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The global insurtech market was valued at US$ 3.8 Billion in 2021.
We expect the global insurtech market to exhibit a CAGR of 41.8% during 2022-2027.
The growing number of policy takers owing to the declining insurance premium rates, coupled with
the rising application of insurtech to aid in resolving real-time queries, detecting frauds, processing
claims, etc., are primarily driving the global insurtech market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of insurtech
solutions owing to the increase in the demand for customized insurance policies, that can be availed
through online platforms and smartphone applications.
Based on the technology, the global insurtech market can be bifurcated into blockchain, cloud
computing, IoT, machine learning, robo advisory, and others. Currently, cloud computing technology
accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global insurtech market include Clover 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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