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Industry Landscape
The insurtech industry is rapidly evolving, driven by demand for automation, efficiency, and enhanced customer experiences. AI, big data, and IoT are key enablers. Manual processes are being replaced by digital solutions, particularly in verification and monitoring. Regulatory compliance and data security remain paramount, fostering innovation in secure platforms.
Total Assets Under Management (AUM)
Global Insurtech Market Size in United States
~Approximately 12.23 billion USD (2022)
(24.5% CAGR)
- Digitalization of insurance processes.
- Increasing adoption of advanced technologies like AI and blockchain.
- Growing demand for personalized insurance products and services.
Total Addressable Market
40.3 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI can automate policy underwriting, claim processing, and personalized customer communication, enhancing efficiency and accuracy across the insurance lifecycle.
Decentralized Identity (DID)
Decentralized Identity leverages blockchain to provide secure, user-controlled digital identities, streamlining identity verification and data sharing while enhancing privacy in insurance transactions.
Edge Computing for IoT
Edge computing processes IoT data closer to the source, enabling real-time risk assessment and proactive interventions for connected devices in property and automotive insurance.
Impactful Policy Frameworks
National Association of Insurance Commissioners (NAIC) AI Model Governance and Oversight (2023)
The NAIC has been developing principles and guidelines for the responsible use of AI in insurance, focusing on transparency, fairness, accountability, and avoiding unfair discrimination.
This policy will necessitate robust internal governance frameworks for Modives' AI-driven adequacy engine to ensure compliance and avoid potential bias.
State-Level Data Privacy Laws (e.g., California Consumer Privacy Act - CCPA as amended by CPRA, 2020/2023; Virginia CDPA, 2023)
Various state laws, like CCPA and Virginia CDPA, grant consumers more control over their personal data, including rights to access, delete, and opt-out of sales or sharing of their information.
These laws require Modives to maintain stringent data privacy practices, transparent data handling, and robust consent mechanisms for customer data verification.
NAIC Data Security Model Law (2017, adopted by many states)
This model law sets forth standards for data security and notification requirements for licensees in the event of a cybersecurity breach, aiming to protect consumer information.
Modives must continually adhere to and update its robust data security protocols (e.g., SOC 2 certification, encryption) to meet evolving state adoptions of this model law.
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