Global Insurtech Market Size By Type (Auto, Business), By Service (Consulting, Suport & Maintainance), By Technology (Blockchain, Cloud Computing), By End-Use (Automotive, BFSI), By Geographic Scope And Forecast

Insurtech Market Size And Forecast

Insurtech Market size was valued at USD 6.72 Billion in 2021 and is projected to reach USD 15.93 Billion by 2030, growing at a CAGR of 10.80% from 2023 to 2030.

The traditional insurance industry is being transformed by insurtech, often known as insurance technology, a fast-expanding industry. The main areas that are influencing demand for insurtech internationally such as increasing customer expectations, digitalization, the regulatory environment, and traditional insurance industry challenges. The Global Insurtech Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Insurtech Market Definition

The word “insurtech” refers to the application of technology to the transformation of the insurance sector. Blockchain, artificial intelligence, and machine learning are just a few examples of cutting-edge technology that insurtech firms utilize to develop new insurance products, simplify the insurance application process, and enhance client satisfaction.

Online insurance comparison tools, digital claims processing, and customized insurance coverage based on data analytics are just a few of the many services that insurtech companies might provide. Because it provides easier and more effective ways to purchase and manage insurance products, insurtech is frequently considered a disruptor of the traditional insurance sector. Insurtech generally aims to improve the efficiency, transparency, and client focus of the insurance sector. It has the potential to significantly alter the way that insurance products are created and priced, as well as how customers engage with insurance providers.

Global Insurtech Market Overview

As a result of their experiences with other industries like e-commerce and fintech, customers are increasingly demanding a better and more individualized insurance experience. Insurance providers may match these expectations by offering more open, logical, and adaptable products owing to insurtech. Moreover. the insurance sector is seeing the new potential for innovation and expansion as a result of the quick pace of digitalization. Emerging technologies like artificial intelligence, blockchain, and the internet of things (IoT) are being used by insurtech businesses to improve insurance procedures, cut costs, and deliver more precise risk assessments.

Demand for Insurtech is also being influenced by the regulatory environment. Regulatory bodies are progressively embracing innovation and digitalization in the insurance sector, which is fostering a more favorable operating climate for Insurtech businesses. The traditional insurance sector faces issues like obsolete systems, cumbersome procedures, and outmoded business strategies. By providing novel business models like pay-per-use insurance and streamlining procedures with technology, insurtech companies provide a means of overcoming these difficulties.

Global Insurtech Market Segmentation Analysis

The Global Insurtech Market is segmented on the basis of Type, Service, Technology, End-Use, and Geography.

Insurtech Market, By Type

• Auto
• Business
• Health
• Home
• Speciality
• Travel
• Others

Based on Type, the market is bifurcated into Auto, Business, Health, Home, Speciality, Travel, and Others. The Automotive segment is anticipated to lead the market due to the expansion of the automotive industry.

Insurtech Market, By Service

• Consulting
• Suport & Maintainance
• Managed Services

Based on Service, the market is bifurcated into Consulting, Suport & Maintainance, and Managed Services.

Insurtech Market, By Technology

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others

Based on Technology, the market is bifurcated into Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, and Others.

Insurtech Market, By End-Use

• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
• Others

Based on End-Use, the market is bifurcated into Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others.

Insurtech Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on Regional Analysis, the Global Insurtech Market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The largest share of the market will be dominated by North America. The market for insurtech in North America is expanding quickly and is predicted to do so in the years to come Some of the major drivers propelling the North American Insurtech Market are increasing use of technology, regulatory support, and increasing investment.

Key Players

The “Global Insurtech Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Banc Insurance Agency, Policy Bazar, ZhongAn Online Propery & Casuality insurance, Co., Ltd, Clover Health Insurance, Acko General Insurance Limited, Damco Group, Oscar Insurance, Shift Technology, Wipro Ltd, DXC Technology Company. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Insurtech Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Insurtech Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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