Blockchain, Smart Contracts and Machine Learning to Drive Insurtech Platform Revenues to $235bn by 2021

A new study, ‘Fintech Futures: Market Disruption, Leading Innovators & Emerging Opportunities 2016-2021’, has forecast that fintech platform revenues derived from supporting the insurance industry will reach almost $235 billion globally by 2021, up 34% year-on-year from an estimated $175 billion this year.

The analysis, from Juniper Research, a company that provides research and analytical services to the global hi-tech communications sector, claimed that growth would be driven by a combination of factors. Investments in blockchain technologies to underpin smart contracts were found to be key to this development, alongside machine learning investments and insurers deploying mobile apps to enable personalisation of products and improvements to be made to customer experience.

 

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