The Spark, an insurtech platform describing itself as "the world's first global prevention lab," has launched with support from major insurers and brokers.
The Spark aims to move the insurance industry from a reactive model focused on paying claims to a preventive approach that seeks to "bend the loss curve" and convert risk into profitable growth. The platform has issued an open invitation to insurance companies worldwide to participate in its prevention-focused efforts.
"The insurance industry has reached a turning point," said Gil Arazi (pictured above), founder and chairman of The Spark. "For too long, we've focused on paying claims after losses occur, yet as an industry that touches every policyholder's life, we have a responsibility to drive meaningful impact beyond claims payment."
Arazi added that The Spark is bringing together major insurers to develop tools and technologies that prevent losses, aiming to create business infrastructure that supports prevention as both financially viable and socially impactful for insurers.
The launch of The Spark comes at a time when the insurtech sector has reached a significant funding milestone. As of the second quarter of 2025, global insurtech funding has surpassed US$60.8 billion since 2012, with approximately US$15 billion – about 25% – of that total directed toward artificial intelligence (AI) technologies.
The Spark cited global insurance premiums exceeding US$7 trillion annually and natural catastrophe losses reaching US$145 billion as evidence of the sector’s need to move beyond traditional loss-paying models.
The platform said its launch "signals a fundamental realignment of industry priorities" and that it represents insurers with collective premium volumes over US$300 billion.
The advisory board for The Spark will include C-suite and senior leaders from its founding members, with more global insurers expected to join before the end of the year. The platform also referenced industry analyst projections that prevention-focused insurance models could reduce global catastrophic losses.
It estimates that fee-based prevention revenue for US property/casualty insurers will grow from US$21.6 billion in 2023 to US$49.5 billion by 2030.
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