The global demand for Insurtech Market is presumed to reach the market size of nearly USD 215.5 MN by 2030 from USD 6.93 MN in 2022 with a CAGR of 53.67% under the study period 2023 - 2030.
InsurTech (Insurance Technology) is a term that describes the use of technology in the design, distribution, and management of insurance products and services. Offering ultra-customized policies, social insurance, and dynamically pricing premiums utilizing new data streams from Internet-enabled devices are just some of the solutions insurtech is uncovering. Insurtech assists insurers in gathering and analyzing consumer data that may be used to target the proper client at an affordable price. Insurtech also aids in predicting consumer needs, purchasing quantities, and decision-making and insurance planning through the use of machine learning, artificial intelligence, and cloud computing.
Artificial intelligence, machine learning, blockchain, and cloud computing technologies offer real-time surveillance and monitoring of insured activity for certain business lines and streamlining and modernizing corporate procedures, which is a crucial driver of the worldwide Insurtech market growth. Furthermore, due to changing business models, insurance companies are leveraging innovative digital solutions to scale their operations and build product lines based on niche client demand, which significantly contributes to market growth. Different insurance sector norms and laws and privacy and security concerns are some of the factors that limit market expansion. Furthermore, growing economies, particularly emerging economies, provide considerable prospects for the Insurtech market to expand and develop its products. Moreover, the adoption of technologies like cloud computing, artificial intelligence, and blockchain to aid in loss prediction and prevention, risk monitoring, and claims processing is becoming a significant driver expected to drive the Insurtech industry forward in the future years.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of insurtech. The growth and trends of insurtech industry provide a holistic approach to this study.
This section of the insurtech market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
By Service
By Technology
By End-Use
This section covers the regional outlook, which accentuates current and future demand for the Insurtech market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the insurtech market include Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅv, Inc., Wipro Limited, ZhongAnInsurance. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.