The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028. The increasing need for digitization of insurance services is expected to propel the market growth.
Insurtech is the usage of technology innovations particularly designed to make the existing insurance model more efficient. By using technologies such as AI and data analytics, insurtech solutions allow products to be priced more competitively. Insurance companies are widely adopting these solutions to drive cheaper, better, and faster operational results. Hence, the insurance industry is witnessing increased investment in technology.
Numerous insurtech companies are focusing on using deep learning competent artificial intelligence (AI) to efficiently handle the tasks of agents and find the accurate mix of policies to complete an individual’s coverage. The increasing use of applications to pull dissimilar policies into one platform for monitoring and management is expected to fuel the market growth over the forecast period. These applications can be widely used for creating on-demand insurance for micro-events, such as borrowing an associate's car. Moreover, these applications can create tailored group coverage and incentivize optimistic choices through group rebates.
Request a Free Sample @: https://www.grandviewresearch.com/industry-analysis/insurtech-market/request/rs1
Key Player Mentioned:
Damco Group
DXC Technology Company
Insurance Technology Services
Majesco
Oscar Insurance
Quantemplate
Shift Technology
Product Segment Analysis:
Auto
Business
Health
Home
Specialty
Application Segment Analysis:
Consulting
Support & Maintenance
Managed Services
The market is highly fragmented in nature. The market is characterized by the presence of a large number of small players, which cater to the requirements of life- and non-life insurance sectors. The market players are focusing on innovations and offering unique solutions to improve the insurance value chain. This improved value chain is further attracting funds from investors and legacy players worldwide.
Regional Segment Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Access Press Release @ https://www.grandviewresearch.com/press-release/global-insurtech-market
The healthcare segment is expected to register the fastest over the forecast period. The influence of digitization is an important trend, which will further drive the adoption of insurtech solutions in the healthcare industry. The growing number of devices has created a need for effective monitoring, management, and maintenance of data across healthcare organizations. The growing digitization among customers has amplified the demand for easier and better access to insurance technology services.
COVID-19 Impact:
The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum Glucose to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for Glucose in the next 2 to 3 years.
Good Reasons to Buy a Global Insurtech Market Report:
- Offers detailed market breakdown and data triangulation that will help guide the market trends.
- The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
- Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.
- Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
- Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
