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Global Insurtech Market Share, Size, Trends, Forecast and Analysis of Key Players 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. 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.Insurtech refers to a technological innovation employed to improve the efficiency of the insurance industry. It effectively processes claims, evaluates risk, processes contracts, and underwrites policies. It enhances the customer experience by leveraging them with personalized service and allows users to access information on the internet to promote efficiency. It facilitates tools for information gathering to improve pricing and delivers more reliable and consistent coverage based on historical data. In addition, insurtech assists with more flexible, customized, short-term, and transferrable plans, which provide individuals with specific coverage for a particular need over a determined duration. It also reduces operating costs as compared to traditional insurance companies that rely on brick-and-mortar locations that necessitate manual labor. Furthermore, it helps detect fraudulent activities by supporting trend analysis and machine learning (ML). As a result, it is widely used in product development and underwriting, sales and marketing, policy admin collection and disbursement, and claim management.
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.
Request for a free sample copy of this report: https://www.imarcgroup.com/insurtech-market/requestsample
Insurtech Market Trends:
The changing business models and significant growth in the banking, financial services, and insurance (BFSI) across the globe represent one of the primary factors positively influencing the market. Moreover, the incorporation of advanced technologies, such as artificial intelligence (AI) and big data, to automate tasks that require human interaction is propelling the market growth. For instance, the facility of chatbox allows consumers to receive help without interacting directly with representatives. Besides this, innovative hardware technologies, such as drones, to evaluate property damage wherein it is physically unsafe for humans to traverse is positively influencing the market. It can also be attributed to the high-definition (HD) photo and video quality of drones. In addition, the increasing adoption of smart applications that facilitate customer identity verification, claims management, payment processing, and formulation of smart contracts is fueling the growth of the market. This, along with the growing penetration of high-speed internet and sales of mobile devices, such as smartphones and laptops, is creating a favorable market outlook. Additionally, the introduction of blockchain technology that facilitates unalterable record-keeping to ensure security and reliability in information storage is strengthening the market growth. Several insurtech companies are entering into a partnership with insurance companies to offer blockchain technology-based solutions. Moreover, insurance companies are increasingly accepting cryptocurrency-based payments, which is driving the market. Other factors, such as the widespread adoption of peer-to-peer business models, rapid digitization, and declining premium insurance rates, are increasing the number of policy takers, which is creating a positive market outlook.
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 (2023-2028) 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.
Related Reports:
Live Chat Software Market: https://www.imarcgroup.com/live-chat-software-market
In-App Advertising Market: https://www.imarcgroup.com/in-app-advertising-market
Hybrid Cloud Market: https://www.imarcgroup.com/hybrid-cloud-market
System Integration Market: https://www.imarcgroup.com/system-integration-market
Pay TV Market: https://www.imarcgroup.com/pay-tv-market
Peer to Peer P2p Lending Market: https://www.imarcgroup.com/peer-to-peer-lending-market
Contact Us:
IMARC Group
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Sheridan, WY 82801 USA - Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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