According to the latest report by IMARC Group, titled, “Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global insurtech market size reached US$ 5.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.0 Billion by 2028, exhibiting a growth rate (CAGR) of 40.3% during 2023-2028.
Insurtech Industry Definition and Application:
Insurtech involves the utilization of advanced technology to process claims and contracts, evaluate risks or underwrite policies. It combines insurance services and technology in order to make the insurance model more efficient. It aids in powering the creation, administration and distribution of the insurance business. Additionally, it helps large insurance companies in exploring new options outside of traditional human efforts, such as small business insurance, dynamically priced insurance policies and social insurance options while creating a dynamic pricing system based on customer behavior and market conditions. With the rising need for improving customer experience, there has been a significant increase in the deployment of insurtech among leading insurance enterprises.
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Insurtech Market Trends and Drivers:
The global market is primarily driven by continual improvements in the insurance sector. Along with this, continuous technological advancements, such as the introduction of the internet of things (IoT), blockchain, advanced analytics, artificial intelligence (AI) and machine learning (ML), are also providing a boost to the insurtech market. In line with this, the penetration of high-speed internet connectivity and the growing adoption of smartphones on account of rapid digitization are creating a positive market outlook. In line with this, numerous leading players are heavily investing in drone technology to conduct aerial surveys for inspecting properties in dangerous zones and documenting vehicular crash sites, which is acting as a major growth-inducing factor.
With the sudden outbreak of coronavirus disease (COVID-19) across the globe, the demand for insurance policies that can be availed through online platforms has rapidly increased. The market is further driven by the emerging banking, financial services and insurance (BFSI) and information technology industries. Other factors, including the rising awareness regarding the benefits of insurance among individuals, reduction in insurance premium rates, and intensive business competition, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 41.0 Billion by 2028, exhibiting a CAGR of 40.3% during 2023-2028.
Global Insurtech Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
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
- Zhongan Insurance.
The report has segmented the market on the based on region, type, service and technology.
Breakup by Type:
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Breakup by Service:
- Consulting
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
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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
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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