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Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Report Format: PDF+Excel | Report ID: SR112023A3636
Market Overview:
The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Insurtech, or insurance technology, refers to the solutions and mechanisms used to simplify policy management, minimize costs and improve overall customer experience. It involves the use of various innovative technologies, such as Big Data, artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT), to gain insights regarding consumer behavior, managing brokers and providing personalized products. Insurtech operates through chatbots, interactive dashboards and smartphone applications to respond to real-time queries, detecting frauds, processing claims, underwriting and risk and demand modeling. As a result, insurtech is widely used for managing life, accident, medical, personal and commercial insurances.
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe represents one of the key factors creating a positive outlook for the market. Moreover, the rapid digitization of insurance services is also driving the market growth. Insurance providers are using advanced technological solutions to improve communications with the clients and implement automated processes efficiently. As the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for customized insurance policies, which can be availed through online platforms and smartphone applications. Health insurance providers are also adopting insurtech solutions to streamline claims processing procedures. Additionally, various technological advancements and the adoption of digital core legacy systems for the automation of back-office operations are contributing to the growth of the market. Other factors, including the widespread adoption of the platform and peer-to-peer business models, along with the declining insurance premium rates leading to an increase in the number of policy takers, are anticipated to drive the market further.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurtech market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, service and technology.
Breakup by Type:
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Breakup by Service:
- Consulting
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Clover Health Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Travelers Companies, Inc., Wipro Limited and Zhongan Insurance.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Type, Service, Technology, Region |
| Region Covered | North America, Asia-Pacific, Europe, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, China, Japan, India, South Korea, Australia, Indonesia, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico |
| Companies Covered | Clover Health Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Travelers Companies, Inc., Wipro Limited and Zhongan Insurance |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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