The rising demand for the digitization of insurance services coupled with the simplification of the claims process is expected to drive the growth of global InsurTech market. Insurance companies are focusing on improving communication with customers and the ability to implement automated processes, this factor is expected to boost the demand for Insurtech in the forecast period
The Global InsurTech Market was valued US$ 5,480 Mn in 2020 is expected to reach US$ 11,234 Mn by 2027, with a growing CAGR of 10.80% during the forecast period (2020-2027).
Insurtech is the use of technological innovation, specifically designed to improve the efficiency of existing insurance models. By using technologies such as artificial intelligence and data analysis, insurtech solutions make product pricing more competitive. Insurance companies are widely adopting these solutions to drive economical, better, and faster operational results. Hence, the insurance industry is witnessing an increase in technology investment. Several InsurTech companies are focusing on using artificial intelligence (AI) with deep learning capabilities to effectively handle the tasks of agents and find an accurate combination of policies to complete personal insurance.
Increasing use of applications to integrate different policies into one monitoring and management platform is expected to drive the global InsurTech market growth during the forecast period. These applications can be widely used to create on-demand insurance for micro-events, such as borrowing an employee’s car. In addition, these apps can create tailored group coverage and encourage optimistic choices through group rebates.
The outbreak of COVID-19 is expected to have a positive impact on the global InsurTech market. Several players in the Insurtech market are reconsidering their short-term needs & long-term strategies. COVID-19 impact is augmenting the implementation of online platforms & new mobile apps to meet customer demand. It is expected that the health insurance market is expected to witness the highest growth rate in the next few years, as compared with other insurance industries (such as property and accident insurance, vehicles, etc.), the adoption rate of insurance technology for health is much higher.
North America dominates the InsurTech market, accounting for more than 37.0% of global revenue in 2020. On account of, increasing disposable income of its citizens, North America is witnessing a growing acceptance of InsurTech solutions. In addition, these solutions provide customizable and flexible insurance plans for property and health. Further, The wide presence of technology suppliers in North America and the escalating demand for end-to-end digital financial solutions are driving the growth of the market in this region.
The major key players for the global InsurTech market includes Damco Group; DXC Technology Company; Insurance Technology Services; Majesco; Oscar Insurance; Quantemplate; Shift Technology; Trov, Inc.; Wipro Limited; Zhongan among others.
The Global InsurTech Market Industry Segmentation:
By Deployment Mode
By Insurance Type
Company Profiles and Competitive Intelligence
The key players operating in the global InsurTech market are: