The Insurtech market size is expected to reach over US$ 12.8 billion by 2028. The growing prevalence of the Insurtech market is due to high investment by insurance companies across the globe in digitization to simplify the transaction process and to improve the insurance payment system. The report further mentions that the market size stood at US$ 5.44 billion in 2019, and it is likely to exhibit a CAGR of 11.3% during the forecast period between 2020 to 2028.
The Increased Prevalence of Insurtech
The Insurtech market is mainly driven by growing consumer data and increasing demand for digitisation. The need to monitor, manage and maintain customer data easily and systematically becomes a major challenge for organisations and organisations to face this challenge with the help of Insurtech. Insurtech’s availability in the insurance sector has introduced ultra-customized policies through the use of new data streams from Internet-connected devices. The payment process is made easier for insurance companies due to the development of a number of payment processing technologies. As a result, the Insurtech market is expected to experience high growth during the forecast period.
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Increasing Demand for Digitization
Demand for Insurtech is increasing due to an increase in customer data and to the systematic maintenance, monitoring and management of customer data. Insurtech helps insurance companies simplify the claims process, improve communication with the client and improve automation capabilities. The Insurtech market is expected to grow in the forecast period due to technological advancements and high-speed Internet connectivity.
Alchemy Research and Analytics LLP has assessed the impact of the ongoing COVID-19 pandemic on the Insurtech market for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for Insurtech increased in the period COVID-19 due to a sudden lockdown. In the post-COVID-19 period, the Insurtech market is expected to increase worldwide over the forecast period.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the Insurtech market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The Insurtech market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the Insurtech market. They are as follows:
- Damco Group
- DXC Technology Company
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- Trōv, Inc.
- Wipro Limited
- Zhongan Insurance.
- Others
A Significant Industry Development-
- June 2019: League Inc., a U.S. digital platform developer, launched a digital health platform. The Digital Health Platform is designed to provide a single access hub for insured people to choose health policies according to their preferences and enhanced customer experience. The company also provides a mobile app that allows users to access information on healthcare providers, payment processing, offers and discounts offered by insurance companies.
Further Report Findings-
- North America is witnessing the maximum adoption of Insurtech due to the high spending on insurance by the customers in the region. The offering of different kinds of insurance services that are flexible and customized such as insurance for health, property, and others is encouraging people to choose among the insurance plans that suit them is another factor for regional dominance.
- Asia-Pacific is also witnessing high growth in the Insurtech sector due to the presence of a few emerging economies and financial hubs in Hong Kong, Singapore, and India. Also, the insurance companies are focusing on offering cheap and affordable insurance premium plans in diversely populated countries.
- Based on the service segment, the Insurtech market is segmented into consulting, support and maintenance services and managed services. Managed services offer insurance companies a differentiation, agility, transformation and automation (DATA) model that enables insurance companies to adopt advanced technologies to improve access to their products and information, increase personalization and improve service opportunities. In addition, increasing demand for various managed services in end-use industries to identify growth opportunities and manage risks for future development is also driving the growth of the segment.
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