The insurance industry is at a critical juncture, facing the daunting challenge of a growing global protection gap that could reach $1.86 trillion by 2025. This isn’t just a statistic – it represents individuals and businesses facing potential financial devastation. Traditional insurance methods are struggling to keep up with the rapidly evolving landscape, including climate change, cyber threats, and changing demographics.
However, there is hope on the horizon with the rise of insurtech innovations. By leveraging technologies like AI, blockchain, IoT, and data analytics, the industry can find practical solutions to its most pressing issues. These tools are no longer just theoretical concepts – they have the power to revolutionize the insurance sector.
