Press release
InsurTech (Insurance Technology) Market Size and Forecast 2033: Analyzing Growth Trends and Future Projections for Insurance Industry Transformation.
InsurTech (Insurance Technology) Market
The insurtech (insurance technology) market size is expected to see exponential growth in the next few years. It will grow to $68.61 billion in 2028 at a compound annual growth rate (CAGR) of 36.8%. The growth in the forecast period can be attributed to increased focus on personalization, expansion of iot in insurance, blockchain technology adoption, integration of artificial intelligence (ai), evolving cyber insurance market. Major trends in the forecast period include integration of big data analytics, evolving regulatory technology (regtech) solutions, personalized and on-demand insurance products, ai-powered claims processing, focus on ecosystem integration.
Market Overview -
InsurTech (insurance technology) refers to the use of technological innovations and advancements to enhance the insurance industry. It encompasses various technological solutions, platforms, and applications that aim to improve efficiency, customer experience, and risk management in the insurance sector.
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Insurtech'S Impact On Insurance Industry Dynamics
The increasing demand for insurance is expected to propel the growth of the insurtech (insurance technology) market going forward. 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. For instance, in 2021, according to the Centers for Medicare & Medicaid Services (CMS) 2021, a US-based federal agency, spending on private health insurance increased by 5.8% to reach $1,211.4 billion, accounting for approximately 28% of the total national health expenditure (NHE). Furthermore, 91.1% of people had health insurance, and it is expected that 90.5% of people will have health insurance by 2030. Therefore, the increasing demand for insurance is driving the growth of the insurtech (insurance technology) market.
Competitive Landscape -
Major companies operating in the insurtech (insurance technology) market report are Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, Amodo, MetLife Inc. , The Travelers Companies Inc., Root Insurance, Next Insurance, American Well Corporation, Hippo Insurance, Government Employees Insurance Company, Haven Life, Nationwide Immigration Services Pvt Ltd ., Clearcover Insurance, Slice Labs Inc., Bright Health Diagnostic, Kin Insurance, Gusto Inc., Collective Health
The Rise Of Robotics Ecosystems In Insurtech
The adoption of robotics ecosystems is a key trend gaining popularity in the insurtech (insurance technology) market. 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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Key Segments -
The insurtech (insurance technology) market covered in this report 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 Technology: Cloud Computing, Blockchain, Big Data And Analytics, Artificial Intelligence, Internet Of Things (IoT), Machine Learning, Other Technologies
4) By Deployment Model: On-Premise, Cloud
5) By End-Use: Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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