PLEASANTON CA, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The latest study Report “Global InsurTech Market 2021 by Key Players, Regions, Type, and Application, forecast to 2027” published by AllTheResearch, features an analysis of the current and future scenario of the global InsurTech market.
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).
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. 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.
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Global InsurTech Market Report Overview:
The report overview includes studying the market scope, leading players like Damco Group, DXC Technology, Trov, Wipro Limited, Majesco, Oscar Insurance, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global InsurTech industry, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
COVID-19 Impact Analysis on InsurTech Market:
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.
The Major Companies Covered in InsurTech Market Report are:
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- Trov, Inc.
- Wipro Limited
- Zhongan Insurance.
- KFin Technologies
- InuserTech Plum
- InsuerTech Nova
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The Global InsurTech Market Industry Segmentation:
By Product
- Health Insurance
- Business Insurance
- Travel Insurance
- Life Insurance
- Home Insurance
- Personal Liability
- Car Insurance
- Specialty
By Technology
- Cloud Computing
- Artificial Intelligence
- Block chain
- Internet of Things
- Big data & Analytics
- Others
By Deployment Mode
- On-premises
- Cloud
By Insurance Type
- P&C Insurance
- Commercial Insurance
- Others
By Platform
- Broker
- Full-stack Insurers
- Agents
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Regional Analysis of InsurTech Market:
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.
Key Findings of InsurTech Market Report:
- Based on product, the global InsurTech market is further divided into health insurance, business insurance, travel insurance, life insurance, home insurance, personal liability, car insurance, and speciality. The health insurance segment is expected to project the highest market share during the forecast period due to simplification of the claim process.
- Based on technology, the segment is sub- divided into cloud computing, artificial intelligence, block chain, internet of things, big data & analytics, others. The cloud computing segment is anticipated to grow with the highest CAGR during the forecast period.
- Based on deployment mode, it clouds segment dominated the InsurTech market in 2020 and is expected to continue its dominance throughout the forecast period because it gives various benefits like more scalability and cost effective.
- Based on the insurance type, this segment is divided into P&C insurance, commercial insurance, others. P & C Insurance segment is expected to grow with the highest CAGR during the forecast period.
- Based on platform, the global InsurTech market is bifurcated into broker, full stack insurers, agents. The brokers segment accounted for the largest share of the market.
- Regionally, North America region captured a significant portion of the global InsurTech market in 2020 and is expected to dominate the global InsurTech market during the forecast period.
The report also provides an in-depth analysis of recent news developments and investments:
- In May 2021, KFin Technologies acquired a 17% stake in Insurtech startup Artivatic.ai
- In May 2021, InsurTech Plum raised $15.6mn Series A led by Tiger Global
- In April 2021, InsurTech Nova Benefits raised $1 mn from Better Capital, Multiply Ventures & Titan Capital
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