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InsurTech (Insurance Technology) Market Growth Rate, Latest Trends, Size, Industry Insights And Forecast To 2032
InsurTech (Insurance Technology) Market Analysis
The Business Research Company's InsurTech (Insurance Technology) Global Market Report 2023 identifies increasing demand for insurance as the major driver for the insurTech (insurance technology) market's growth in the forecast period. Insurance is a contract between an individual or an entity (known as the insured) and an insurance company (known as the insurer), which is given as protection against financial loss. Insurance companies are increasingly adopting insurance technology, often referred to as insurtech to enhance their operations, improve customer experiences, and increase efficiency.
The global insurTech (insurance technology) market size is expected to grow from $10.53 billion in 2022 to $14.37 billion in 2023 at a compound annual growth rate (CAGR) of 36.52%. 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 global insurTech (insurance Technology) market size is expected to reach $49.78 billion in 2027 at a CAGR of 36.42%.
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Major competitors in the insurTech (insurance technology) market are Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company.
A key trend in the insurTech (insurance technology) market includes adoption of robotics ecosystems. Companies operating in the insurtech market are adopting robotic technologies to sustain their position in the market. For instance, in September 2022, Koop Technologies, a US-based insurance technology company, launched the robotic errors and omissions insurance product for insurance companies. Robotic errors and omissions insurance is designed specifically for the insurtech market and addresses the risks associated with automation. It is targeted towards manufacturers, operators, and service providers of robots and off-road autonomous vehicles across various industries. It utilizes a unique risk assessment process that provides customized ratings based on specific software and hardware attributes. The policy is tailored to meet the unique requirements of the robotics environment, taking into account its technological and safety engineering characteristics. The insurance coverage focuses on the subset of off-road robots, specifically the "automation as a class" risk category, which transitions from software-defined exposure to human-centric exposure in real-world operational domains.
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https://www.thebusinessresearchcompany.com/report/insurtech-insurance-technology-global-market-report
The insurTech (insurance technology) market is segmented -
1) By Offering: Solution, Service
2) By Insurance Type: Commercial Insurance, Property And Casualty Insurance, Health Insurance, Life Insurance, Other Insurance Types
3) By Deployment Model: On-Premise, Cloud
4) By Technology: Cloud Computing, Blockchain, Big Data And Analytics, Artificial Intelligence, Internet Of Things (IoT), Machine Learning, Other Technologies
5) By End-Use: Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the insurTech (insurance technology) market.
The Business Research Company's "Global InsurTech (Insurance Technology) Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The InsurTech (Insurance Technology) Market Include:
1. Executive Summary
2. InsurTech (Insurance Technology) Market Characteristics
3. InsurTech (Insurance Technology) Market Trends And Strategies
4. InsurTech (Insurance Technology) Market - Macro Economic Scenario
5. InsurTech (Insurance Technology) Market Size And Growth
………
26. Africa InsurTech (Insurance Technology) Market
27. InsurTech (Insurance Technology) Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The InsurTech (Insurance Technology) Market
29. InsurTech (Insurance Technology) Market Future Outlook and Potential Analysis
30. Appendix
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