Insurtech Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Insurtech Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $53.35 billion In 2028 At A CAGR Of 32.9% :
The insurtech market size has grown exponentially in recent years. It will grow from $13.2 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies and increased number of insurtech startups..

The insurtech market size is expected to see exponential growth in the next few years. It will grow to $53.35 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%. The growth in the forecast period can be attributed to the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry and favorable government initiatives. Major trends in the forecast period include use of artificial intelligence (ai), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations and focus on use of iot (internet of things) technology..

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Insurtech Market Major Segments
The insurtech market covered in this report is segmented -
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet of Things), Artificial Intelligence, Big Data and Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications

Key Driver - Rising Tide Of Insurance Claims Propels Growth In The Insurtech Market

The increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts, or underwrite policies. The rise in the number of hospitalization cases during the COVID-19 pandemic has led to an increase in insurance claims. For example, in February 2022, according to The Print, an India-based online newspaper, in the first quarter of the financial year 2021-22, 4,97,909 life insurance claims were settled, which increased to 9,56,846 in the second quarter. Additionally, according to a study by Digit Insurance, an India-based insurance company, health insurance claims surged over 3.5 times in 2021. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market.

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Prominent Trend - Insurtech Embraces Hyper-Automation To Meet Client Demands And Enhance Competitiveness

Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals to conduct business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.

Insurtech Market Players
Major companies operating in the insurtech market report are DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company

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Largest And Fastest Growing Region In The Market
North America was the largest region in the insurtech service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Insurtech Market Report Structure
3. Insurtech Market Trends And Strategies
4. Insurtech Market - Macro Economic Scenario
5. Insurtech Market Size And Growth
…..
27. Insurtech Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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