New York, United States , Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Insurtech Market Size to grow from USD 3.85 billion in 2021 to USD 166.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 52% during the forecast period. Over the next few years, the global insurtech market is expected to grow significantly. This is because the claims process is getting easier, communication with customers is getting better, and automation is getting easier to use. The Asia Pacific is expected to grow the fastest during the forecast period followed by North America and Europe
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The health segment to account for the largest market size during the forecast period
Based on the type, the insurtech market is categorized into Auto, Business, Health, Home, Specialty, Travel, and Others. The health segment to account for the largest market size during the forecast period. The growing need for digital platforms in the health insurance industry is expected to boost demand for the health sector. These platforms link health insurance exchanges, brokers, providers, and carriers. Using advanced analytics is becoming more and more important for the success of life and health insurers who want to better serve and understand their clients. More and more health insurance companies are using different insurtech solutions to make the steps involved in processing claims easier. Insurance companies are also trying to combine their health insurance services with mobility features to make things easier for their customers.
Browse key industry insights spread across 200 pages with 182 market data tables and figures & charts from the report "Global Insurtech Market Size, Share, and COVID-19 Impact Analysis By Type (Auto, Business, Health, Home, Specialty, Travel, and Others), By Service ( Consulting, Support & Maintenance, and Managed Services), By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, and Others), By End- User (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030. ” in detail along with the table of contents.
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The managed services segment to hold a higher CAGR during the forecast period
Based on the services, the insurtech market is categorized into Consulting, Support & Maintenance, and Managed Services. The managed services segment to hold a higher CAGR during the forecast period. Managed service providers can help insurance companies transition to digital by giving them a step-by-step plan based on the knowledge and skills of experienced professionals and the latest tools. The managed service providers can also advise insurers on the best procedures, policies, and regulatory considerations. At the same time, managed services give insurers the ability to solve IT and operations problems and take advantage of opportunities. Recently, the insurance industry has started to understand and value the benefits of improved business models. This has opened up new growth opportunities for the managed services sector.
The cloud computing segment is to hold a higher CAGR during the forecast period.
Based on the technology the insurtech market is categorized into Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory and Others. The cloud computing segment is to hold a higher CAGR during the forecast period. Cloud computing has completely changed the insurance industry because it is flexible, easy to set up, and uses many different resources. It is expected that the growth will be fueled by the popularity of Bring Your Own Device (BYOD) policies and the fact that insurance companies are collecting more and more data. Cloud computing solutions are becoming increasingly popular with insurance companies because they have so many benefits, such as being easy to set up, less expensive, and easier to scale.
Asia-Pacific to hold a higher CAGR during the forecast period.
The Global Insurtech Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The Asia Pacific market is expected to grow at the fastest CAGR between 2022 and 2030. Because Singapore, India, and Hong Kong are all places with growing economies and financial hubs, the area is expected to grow a lot in the coming years. Sametime the North America is estimated to account for the highest market share in 2022. Because people are spending more money on insurance-related products, the use of insurtech solutions is rising, which is a good thing. Also, these solutions' health and property insurance plans are very flexible and can be changed to fit your needs. The overall growth of the market in the area is also helped by the growth of the insurtech startup community across the area.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited, ZhongAn Insurance, Acko, Coya and Others Prominent Key Players.
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