According to the latest report by IMARC Group, titled Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global insurtech market reached a value of US$ 3.8 Billion in 2021. Insurtech, or insurance technology, refers to mechanisms and solutions that are created and implemented to improve the efficiency of the insurance industry. It powers the creation, distribution, and administration of different insurances, including home, health, auto, business, travel and specialty. Insurtech is widely used to minimize costs, simplify policy management, and improve customer experience. Insurtech operates through interactive dashboards, chatbots and smartphone applications to collect and analyze customer data. This, in turn, helps in detecting frauds, solving real-time queries, processing claims, enhancing billing efficiencies, and lowering insurance rates. As a result, insurtech finds extensive application in life and health, marine, property and casualty (P&C), and personal and liability insurances.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Insurtech Market Trends-
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Insurtech aids in fraud prevention, simplifying the claims process and improving communication with the clients. Apart from this, rapid digitization and the large-scale integration of big data, artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT) technologies have enabled real-time tracking and monitoring of information regarding consumer behavior, managing brokers and providing personalized products, which is providing an impetus to the market growth. Moreover, the widespread adoption of insurtechin the healthcare industry to streamline claim processing procedures isfavoring the market growth. In line with this, the increasing demand for customized insurance policies, which can further be availed through online platforms and smartphone applications, primarily due to the outbreak of coronavirus disease (COVID-19) pandemic, is augmenting the market growth. Other factors, including the evolving internet-based business ecosystems, rising geriatric population and rapidly declining insurance premium rates, are anticipated to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 30.4 Billion by 2027, growing at a CAGR of 41.8% during 2022-2027.
- On the basis of the type, the market has been classified into auto, business, health, home, specialty, travel, and others.
- Based on the service, the market has been categorized into consulting, support and maintenance, and managed services.
- On the basis of the technology, the market has been classified into blockchain, cloud computing, IoT, machine learning, robo advisory, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players includeClover Health Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance.
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