Press release
InsurTech (Insurance Technology) Global Market Analysis, Trends, Growth, Research And Forecast 2033
InsurTech (Insurance Technology) Global Market Analysis,
According to The Business Research Company's, The insurtech (insurance technology) market size has grown exponentially in recent years. It will grow from $14.37 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 36.2%. The growth in the historic period can be attributed to digital transformation in insurance, risen consumer expectations, data analytics and risk assessment, regulatory changes and compliance, emergence of insurtech startups.
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.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/insurtech-insurance-technology-global-market-report
Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10740&type=smp
Major Key Players of the Market:
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
InsurTech (Insurance Technology) Market 2024 Key Insights:
• The insurtech (insurance technology) market will grow to $68.61 billion in 2028 at a compound annual growth rate (CAGR) of 36.8%.
• Insurtech'S Impact On Insurance Industry Dynamics
• The Rise Of Robotics Ecosystems In Insurtech
• North America was the largest region in the InsurTech (insurance technology) market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10740&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release InsurTech (Insurance Technology) Global Market Analysis, Trends, Growth, Research And Forecast 2033 here
News-ID: 3747843 • Views: …
More Releases from The Business research company
Foam Tape Industry to Achieve $14.62 Billion Growth by 2029
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
How Will the Foam Tape Market Grow by 2025 in Terms of Size and Growth?
In recent times, there has been significant growth in the market size for foam tape. It is projected to escalate from $10.02 billion in 2024 to $10.77 billion in 2025, demonstrating a compound annual growth rate (CAGR)…
Continuous Positive Airway Pressure (CPAP) Mask Market Expansion Outlook: $3.85 …
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Projected CAGR for the Continuous Positive Airway Pressure (CPAP) Mask Market from 2024 to 2025?
In recent times, the market size of the continuous positive airway pressure (cpap) mask has seen robust growth. The market is projected to rise from $2.83 billion in 2024 to $3 billion in 2025,…
Alkyd Coating Market to Record 7.5% CAGR Growth Through 2029 | Global Analysis R …
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Alkyd Coating Market Outlook: How is the Market Expected to Grow by 2025?
The market size of alkyd coatings has experienced significant growth in the past few years. The market is projected to expand from $25.13 billion in 2024 to $26.74 billion in 2025, exhibiting a compound annual growth rate…
Water Free Skincare Market Analysis: $22.5 Billion by 2029 With a CAGR of 7%
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Water Free Skincare Market Value Projection: How Much Will the Market Size by 2025?
The market size of waterless skincare has experienced a robust increase in recent years. The expected growth is from $15.96 billion in 2024 to $17.15 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%.…
More Releases for Insurance
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
Non-Life Insurance Market :Health Insurance, Property Insurance, Cargo Insurance …
Non-Life Insurance Market Overview:
Summary:Excellence consistency maintains by Garner Insights in Research Report in which studies the global Non-Life Insurance market status and forecast, categorizes and Equipment market value by manufacturers, type, application, and region.
Get Access to Report Sample: http://bit.ly/2Q9Hd8z
Non-Life Insurance market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period. In this study, 2017 has been…
