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The global insurtech market is expected to reach US$ 12.1 Billion by 2032, exhibiting a growth rate of 16.53% during 2024-2032. This growth is driven by the utilization of advanced technology, such as data analytics and AI, to improve the efficiency and effectiveness of insurance services. Insurtech firms use advanced analytics techniques to analyze data and gain insights for risk assessment, decision-making, and fraud detection. Technological advancements, including AI, are also enabling insurers to tailor products and services to meet evolving customer needs.