According to the latest report by IMARC Group, titled, “Insurtech Market:Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global insurtech market size reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027.
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.
Report Metric
Historical: 2016-2021
Base Year: 2020
Forecast Year: 2022-2027
The increasing demand for digitization in the insurance business is driving the worldwide insurtech market. It streamlines the claims process and allows insurance firms to better communication with their customers. Furthermore, the expanding banking, financial services, and insurance (BFSI) business, as well as the fall in insurance premium rates, are propelling the market globally. Furthermore, technical advancements such as machine learning (ML) and blockchain technology are aimed at improving the efficiency of the current insurance market paradigm. These factors are projected to drive market expansion in the approaching years. In addition, in response to the epidemic of coronavirus illness (COVID-19), businesses are selling health insurance on e-commerce platforms. They provide several advantages, including as low premiums, hospitalisation coverage, hotel or ICU rent, ambulance help, health assistance, and teleconsultation. As a result, there is a growing need for insurtech all across the world.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Insurtech Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
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, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance.
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The report has segmented the market on the based on region, type, service, and technology.
Breakup by Type:
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Breakup by Service:
- Consulting
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
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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