Top Companies in the Insurtech Market

Top Companies in the Insurtech Market

The global insurtech market reached US$ 3.1 Billion in 2023. Insurtech, also known as insurance technology, refers to the use of innovative solutions to simplify policy management, save costs, and enhance customer experience. It relies on advanced technologies, including the Internet of Things (IoT), Big Data, artificial intelligence (AI), and machine learning (ML). It employs chatbots, interactive dashboards, and smartphone applications to gather and analyze customer data. It helps resolve real-time customer queries, detect frauds, process claims faster, lower insurance rates, provide personalized products, and improve billing efficiency. As a result, insurtech is rapidly gaining traction across the insurance sector for managing life, accident, medical, personal, and commercial policies.

As per the analysis by IMARC Group, the top companies in the insurtech industry are heavily investing in digital technologies to lower operational costs and improve operational efficiency and customer experience. They are also entering into partnerships with digital solution providers to enhance their offerings to fulfill evolving consumer needs. Additionally, the leading vendors are focusing on providing ultra-customized policies by leveraging the collected user data to target the right customers with affordable pricing quotations. They are also launching intuitive and easy-to-use smartphone applications and online platforms to attract more customers. Furthermore, several key players are adopting digital core legacy systems to automate back-office operations. Looking forward, IMARC Group expects the market value to reach US$ 12.1 Billion by 2032, expanding at a CAGR of 16.53% during 2024-2032.

Learn about opportunities, challenges, and trends in the global insurtech industry with IMARC’s market research report. Try a free sample today!

Top Companies Operating in the Global Insurtech Market

1. Clover Health, LLC

Establishment: 2014
Headquarters: Tennessee, the United States

Clover Health, LLC is a physician enablement company mainly focused on seniors who historically lacked access to cost-effective, high-quality healthcare. It offers affordable Medicare Advantage plans with comprehensive benefits, provides primary care physicians with the Clover Assistant, and makes home-based care available through the Clover Home Care program. Currently, the company has offices in Atlanta, Jersey City, and Hong Kong.

2. Damco Group

: 1996
Headquarters: New Jersey, the United States

Damco Group is a trusted technology partner of businesses across the globe, enabling them to leverage IT as a strategic asset. It is also a premier technology insurance company that offers modern and custom solutions to empower insurers to enhance operational efficiency and drive digital transformation while strengthening business-customer relationships. Its diverse insurance tech solutions and services are designed to address the pain points of agents, brokers, carriers, and adjusters across various lines of business, including life, health, P&C, and general insurance.

3. DXC Technology Company

Establishment: 2017
Headquarters: Virginia, the United States

DXC Technology Company is a global IT services leader that offers solutions for analytics and engineering, business process outsourcing, security, cloud, applications, IT outsourcing, and the modern workplace. It helps global companies run mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across private, public, and hybrid clouds. The company is a leading provider of core insurance systems that offers industry-leading core insurance software. Its BPaaS operations include robotics for insurance process automation, self-service enhancements, mobility options, e-delivery, borderless workforce, as-a-service offerings, and a cognitive contact center.

4. Insurance Technology Services

Establishment: 1988
Headquarters: Texas, the United States

Insurance Technology Services (ITS) is an insurance consulting and services company specializing in the design, implementation, and utilization of technology to optimize crucial business processes and achieve exceptional results. It offers process improvement services (including PMO establishment, quality assurance, and production support), system implementation support (including project management, business analysis, forms design, system development, testing, and legacy data conversion), and change management services (including end user training, organizational change planning, and business process reengineering). It also provides proprietary insurance platforms for automated functional testing, technology business management, and data migration.

5. Majesco

Establishment: 1982
Headquarters: New Jersey, the United States

Majesco is an insurance technology company that helps insurers modernize, innovate, and deliver a customized experience to modern-day customers. It specializes in insurance, digital software platform development, and business transformation. It offers a wide range of solutions for property and casualty (P&C), life, annuity & health (L&AH), and group insurance. Its extensive product portfolio comprises core software, digital solutions, analytics solutions, distribution software, complementary solutions, cloud platform, and ecosystem. 

6. Oscar Insurance Corporation (Oscar Health, Inc.)

Establishment: 2012
Headquarters: New York City, the United States

Oscar Insurance Corporation is a health insurance company built around a full-stack technology platform. It offers Individual & Family, Medicare Advantage, Cigna + Oscar, and small business plans. The company is focused on utilizing technology, design, and data to humanize health care and provide customers with access to affordable and high-quality health care.

7. Quantemplate Technologies, Inc.

Establishment: 2013
Headquarters: New York, the United States

Quantemplate is a leading AI-powered SaaS data integration, automation, validation, and analytics platform for insurance professionals. It helps insurers automate all insurance data jobs, such as Bordereaux Management, MGA Reporting, Exposure Management, Fleet Auto, Aggregation, and Clash, with integrated data quality assurance. It mainly serves reinsurance, property and casualty (P&C), and life insurance companies. 

8. Shift Technology

Establishment: 2014
Headquarters: Paris, France

Shift Technology provides AI decisioning solutions to benefit the global insurance industry and its customers. Its products allow insurers to automate and optimize decisions from underwriting to claims, leading to superior customer experiences, improved operational efficiency, and lower costs. The company has a diversified product portfolio consisting of improper payment detection, claims fraud detection, financial crime detection, claims intake decisions, underwriting risk detection, claims document decisions, subrogation decisions, and an insurance decisioning platform.

9. Travelers Companies, Inc.

Establishment: 1864
Headquarters: New York

Travelers Companies, Inc. is an insurance company based in the United States. The company provides a range of insurance products and services, including commercial and personal insurance, as well as surety bonds. Travelers provides coverage for business and personal insurance in the United States, offering coverage for homes, automobiles, and other personal property. The Company operates through three main business segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance. Each of these business segments operates independently and serves different markets and customers. By offering a range of insurance products and services through these three business segments, Travelers is able to meet the diverse insurance needs of businesses and individuals.

10. Wipro Limited

Establishment: 1945
Headquarters: Bengaluru, India

Wipro Limited is a leading global technology service and consulting corporation focused on building innovative solutions to address the most complex digital transformation needs of its clients. The company delivers a seamless insurance sales and service journey for its clients by leveraging robust and flexible IT infrastructure (application and Infra) and automation (Cognitive and Robotic). It offers a comprehensive service portfolio, product offerings, and deep expertise in design and engineering for global insurance and reinsurance companies. It leverages various technology platforms, including Robotics, Cognitive Systems, Human Machine Interface, Smart Connected Devices, Next Gen App Architectures, and Software Defined Everything to facilitate digitally enabled business processes and domain-centric solutions. 

11. ZhongAn Online Property Insurance Co., Ltd.

Establishment: 2013
Headquarters: Shanghai, China

ZhongAn Online Property Insurance Co., Ltd. is China’s first online Insurtech company that develops ecosystem-oriented insurance products and solutions in different consumption scenarios to serve its customers better. It focuses on the application of novel technologies to reshape the insurance value chain, focusing on the four significant ecosystems of digital life, health, consumer finance, and automobiles to serve the new generation with technology and offer them personalized and customized services.

About Author:

Shree Basu

Senior Content Writer at IMARC Services Private Limited  

Shree Basu is an experienced content writer with a passion for researching about diverse markets, ranging from technology to chemistry to agriculture. She has around two years of experience in different aspects of market research and has worked with multiple startups and enterprises in the B2B, B2C, and retail industries. In her free time, Shree enjoys reading, feeding stray animals, and watching crime documentaries.

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