Key Market Insights
“Growing technology driven new entrants along with rising demand for digitization will boost the market”
The global insurance technology market is growing proficiently, projected to grow at a CAGR of 36.7% during the expected period from 2023 to 2030, starting from US$ 1.74 Bn in 2021.
Innovation through new technologies is a key driver of change in the financial sector which will further lead to immense adeptness gains, with initial accomplishment by doubt and uncertainty. In the coming years, innovations coupled with new technological developments, is likely to drive the demand for insurance technology globally, owing to expedite delivery of services and lower transaction cost. Additionally, InsurTech has enticed large venture capital investments and financial trends have made numerous start-ups considering their investors upon mass-scale and commercial viable basis. Moreover, insurance start-ups like Lemonade, Friendsurance, and Policygenius have engrossed huge investments along with better understanding and concept for businesses development and models.
Furthermore, adoption of new innovations and technology will offer customers with improved funding structures, advanced customer experience which supports exsiting operations. Self-governing model that uses blockchains for automated contract excution would reaped for risk transfer tools like cat bonds, is likely to further explore the market for InsurTechs. Howover, the InsurTechs have made substantial inroads by ingenuous powerful and engrossed applications for solving specific problems, to deliver a high-quality and instinctual digital capabilities.
Type Analysis
“Rising demand for digital platform coupled with consulting & managed services will drive the demand for health insurance globally”
Insurance establishments within the health domain are concentrating towards machine learning, artificial intelligence, and internet of things (IoT) in order to provide an advanced application systems, which will further improves customer experience and automate internal business processes. Rising demand for digital platforms which will connect brokers, carriers, providers coupled with exchanges in health insurance is predictable to impel demand for the health segment on a global scale. Furthermore, health insurance businesses are focusing on rationalization of processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery, and digital enrollment process which will foster improvements in healthcare system.
Moreover, numerous digital platforms are being offered by technology providers for insured people to take care of insurance health benifits offered by insurance firms. For instance, in June 2019, League Inc., an U.S. based digital platform developer have launched its new digital health platform, which will offer a single access hub for insured people to select health policies rendering to their preferences. Furthermore, the InsurTechs also offers mobile apps that allows users to access information related to health issues like healthcare providers, payment processing systems, discount and offerings offered by insurance businesses.
Regional Analysis
“Dominance is led by the large customization products coupled with presence top InsurTech firms to drive the market growth.”
The North America is projected to dominated the market for insurtech in 2021. This dominance can be attributed owing to increasing demand for end-to-end digitally advanced financial solutions and significant presence of technology providers. Furthermore, the customization and flexibility offered by different insurtech products like life insurance, health policies will allow customers to pick out amongst the best plans. Financial associations across the North America are considerably focused towards the implementation of digital competences into their offerings in order to sustain a significant competitive benefit. For instance, rising investments in health insurance is measured to be sturdy and growing, with holding an investments of around 70% in the U.S. In the United States, InsurTechs have benefited from a competitive and high market place for VC funding, and many insurance start-ups have successfully completed a number of funding rounds.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Insurance Technology market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
