Press release
With 40.3% CAGR, Insurtech Market Growth to Surpass US$ 41.0 Billion till 2023-28
Insurtech Market 2023
Report Highlights
How big is the insurtech market?
The global insurtech market size reached US$ 5.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.0 Billion by 2028, exhibiting a growth rate (CAGR) of 40.3% during 2023-2028
What is insurtech?
Insurtech, or insurance technology, refers to the integration of technology and digital innovation within the insurance industry. It represents a transformative force that combines insurance services with advanced technologies, aiming to enhance operational efficiency, improve customer experiences, and reshape traditional business models. It encompasses various technological advancements, including artificial intelligence (AI), machine learning (ML), data analytics, blockchain, the Internet of Things (IoT), and mobile applications. These technologies empower insurance companies to streamline processes, automate tasks, and offer personalized products and services tailored to individual customer needs. Insurtech can leverage data analytics and AI algorithms to gather insights and evaluate risks more accurately. This enables insurers to optimize underwriting processes, accurately price premiums, and detect and prevent fraudulent activities. Moreover, the integration of IoT devices, such as telematics in automobiles, facilitates real-time data collection, leading to usage-based insurance policies and personalized risk management. Insurtech has also revolutionized the customer experience in the insurance industry. Digital platforms and mobile applications have made insurance products more accessible to customers, allowing them to compare options, make informed decisions, and conveniently purchase policies. AI-powered chatbots and virtual assistants provide instant support and guidance, enhancing responsiveness and reducing customer service costs. Besides this, it aids in preventing fraud and tracking sensitive data while maintaining privacy. As a result, insurtech finds extensive applications to process claims, evaluate risk, develop contracts, and underwrite policies in an organization across the globe.
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What are the growth prospects and trends in the insurtech industry?
The global insurtech market is primarily driven by the increasing adoption of digital technologies, and advancements in artificial intelligence (AI), data analytics, and machine learning are reshaping the insurance industry. Insurtech solutions enable insurers to streamline operations, enhance underwriting processes, automate claims management, and personalize customer experiences. Moreover, insurtech companies leverage mobile applications, online platforms, and customer-centric technologies to offer seamless digital experiences and on-demand insurance solutions. In addition, changing customer expectations and preferences have augmented the demand for more accessible, convenient, and tailored insurance products and services. Apart from this, the rising need for cost reduction, efficiency improvement, and risk mitigation has accelerated the adoption of insurtech solutions among traditional insurers. It enables the automation of manual processes, fraud detection, and better risk assessment, leading to operational efficiencies and cost savings. Additionally, surging investments and partnerships from venture capital firms, technology companies, and incumbent insurers are another major growth-inducing factor. Along with this, the increasing number of insurtech startups and their disruptive business models is propelling market growth. Furthermore, several regulatory advancements and supportive government initiatives are contributing to the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
Auto
Business
Health
Home
Specialty
Travel
Others
Service Insights:
Consulting
Support and Maintenance
Managed Services
Technology Insights:
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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Who are the key players operating in the industry?
The report covers the major market players including:
Damco Group
DXC Technology Company
Insurance Technology Services
Majesco
Oscar Insurance
Quantemplate
Shift Technology
Trov Inc.
Wipro Limited
Zhongan Insurance.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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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 Group'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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