Insurtech Market Analysis by Advanced Technologies & Emergence of Artificial Intelligence | Leading Players - Damco Group, DXC Technology Company, Majesco, Shift Technology, Oscar Insurance, Quantemplate, Wipro & Zhong An

The insurance is a crucial part of every individual, industry or business entity. As a sub-part of the Fintech industry, Insurtech is transforming the entire insurance industry along with insurer's business practices. Earlier, any change in business processes in the insurance sector was invisible to policyholders, however, with the digitization and adoption of new technologies such as chatbots, AI, smartphone apps, and others these processes have become more transparent to policyholders.

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Furthermore, the rising adoption of various analytical methods including predictive as well as descriptive, and others is driving the growth of the insurance market. In addition, growing demand for AI among insurance organizations to improve business operations is also another factor fuelling the demand for insurance solutions and services.

Growing need to provide better customer services and experience

The technological adoption has revolutionized various industries such as retail, healthcare, manufacturing, and others. In addition, the BFSI industry is also deploying digital software solutions to provide better services and enhance their business processes. Moreover, adoption of artificial intelligence (AI), machine learning (ML), chatbots, mobile apps, and other IoT technologies are helping insurers to create a user-friendly experience for their policyholders which is further helping them in reaching more customers. Furthermore, with the adoption of digital technologies insurers are able to provide 24x7 customer services and easy claims submission. Hence, such factors combined driving the growth of the InsurTech market.

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Information security and privacy concerns

The advance in various payment processing technologies have simplifies the transaction process for the insurance companies. However, with the adoption of chatbots, smartphone apps, and payment processing apps the chances of policyholders' personal and essential information manipulation have also risen significantly. For example, with the adoption of such apps and digitization, fraudsters can send spam emails or pop-ups that can redirect users to different websites. In addition, they ask for account information or to update bank records & information on the duplicate websites, which in turn can lead to information breach or misuse of funds. Hence, such factors hampering the growth of the InsurTech market.

The BFSI industry segment is anticipated to dominate the market during the forecast period

The BFSI industry is anticipated to dominate the insurtech market during the forecast period. Increasing digitization initiatives and financial regulations set by various governments are the key factors driving the growth of this industry. In addition, the growing demand for advanced technologies such as AI, chatbots, and others to enhance customer experience is also one of the crucial factors driving the demand for insurtech solutions and services.

North America is anticipated to lead the market growth

North America region is expected to secure the highest market share during the forecast period. The market growth in this region is mainly accredited to the growing demand for advanced financial solutions among BFSI organizations. In addition, rising competitive rivalry in terms of service provided to customers is also fuelling the demand for insurance solutions and services in this region.

On the contrary, Asia-Pacific is estimated to hold the highest CAGR during the forecast period. The growth of the market in this region is majorly attributed to the increasing number of internet users and the growing demand for cloud technologies. Moreover, rising government initiatives to spread awareness about digital banking among people is also anticipated to provide opportunities for market growth in forthcoming years.

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Key Market Players

Damco Group
DXC Technology Company
Majesco
Shift Technology
Tr?v
Oscar Insurance
Quantemplate
Wipro
Zhong An
Others

Market Segments: Insurtech market

By Insurance Type
Commercial Insurance
Property and Casualty Insurance
Others
By Service Type
Support & maintenance services
Consulting services
Professional and Managed services
By technology
AI
Machine learning
IoT
Blockchain
Cloud computing
Others (Drones, Smartphone Apps)
By Industry Vertical
BFSI
Retail
Automotive & Transportation
Manufacturing
Healthcare
Others
By Region
North America
S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East & Africa
UAE
South Africa
Rest of Middle East & Africa
South America
Brazil
Rest of South America

Key Sources

Industry Associations
Patent Websites
Insurance Companies
Company Annual Reports
Company Websites
Key industry leaders
IEEE journals
Technology consultants
System Integrators
BFSI experts
Others

Key Questions Answered

What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What are the recent news, developments, mergers, or large value deals?

Key Stakeholders

Software & solution providers
Regulatory Authorities
Research and Innovation Organizations
Technocrats
Other Channel Partners

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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