According to the latest report by IMARC Group, titled, “Insurtech Market Trends: Global Industry Share, Size, Growth, Opportunity and Forecast 2021-2026“,The global insurtech market exhibited strong growth during 2015-2020 Looking forward, IMARC Group expects the market to grow at a CAGR of around 15% during the next five years.
Report Metric Historical: 2015-2020
Base Year: 2020
Forecast Year: 2021-2026
Insurtech, a technologically innovative solution, is extensively deployed to optimize insurance companies’ performance. It is utilized for performing advanced data analytics, consumer insights, minimizing costs, and improving the overall customer experience. Insurtech widely employs artificial intelligence (AI), cloud computing, and the internet of things (IoT), for predicting consumer requirements.
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.
Insurtech Market Trends:
The rapid digitalization and significant expansion in the banking, financial servicing, and insurance (BFSI) sectors are primarily driving the marketgrowth. The market is also being driven by the introduction of advanced technological solutions for enhancing the client communications and the implementation of automated processes efficiently. In addition to this, the rising demand for the availability of customized insurance policies on various smartphone applications and online platforms is contributing to the market growth. Other factors, such as the widespread adoption of insurtech solutions for streamlining claim processing proceedings are creating a positive outlook for the market further across the globe.
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Global Insurtech Market 2021-2026 Analysis and Segmentation:
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:
Breakup by Service:
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Cloud Computing
- Machine Learning
- Robo Advisory
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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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization
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