LONDON--(BUSINESS WIRE)--The global InsurTech market is expected to post a CAGR of over 41% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth. Request a free sample report
The influence of digitization is one of the major factors driving the growth of the InsurTech market. The increasing number of devices have made it challenging for organizations to manage, monitor, and maintain data. Thus, organizations are increasingly adopting digital technologies to simplify the management, monitoring, and maintenance of connected devices. Enterprises are also experiencing significant improvements in business processes with the adoption of fully digital procedures.
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As per Technavio, the integration of Big Data and AI in InsurTech will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Global InsurTech Market: Integration of Big Data and AI in InsurTech
InsurTech companies need to analyze vast amounts of data that will help them to segment customer population, identify opportunities for new products and services, and optimize pricing mechanisms. Use of Big Data can improve investment decisions 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. On the other hand, Al will prove to be beneficial for InsurTech firms. For instance, robotics can be used to automate many processes in InsurTech solutions.
“Apart from the integration of Big Data and AI, other factors such as the increasing collaborations between vendors, and the integration of wearables into customer engagement metrics for insurance will drive the growth of the InsurTech market during the forecast period,” says a senior analyst at Technavio.
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Global InsurTech Market: Segmentation Analysis
This market research report segments the global InsurTech market by value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others) and geography (MEA, APAC, Europe, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the European region is expected to dominate the global market and register the highest incremental growth. This is because the insurance industry has been recording significant changes since 2015. Data has become a strategic asset across Europe and the adoption rate of technology in this region is higher when compared with the other geographies.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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