IMARC’s latest numbers peg Australia’s insurtech market at $377 mn in 2025, with forecasts rocketing toward $4.2 bn by 2034. A 30.68% CAGR over that stretch is wild by insurance standards, but the logic isn’t complicated.

Consumers want quicker, cheaper, cleaner experiences, and insurers want lower friction and lower costs. That intersection is where insurtech keeps multiplying.

Insurtech platforms built for this pace are winning share simply because they cut out the paperwork culture that still hangs over parts of the industry.

The tech stack behind that growth keeps widening. AI, cloud tools, machine learning, IoT devices and real-time analytics sharpen underwriting, speed claims, flag fraud earlier and give insurers pricing levers they never had before. Operational costs fall.