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 trends 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: 2021
Forecast Year: 2022-2027
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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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.
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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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