According to IMARC Group latest published report, titled “Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” Offers a comprehensive analysis of the industry, which comprises insights on global insurtech market report.
The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Insurance technology, alternatively referred to as insurtech, represent advanced technologies utilized to improve business processes, minimize costs, simplify policy management, and enhance overall customer experience. They consist of big data, artificial intelligence (AI), the internet of things (IoT), machine learning (ML), blockchain, Robo-advisory, etc.
These insurtech solutions provide organizations insights regarding consumer behavior and allow them to manage brokers and offer personalized products. They even facilitate real-time responses to queries, efficient fraud detection, faster claims processing, etc. As a result, insurtech services are extensively used in several segments of the insurance sector, including life and health insurance, auto insurance, buildings insurance, dwelling coverage, marine insurance, etc.
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Insurtech Market Trends:
The growing banking, financial services and insurance (BFSI) industry across the globe and the rising need for cloud platforms and other value-added services are primarily driving the insurtech market. Apart from this, the escalating digitization of insurance services to improve communications with the clients and implement automated processes adequately is acting as another significant growth-inducing factor. Moreover, the increasing demand for customized insurance policies that can be availed through smartphone applications and other online platforms is also positively influencing the global market. Furthermore, the increasing adoption of technology by health insurance carriers to streamline claims processing procedures is driving market growth.
Furthermore, the development of state-of-the-art technologies, the shifting preferences toward digital core legacy systems to automate back-office operations, and the expanding employment of platform and peer-to-peer business models are expected to propel the insurtech market over the forecasted period.
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Global Insurtech Market 2022-2027 Competitive Analysis and Segmentation:
The report cover the below key market segments:
Market Breakup by Type:
Market Breakup by Service:
- Support and Maintenance
- Managed Services
Market Breakup by Technology:
- Cloud Computing
- Machine Learning
- Robo Advisory
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Clover Health Insurance
- Damco Group
- DXC Technology Company (NYSE: DXC)
- Insurance Technology Services
- Oscar Insurance
- Shift Technology (NASDAQ: SFT)
- Trov Inc
- Wipro Limited and Zhongan Insurance
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