So, what is ahead for the next decade? There may still be some that are rooting for InsurTech to fizzle, or at least to have a smaller impact than expected. However, most are embracing InsurTechs as an important part of the insurance ecosystem with roles as catalysts for innovation and change. With that background in mind, here are my top predictions for InsurTech in the 2020s:

By 2030, we will see multiple InsurTechs with over a billion dollars per year in revenue.
The term InsurTech will fade by mid-decade, but the impact of the movement will be lasting.
The next 3-5 years will see a flurry of M&A activity in the space.
InsurTech funding over the next five years will be greater than the prior 10 years combined.
InsurTech distributors will gain significant market share in personal lines, but agents/brokers will still dominate in commercial lines overall.
InsurTechs will play a major role in reshaping ecosystems for connected vehicles and smart homes, but the true revolutionary change in these areas will occur in the decade of the 2030s.

Depending on your viewpoint, these predictions might be bold. Or they might just be common sense. Prognostications of this sort are always difficult, especially looking out 10 years and especially while the world and the industry are in the midst of transformation. Therefore, you can feel free to disagree and come up with your own predictions for InsurTech. But do check back in with me in 10 years to see if these predictions were fulfilled or if InsurTech and the industry have gone in different directions.

Special Reports /

InsurTech: A decade gone, a decade ahead

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