New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global insurtech market is expected to garner a revenue of $57,934.0 million by 2028, growing exponentially at a CAGR of 29.1% during the forecast period 2021 to 2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Insurtech Market
Drivers: Increasing reliance on innovative digital solutions by insurance companies for effective risk monitoring, claims processing, and loss prediction and prevention is expected to drive the growth of the market during the forecast period. In addition, increasing internet penetration across the globe is further expected to bolster the growth of the insurtech market during the forecast period.
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Restraints: Increasing privacy concerns among people across the globe is expected to hinder the growth of the market during the forecast period.
Opportunities: Growing need for specialty and customized insurance policies among people is expected to create tremendous opportunities for the growth of the insurtech market during the forecast period.
COVID-19 Impact on the Insurtech Market
The outbreak of coronavirus has had a positive impact on the growth of the global insurtech market, owing to the prevalence of lockdowns in numerous countries across the globe. Lockdowns created largescale disruptions in a variety of businesses, and hence negatively impacted the productions levels and supply chain of various industries. This subsequently increased demand for insurance policies across the globe. As the demand for insurtech solutions has surged considerably, insurance companies are coming up with user-friendly insurance technologies such as blockchain, artificial intelligence, and others. All these factors are boosting the market growth during the pandemic.
Segments of the Insurtech Market
The report has divided the market into various segments based on technology, product, distribution channel, and region.
Technology: AI & Machine Learning Sub-segment to be Most Profitable
The AI & machine learning sub-segment is expected to generate a revenue of $26,481.8 million during the forecast period. Implementation of AI & machine learning in insurance companies helps to provide a personalized experience depending on the preference and behaviour of the customer, apart from automating claims processing. This factor is expected to accelerate the growth of the insurtech market sub-segment during the forecast period.
Product: Property & Casualty Insurance Sub-segment to be Most Beneficial
The property & casualty insurance sub-segment is predicted to garner a revenue of $32,859.4 million during the forecast period. Growing need for a precise risk assessment due to the rising occurrence of natural disasters across the globe is expected to drive the growth of the sub-segment during the forecast period.
Distribution Channel: Brokers Sub-segment to be Most Lucrative
The brokers sub-segment is expected to be generate a revenue of $24,737.1 million during the forecast period. Most of the policyholders in the modern world seek assistance from brokers before opting for the ideal policy that meets their needs and preferences. This factor is expected to stimulate the growth of the insurtech market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have the Fastest Growth Rate
The Asia-Pacific region is expected to grow expeditiously at a CAGR of 30.2% during the forecast period. Multiple presence of surging economies and financial centres in this region is expected to drive the growth of the market during the forecast period. In addition, growing prevalence of digital insurance platforms due to the exponentially increasing internet penetration in this region is further expected to accelerate the growth of the regional insurtech market during the forecast period.
Region: Asia-Pacific has the growth of Digital Insurance platforms to increase internet penetration
Key Players of the Insurtech Market
The prominent players in the market include
- Trov Insurance Solutions, LLC
- Ladder insurance
- American Well Corporation
- Acko General insurance
- Zhongan Insurance
- Clover Health
- Shift Technology
- Damco Group
- Majesco
- Oscar Insurance
- Quantemplate, and many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire and Get Quick access to the Full Report@ https://www.researchdive.com/purchase-enquiry/8506
For instance, in Janurary 2022, Tech Mahindra, an Indian multinational information technology services and consulting company, invested 20 million euros in two insurtech ventures, SWFT, a Software as a Service-based digital customer engagement platform, and Surance, an end-to-end personal cyber insurance solution that focuses on vulnerability assessment, cyber protection, and cyber insurance coverage. This investment will help Tech Mahindra to strengthen their capabilities to support insurers in accelerating their transition to cloud-based platforms and provide end-to-end engineering with a strong European nearshore presence.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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