign-up, renewal and claims processes.
A recent report from industry analyst Grand View Research paints a picture of potential for the fledgling insurtech industry. Valued at just $1.5 billion in 2018, the market is forecast to cross $18 billion in 2025, experiencing a CAGR of 43.0 percent from 2019 until…
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://nnw.fm/ISGI
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