Insurtech Market Will Surpass US$ 30.4 Billion by 2027 at 41.8% CAGR Growth

According to the latest report by IMARC Group, titled, "Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global insurtech market trends 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.

Insurtech Industry Definition and Application:

Insurtech refers to solutions that are formulated and implemented to enhance the efficiency of the insurance industry model. It comprises various dynamic technologies integrated with artificial intelligence (AI), the internet of things (IoT), advanced analytics, machine learning (ML), and mobile-based applications. It also consists of solution-dependent components, such as data, appetite, quote, and payment solutions, which offer numerous benefits to insurance companies. It relies on blockchain technology that improves data management, reduces transaction charges, and promotes faster claims processing, and facilitates data collection. It enables insurance organizations to utilize actionable data through connected systems, find appropriate policies for clients, upload information in their systems, and enhance customer experience with easy payment methods. It also reduces unintentional defaults by reminding customers about approaching due dates for premiums and establishes a strong and trustworthy bond between the customers and the insurance company. It assists in memorizing and analyzing a huge quantity of patterns and information to identify appropriate underwriting clauses and suggest specific customized plans for clients depending on the data provided. It cuts down various manual processes that demand excessive amounts of time and resources and increases the profits of the insurers. Insurtech strengthens data security, encrypts various documents, and informs threat vectors to protect the personal and payment-associated information of customers from hackers.

Report Metric

Historical: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027

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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.

Insurtech Market Trends and Drivers:

The rising demand for insurtech solutions among insurers to minimize operational costs, enhance productivity, and reduce errors in labor-intensive tasks represents one of the primary factors influencing the insurtech market size. Besides this, there is an increase in the utilization of blockchain technology to mitigate fraud and cybersecurity breaches and facilitate faster payments. This, coupled with the growing adoption of insurtech among insurance companies to enhance customer experience and retain a solid client base, is offering a favorable market outlook. In addition, increasing investments in life and auto insurance are strengthening the growth of the market. Apart from this, the rising demand for car insurance among the masses due to the increasing sales of vehicles around the world is contributing to the growth of the market. Additionally, key market players are introducing innovative features to keep up with the insurtech market trends. They are also conducting insurtech market analysis to improve their sales. Moreover, the rising investment in health insurance due to the increasing occurrence of chronic and life-threatening diseases, along with the growing geriatric population around the world, is positively influencing the market.

Global Insurtech Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance.

The report has segmented the market on the based on region, type, service and technology.

Breakup by Type:

Auto
Business
Health
Home
Specialty
Travel
Others

Breakup by Service:

Consulting
Support and Maintenance
Managed Services

Breakup by Technology:

Blockchain
Cloud Computing
IoT
Machine Learning
Robo Advisory
Others

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

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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.

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