The global insurtech market is forecast to be valued between $22 billion and $34.3 billion in 2025, according to recent research from the corporate services consultancy Wolters Kluwer.
The firm’s survey of 120 business leaders indicated that three out of four organizations plan to increase their technology budgets in 2025.
What’s driving the spending trend? Process automation demands thanks to AI and machine learning; wearable technologies; and cybersecurity concerns.
Insurance organizations looking to showcase their solutions in these areas or take the proverbial lead in an industry where data now plays a role at every level of the business, can highlight successes via PropertyCasualty360’s Insurance Luminaries recognition program.
Nominations are due March 14, 2025.
Now in its fourth year, this annual honor spotlights P&C insurance professionals who shove off dated industry stereotypes and push for fresh thinking and practices.
The honor is rooted squarely in the P&C insurance world. It recognizes people, teams, companies, programs, products and practices that are modernizing and humanizing insurance work.
There is no limit to the number of nominations each P&C insurance firm, company or vendor can submit. Past honorees also are encouraged to participate.
The program accepts nominations in the following five categories:
- Claims Innovation — Honorees in this category thoroughly understand the impact that a single claim can have on policyholder satisfaction. They foster progressive tools and practices to manage claims, and further fraud and claims mitigation.
- Coverage Innovation — Insurance reflects the world. As societies shift, so too should insurance options. Honorees in this category are furthering fresh approaches to protecting today's diverse policyholders.
- Technology Innovation — Honorees in this category are pacesetters who push insurance carriers, organizations, vendors, agencies and brokerages forward in terms of digitalization, modernization, and client and customer experiences.
- Risk Management Innovation — Honorees in this category find fresh and inventive ways to address insurer and insured risks while fostering advanced thinking and action when it comes to risk-related communication and mitigation.
- Innovation in Workplace Culture — Honorees in this category know how to promote the insurance industry as a great place to build a career. They actively support current insurance professionals and are engaged in finding and training new insurance stars. They encourage employee satisfaction through diversity and inclusion initiatives, health and wellness programming, Environmental Social and Governance (ESB) initiatives, community service and more.
Honoree selection details
Honorees will be selected based on their scores in the following areas, with 0 being the lowest and 5 being the highest in each area, for a total of 25 possible points:
- How well has the nominee stated and achieved goals related to the nomination category? (0-5 points)
- How impactful has the nominee been? (0-5 points)
- How measurable is this impact, either in quantitative or qualitative results? (0-5 points)
- How dedicated has the nominee been to furthering modernization and humanization in the P&C insurance business? (0-5 points)
- What level of commitment has the nominee shown to the highest ethical standards as well as dedication to service and excellence? (0-5 points)
What do honorees receive?
- Editorial recognition on PropertyCasualty360.com during July 2025.
- A formal press release along with social media and public relations guidance around promoting this honor.
- The opportunity to purchase a website badge as well as more visible print and digital recognition within our publications.
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