Global Insurtech Market was valued at USD 3.70 billion in 2021 and is expected to reach USD 14.00 billion by 2029, registering a CAGR of 18.10% during the forecast period of 2022-2029.
Insurtech Market research report is designed with the scrupulous Market analysis carried out by a team of industry experts, dynamic analysts, skilful forecasters and well-informed researchers. And not to mention, the report is amazingly characterized by using several charts, graphs and tables depending on the extent of data and information involved. What is more, influencing factors such as Market drivers, Market restraints and competitive analysis is studied with the SWOT analysis which is the most established tool when it comes to generate Market research report. Businesses can achieve complete knowhow of general Market conditions and tendencies with the information and data covered in the winning Insurtech business report.A dependable Insurtech Market report comprises of all the crucial Market parameters and hence it can be used for the business. Furthermore, complete company profiles covered in this report also explains what recent developments, product launches, joint ventures, mergers and acquisitions are taking place by the numerous key players and brands in the market. The report is provided with the transparent research studies which have taken place by a team work of experts in their own domain. The top-notch Insurtech Market document also endows with company profiles and contact information of the key Market players in the manufacturer’s section.
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Key Players Mentioned in the Insurtech Market Research Report:
DXC Technology Company (US), Trōv, Inc. (US), Wipro Limited (India), ZhongAn (China), TCS (India), Cognizant (US), Infosys (India), Pegasystems (US), Appian (US), Mindtree (India), Prima Solutions (India), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Oscar Insurance (US), Quantemplate (UK), and Shift Technology (India), among others
The report provides an excellent overview of the main macroeconomic factors having a significant impact on the growth of the Insurtech market. It also provides the absolute dollar opportunity analysis which can be crucial in identifying revenue generation and sales increasing opportunities in the Insurtech market. Market players can use the qualitative and quantitative analysis provided in the report to get a good understanding of the Insurtech market and make strong strides in the industry in terms of growth. The overall Insurtech market size and that of each segment studied in the report are accurately calculated based on various factors.
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Insurtech Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Increase in Insurance Claims
The increase in the number of insurance claims across the globe acts as one of the major factors driving the insurtech market. Also, surge in investments by insurance companies in digital technologies with the purpose of declining operational costs and enhancing operational efficiency.
Adoption of Blockchain Technology
The rise in the adoption of blockchain technology due to the benefits offered such as faster payments, fraud mitigation, and cost savings, among others accelerate the market growth. Blockchain technology is widely utilized in insurance companies for applications such as Anti-money Laundering (AML) procedures, Know Your Customer (KYC), and claim handling, among others.
Rapid Digitization of Insurance Services
The rapid digitization of insurance services further influence the market. Also, the use of advanced technological solutions by insurance providers to enhance communications with the clients while implementing automated processes efficiently assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the insurtech market.
Furthermore, integration of innovative technologies such as artificial intelligence, predictive maintenance, internet of things, and big data extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, widespread adoption of the platform and peer-to-peer business models will further expand the market.
Based on Insurtech Market Segmentations
Global Insurtech Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2022-2029):North America (United States, Canada and Mexico)Europe (Germany, UK, France, Italy, Russia and Spain etc.)Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)South America (Brazil, Argentina and Colombia etc.)Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
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Metromile, announced its plan for allowing policyholders to pay premiums and claim payments with the use of cryptocurrency in December’2021. The aim is to help the company strengthen its market position.
Amodo, announced its partnership with Galileo Platforms Limited in December’2020. Both the companies aim at utilizing blockchain technologies to transform their customer experience and provide new insurance solutions.
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- This research offers a comprehensive analysis of current trends, projections, and dynamics for the years, with the goal of assisting in the identification of current market opportunities.
- The individual market revenue of the major countries in each area is mapped.
- The research examines the Insurtech market circumstances on a regional and country-by-country basis.
- The Insurtech market’s major participants have been identified.
- To understand the competitive environment across geographies, this study assesses the competitive landscape and conducts a value chain analysis.
- An in-depth analysis of the Insurtech market’s segmentation within the market has been offered, which is predicted to aid in the current market opportunities.
Table of Contents
- Part 01: Executive Summary
- Part 02: Scope of the Insurtech Market Report
- Part 03: Insurtech Market Landscape
- Part 04: Insurtech Market Sizing
- Part 05: Insurtech Market Segmentation By Product
- Part 06: Five Forces Analysis
- Part 07: Customer Landscape
- Part 08: Geographic Landscape
- Part 09: Decision Framework
- Part 10: Drivers and Challenges
- Part 11: Market Trends
- Part 12: Vendor Landscape
- Part 13: Vendor Analysis
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