DUBLIN--(BUSINESS WIRE)--The "Global Insurtech Market Size, Share & Trends Analysis Report by Type (Auto, Business, Health, Home, Specialty, Travel), by Service, by Technology, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global insurtech market size is expected to reach USD 60.98 billion by 2028 and is projected to register a CAGR of 48.8% from 2021 to 2028
The market growth can be attributed to the increasing need to understand the behavior of policyholders. The insurtech solutions and services are widely used by insurance companies to build the with insureds.
The increasing adoption of predictive analytics and data analytics to provide effective customer experiences is expected to fuel the market growth. Numerous insurance companies are adopting these analytics services in various areas, such as fraud identification and claim triage. These services enable insurance companies to prioritize claim management applications.
Artificial Intelligence (AI)-driven analytics services are helping insurers to process their claims in a very short time. These services are acting as a preventative measure against human errors, delays, and consumer dissatisfaction. Moreover, insurers are using external data sources and adding specifics about a claimant from images and social media channels.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The pandemic has driven the sense of urgency for insurance companies of all sizes to hasten their digital transformation operations and collaborate with their partners who were their former competitors. The digital transformation is expected to help insurance companies in reducing operating costs, shielding themselves from forthcoming crisis disruption, and serving customers seamlessly.
Insurtech Market Report Highlights
- The increasing awareness about healthy lifestyle habits across the globe is expected to create growth opportunities for insurance companies in the health domain
- Increasing usage of intelligent machines and the rise of automation in the field of insurtech are expected to propel the adoption of managed services in various end-use industries
- The blockchain technology segment is expected to witness significant growth over the forecast period. The segment growth can be attributed to the rising adoption of this technology to reduce fraudulent claims in the insurance industry. This technology also helps insurance companies reduce operational costs of reinsurers and allows them to collect verified real-time data from insurers
- Political and consumer trends are forcing the healthcare industry to become more transparent about pricing, and with startups pioneering new approaches in the insurance category is expected to drive the segment growth over the forecast period
- The North American region is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement
Market driver analysis
- The growing adoption of predictive analytics
- Increasing shift toward cloud computing
Market restraint analysis
- Data security and privacy concerns
- Penetration and Growth Prospect Mapping
Key Company Ranking/CompanyMarket Share Analysis, 2020
Porter's Five Forces Analysis
Impact of COVID-19 on the Insurtech Market
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Oscar Insurance
- Shift Technology
- Trov, Inc.
- Wipro Limited
- Zhongan Insurance
For more information about this report visit https://www.researchandmarkets.com/r/6zqwtb