The global InsurTech market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018-2023.
The banks and financial institutions are witnessing transformation with the emergence of FinTech vendors, thereby disrupting the traditional model of operations and processes. Insurers face stiff competition, and the insurance market is considered mature in most of the countries. The digital and analytical tools have opened new revenue model and value chain through digital brokers.
The FinTech industry, over the last couple of years, has realized the need and opportunity of InsurTech software. The InsurTech vendors offer software that simplifies the decision-making process for the customers, and the analytics software helps insurers to understand the current need and demand in the market.
The applications include health insurance, property and casualty insurance, life insurance, and others. The property and casualty insurance segment is estimated to hold the significant market share in 2018, however, the health insurance segment is anticipated to grow at a higher CAGR. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.
- Better communication with clients
- Better personalized product offerings
- Implement automation
- Lack of awareness and reluctance of insurance providers to transform business model
- Insurers are looking for comprehensive digital insurance product and services to launch in the market
- Application of AI and analytics technologies in better identifying the potential of online insurances
- Growing regulation concerns across regions to compel financial institutions to adopt InsurTech application to ease out processes
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Component: Market Size & Analysis
7 Type: Market Size & Analysis
8 Application: Market Size & Analysis
9 Regions: Market Size & Analysis
10 Companies to Watch for
- Analyze RE
- Bought By Many
- Claim DI
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