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Insurtech Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Insurtech Market
Insurtech Market Size, Growth Rate, And Forecast
The global insurtech market size grew from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurtech market size is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.
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Insurtech Market Drivers
Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy.
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Insurtech Market Segments
• By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
• By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Other Technologies
• By Offering: Solutions, Services
• By Deployment: On-Premise, Cloud
• By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the insurtech market.
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Insurtech Market Key Players
Major competitors in the insurtech market include Quaninsurtech Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group.
The Business Research Company's "Global Insurtech Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Insurtech Market Include:
1. Executive Summary
2. Insurtech Market Characteristics
3. Insurtech Market Trends And Strategies
4. Insurtech Market - Macro Economic Scenario
5. Insurtech Market Size And Growth
……
26. Africa Insurtech Market
27. Insurtech Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Insurtech Market
29. Insurtech Market Future Outlook and Potential Analysis
30. Appendix
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