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.
Industry Definition and Application:
Insurtech, or insurance technology, refers to the use of technological innovations to garner savings and efficiency in the insurance industry. It is utilized to increase the efficiency in the operations of the insurance company by identifying the risks related to the business operations, market, liquidity, counterparty, and credit. Insurtech also simplifies financial transactions and enhances the functionality of the payment processes. It uses Big Data and artificial intelligence (AI) to optimize the pricing mechanisms and offer insurance-related services.
The global insurtech market is primarily driven by the increasing demand for digitization in the insurance industry. It simplifies the claim process and facilitates insurance companies to improve communication with their clients. Furthermore, the growing banking, financial services, and insurance (BFSI) industry and the decline in the insurance premium rates are fueling the market across the globe. Moreover, technological innovations, such as machine learning (ML) and blockchain technology, that aim to improve the efficiency of the existing insurance industry model. These factors are expected to propel the market growth in the coming years. Besides this, with the outbreak of coronavirus disease (COVID-19), companies are offering health insurance on e-commerce platforms. They offer numerous benefits, including affordable premiums, hospitalization cover, room or ICU rent, ambulance assistance, health assistance and teleconsultation. On account of this, there has been increasing demand for insurtech across the globe.
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Global Insurtech Market 2023-2028 Analysis and Segmentation:
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
- Oscar Insurance
- 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:
Breakup by Service:
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Cloud Computing
- Machine Learning
- Robo Advisory
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
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