Insurtech Market Size, Share, Growth, Trends | Analysis - 2027

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.

In 2021, the worldwide insurtech market will be worth $3.8 billion. Looking ahead, IMARC Group forecasts the market to reach US$ 30.4 billion by 2027, with a CAGR of 41.8% from 2022 to 2027. Insurance technology, often known as insurtech, refers to modern technologies used to improve company processes, reduce costs, simplify policy management, and improve overall client experience. They include big data, artificial intelligence (AI), the internet of things (IoT), machine learning (ML), blockchain, roboadvisory, and other technologies. These insurtech solutions give enterprises with customer behaviour analytics and enable them to manage brokers and offer customised products. They also enable real-time query responses, efficient fraud detection, speedier claims processing, and so on. As a result, insurtech services are widely employed in many insurance sectors, such as life and health insurance, auto insurance, buildings insurance, home coverage, marine insurance, and so on.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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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. In addition to this, the elevating adoption of the technology by health insurance providers to streamline claims processing procedures is further catalyzing the 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.
Global Insurtech Market Report Coverage and Industry Segmentation:

The report cover the below key market segments:
Market Breakup by Type:
Auto
Business
Health
Home
Specialty
Travel
Others

Market Breakup by Service:
Consulting
Support and Maintenance
Managed Services

Market Breakup by Technology:
Blockchain
Cloud Computing
IoT
Machine Learning
Robo Advisory
Others

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:
Damco Group
DXC Technology Company (NYSE: DXC)
Insurance Technology Services
Majesco
Oscar Insurance
Quantemplate
Shift Technology (NASDAQ: SFT)
Trov Inc
Wipro Limited and Zhongan Insurance

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/insurtech-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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