A new report has found that the majority, 60%, of industry stakeholders believe there is greater room to collaborate between insurtech startups and traditional insurance companies.
The "State of Irish Insurtech Report 2024" found that 86% of insurtech founders are optimistic about the future of collaboration in the next 12 months.
The research was compiled by not-for-profit organisation InsTech.ie, which collaborates with startups and traditional insurance companies.
Over 4,600 professionals are currently employed within the insurtech sector in Ireland.
A survey of Irish insurtech companies found that 90% of startups are seeking to enter into new markets.
It also revealed that founders listed "resistance to change" as the main barriers to implementing technological innovations in the insurance industry.
"We have seen huge growth in the number and funding of insurtech startups in Ireland and it has the potential to be a global centre for insurance innovation," said InsTech.ie CEO Gary Leyden.
"The main finding of the survey this year is that there is an acknowledgement between incumbents and startups in the insurance sector that they can work together to a greater extent and have an increasing appetite to do so," Mr Leyden said.
The findings of the new report were presented to Minister of State for Financial Services, Credit Unions and Insurance, Neale Richmond.
"Ireland hosts all of the world's top 10 global software companies and 11 of the top 15 global insurers," Mr Richmond said.
"With a strong track record in both insurance and technology, Ireland has all of the elements to create a powerful cluster of insurance innovation and is a natural hub for the next wave of disruptive insurtech firms," he added.
