Insurtech Market Size, Share, Growth | Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global insurtech share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the insurtech market?

The global insurtech market size reached US$ 5.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.0 Billion by 2028, exhibiting a growth rate (CAGR) of 40.3% during 2023-2028.

What is insurtech?

Insurtech, or insurance technology, refers to the use of technological innovations to garner savings and efficiency in the insurance industry. It is utilized to increase the efficiency in the operations of the insurance company by identifying the risks related to the business operations, market, liquidity, counterparty, and credit. Insurtech also simplifies financial transactions and enhances the functionality of the payment processes. It uses Big Data and artificial intelligence (AI) to optimize the pricing mechanisms and offer insurance-related services.

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What are the growth prospects and trends in the insurtech industry?

The global insurtech market is primarily driven by the increasing demand for digitization in the insurance industry. It simplifies the claim process and facilitates insurance companies to improve communication with their clients. Furthermore, the growing banking, financial services, and insurance (BFSI) industry and the decline in the insurance premium rates are fueling the market across the globe. Moreover, technological innovations, such as machine learning (ML) and blockchain technology, that aim to improve the efficiency of the existing insurance industry model.

These factors are expected to propel the market growth in the coming years. Besides this, with the outbreak of coronavirus disease (COVID-19), companies are offering health insurance on e-commerce platforms. They offer numerous benefits, including affordable premiums, hospitalization cover, room or ICU rent, ambulance assistance, health assistance and teleconsultation. On account of this, there has been increasing demand for insurtech across the globe.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

Service Insights:

• Consulting
• Support and Maintenance
• Managed Services

Technology Insights:

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others
•  

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Clover Health Insurance
• Damco Group
• DXC Technology Company
• Insurance Technology Services
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Trov Inc.
• Wipro Limited
• Zhongan Insurance.

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