Global InsurTech Market Will Grow by Almost USD 15.63 Billion During 2019-2023 | Technavio

Technavio has released a new market research report on the global InsurTech market for the period 2019-2023. (Graphic: Business Wire)

LONDON--()--Technavio has announced the release of their research report on the global InsurTech market for the forecast period 2019-2023. This InsurTech market analysis report segments the market by value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others) and geography (APAC, Europe, MEA, South America, and North America).

Global InsurTech market size will grow at a CAGR of more than 41%. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth. It has become challenging to manage, monitor, and maintain the data in an organization owing to the increasing number of devices. Digitization for machine-to-machine (M2M) communications is expected to increase as it helps an insurance service provider to simplify the management, monitoring, and maintenance of connected devices. Enterprises also experience significant improvements in business processes with the adoption of fully digital procedures.

Integration of Big Data and Al in InsurTech

InsurTech companies need to analyze vast amounts of data that will help them in segmenting customer populations, identifying opportunities for new products and services, and optimizing pricing mechanisms. Use of Big Data can improve investment decision and help insurance companies to arrive at a comprehensive credit scoring mechanism. Analytics can identify hidden patterns in data by using complex models and use it to predict future outcomes or forecast growth. Al will prove to be beneficial for InsurTech firms. For instance, robotics can be used to automate many processes in InsurTech solutions.

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“A major part of the market’s growth is expected to originate from Europe. This is because data has become a strategic asset across Europe and the adoption rate of technology in this region is higher when compared with other geographies. Thus, InsurTech such as data analytics could be used in deriving insights at every stage of the insurance life cycle such as customer targeting, pricing, product designing, claims processing, and reporting to create customized insurance products for consumers in Europe”, says an analyst at Technavio.

InsurTech provides on-demand accessibility for real-time data synthesizing. It allows enterprises to transform, monitor, and deliver data; understand business processes; and bridge the gap between businesses and IT. With an increase in the number of companies that are turning global, customers, suppliers, and other concerned people globally need to be connected through real-time information. Hence, companies require integration platforms to link multiple enterprise systems with web and wireless applications.

View a snapshot of the report for a more detailed overview of the market and the segmentation covered in this report

This InsurTech industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several InsurTech manufacturers including –

  • Oscar
  • Quantemplate
  • Shift Technology
  • Trōv
  • ZhongAn

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

Technavio has announced the release of their research report on the global InsurTech market for the forecast period 2019-2023.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200