“The InsurTech provider companies are providing new business models for insurers by offering digital marketplaces and providing better and enhanced insurance options in their budget. Moreover, it disrupts the overall ecosystem by contacting the customers via digital brokers. The few InsurTech vendors’ offers the analytics software to help the insurers to get consumer details that help in developing the better insurance plans”.
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The InsurTech market is expected to reach US$ 1019.1 million by 2023, growing at a CAGR of 13.8 % during the forecast period. With the growing adoption of blockchain in InsurTech market, the market is expected to witness a high growth rate during the forecast period. The blockchain is primarily being used for centralizing data that can be accessed by insurers for making business decisions. It is also being employed in the insurance process to avoid losses due to scams and incorrect claims. In addition to these, in healthcare insurance, medical records from the medical institutions can be secured cryptographically and shared with health insurance providers, which will increase the interoperability and efficiency in the insurance market.
· In April 2019, Myanmar has announced that it has allowed five foreign companies to operate the life insurance business in the frontier country. The foreign companies will be competing with other three local companies that mainly focus on providing life insurance and nine local private insurers that are approved for composite insurance.
· In March 2019, Insurtech BriteCo has raised $2 Million Seed Round, Targets Fine Jewelry Market. BriteCo is primarily targeting the fine jewelry and watch the market to provide insurance within minutes of purchase. Moreover, BriteCo also provides verified appraisals and immediate replacement coverage by insurance carrier HDI global. This coverage has no deductions, automatically updates protection each year using price analytics and predictive models, and has an improved streamlined claims experience.
With the emergence of RegTech, robo-advisors, and blockchain, the InsurTech market has changed the way of providing and operating the insurance provision. The investments in FinTech industry has witnessed significant growth across the globe and the insurance market is expected to obtain the benefits of new technologies offered by the InsurTech companies to stay competitive and provides its customers digitally for any claims and premium processing. The insurance sector has adopted the new technologies and attracts new customers and also retains the potential clients. It is essential to adopt digital technologies for insurers and enhance their presence in the marketplace to gain market share with increased customer base and custom offerings.
With the emergence of technologies in the InsurTech, the market is witnessing high growth rate in the end-use industries. Big Data helps identify opportunities for new products and services and optimize price mechanisms. It also helps in analyzing the negative trends in performance and costs that can be used to take corrective measures and provide suitable solutions. Big Data, along with AI, is enhancing customer targeting, which helps in automating an organization’s decision-making process. Big Data and Al are the key trends that are driving the growth of the market.
The key players operating in the InsurTech market are Oscar, Allay, Friendsurance, ZhongAn, Trov, Guevara, Cystellar, Analyze Re, Bayzat, GetInsured, and others. Various players in the market are providing customized insurance plans for increasing their product portfolio and market expansion. For instance, Trov, an Australian technology company allows customers to click photos of things they want to insure and upload these on their app that can be changed. The company then sends an offer to customers that can be accepted by the customer if the terms are agreeable. In addition to this, the majority of vendors are adopting mergers and acquisitions, new product launches, and other strategies to gain a competitive advantage in the global market. For instance, ZhongAn, a Chinese digital insurance company has partnered with various Chinese Internet groups to generate vast insurance ecosystem that allows users to purchase insurance from the retail sites.
Key Questions answered
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
· Who are the key market players and their key competitors?
· Who are the key market players at different stages of the value chain?
· What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)