InsurTech 2024: A Year in Review & Predictions for 2025

As the curtain falls on 2024, the InsurTech industry stands at the crossroads of extraordinary growth and evolving challenges. From the rapid adoption of AI technologies to the resurgence of in-person events and community-driven innovation, this year has reshaped insurance in ways few could have predicted.

In Episode 152 of the InsurTech Geek Podcast, hosts James Benham and Rob Galbraith break down the breakthroughs, trends, and lessons that defined the year while offering a glimpse of what lies ahead in 2025. Whether you’re an insurance professional, a technology enthusiast, or a curious observer, this recap delivers the insights you need to stay ahead in a rapidly changing industry.

Key Highlights of 2024

1. AI Revolution: ChatGPT and Beyond

The adoption of ChatGPT marked a turning point for insurers. From automating underwriting and claims processing to enhancing customer interactions, AI tools became indispensable for insurance professionals.

One standout development? ChatGPT’s ability to analyze real-time video streams, a game-changer for loss prevention and risk assessment. AI didn’t just improve efficiency; it redefined expectations of what software can do, leaving enterprise systems scrambling to keep up.
“It wasn’t just about ChatGPT replacing Google for users—it created entirely new benchmarks for what technology can accomplish,” James Benham shared on the podcast.

2. InsurTech Associations and Local Innovation

In-person events roared back in 2024, creating opportunities for collaboration and innovation. From InsurTech New York to the launch of InsurTech Tampa, regional organizations became hotbeds for connecting professionals, sharing insights, and fostering partnerships.
This growth isn’t limited to the U.S.; global InsurTech alliances have played a critical role in driving innovation and connecting ecosystems worldwide.

“When industries evolve, associations evolve with them. This year, we saw local organizations stepping up, forming alliances, and sparking collaboration like never before,” Rob Galbraith observed.

3. Multimodal AI and Loss Prevention

This year, we witnessed the rise of multimodal AI—integrating visual, text, and speech recognition into seamless tools. These innovations enable insurers to analyze complex datasets, mitigate risks, and reduce losses more effectively.

For instance, tools like computer vision became pivotal in monitoring workplace safety and preventing incidents in real time. In personal insurance, devices like water leak detectors and fire-prevention systems became more accessible, directly addressing the needs of high-value policyholders.

Lessons from 2024

• Tech is Only as Good as Its Adoption: Many insurers still struggle with foundational digital transformation. While AI and automation grabbed headlines, the industry must focus on eliminating inefficiencies in core systems to fully realize the benefits of these advanced tools.
• Consumer Expectations Have Shifted: With tools like ChatGPT setting the bar high for user experiences, policyholders now demand faster, smarter, and more transparent services.
• Collaboration is Key: The most successful innovations emerged from partnerships—whether between carriers and startups or through the efforts of local InsurTech communities.

Looking Ahead: Predictions for 2025

• Scaling Multimodal AI: Expect broader adoption of technologies that integrate video, text, and speech to revolutionize underwriting, claims, and customer service.
• Focus on Resilience: With climate risks intensifying, insurers will double down on tools and strategies that prevent losses and protect policyholders.
• The Next Wave of Collaboration: Global and local InsurTech partnerships will continue to flourish, creating a more interconnected and innovative ecosystem.

Tune In

The InsurTech industry entered 2024 with high expectations and left it with an entirely new vision for the future. Whether through groundbreaking AI applications or the resurgence of in-person collaboration, this year was a testament to the power of innovation and adaptability.

As we step into 2025, the challenges are clear—but so are the opportunities. Join the conversation with James and Rob in Episode 152 to dive deeper into these insights and prepare for what’s next in insurance technology.