The size of the global Insurtech market was estimated at $2.72 billion in 2020 and is expected to grow at compound annual growth rate of 48.8% from 2021 to 2028 offering tremendous opportunities for everyone who would like to set up an own start-up in this space. On the other hand, it is estimated that roughly 70% of startup tech companies fail, usually within 20 months after their creation, showing that starting a business from scratch is indeed a very difficult task.

The question then becomes what startup founders, who have already set up a start-up in InsurTech and people who are wanting to follow suit, should do not to fail in the attempt of making their businesses successful.