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.
Base Year: 2021
Forecast Year: 2022-2027
Insurtech, also known as insurance technology, refers to the solutions and mechanisms used to minimize costs, simplify policy management, and improve the overall customer experience when it comes to insurance policies. It involves the usage of various innovative technologies, including Big Data, machine learning (ML), Internet of Things (IoT), artificial intelligence (AI), etc., to gain insights regarding consumer behavior, manage brokers, and provide personalized products. Insurtech operates through chatbots, interactive dashboards, smartphone applications, etc., to respond to real-time queries, process claims, detect frauds, cater to risk and demand modeling, etc. As a result, it finds widespread applications in managing life, medical, personal, accident, and commercial insurance policies.
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.
Insurtech Market Trends:
The elevating digitalization levels across the banking, financial services and insurance (BFSI) sector are primarily driving the insurtech market. Besides this, the escalating utilization of advanced technological solutions to improve communications with the customers and implement automated processes efficiently is further augmenting the market growth. Apart from this, the increasing requirement for customized insurance policies, which can be availed through online platforms, on account of the sudden outbreak of the COVID-19 pandemic, is also catalyzing the global market. Moreover, health insurance providers are adopting these solutions to streamline claims procedures. This, in turn, is acting as another significant growth-inducing factor. Furthermore, the growing popularity of peer-to-peer business models, the declining insurance premium rates, and the inflating number of policyholders are expected to bolster the insurtech market in the coming years.
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Global Insurtech Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Clover Health Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance.
The report has segmented the market on the based on region, type, service and technology.
Breakup by Type:
Breakup by Service:
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Cloud Computing
- Machine Learning
- Robo Advisory
Breakup by Region:
- 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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