Home » Insurtech Market to Boost US$ 30.4 Billion by 2027 | CAGR 41.8% -IMARC Group

Insurtech Market to Boost US$ 30.4 Billion by 2027 | CAGR 41.8% -IMARC Group

by Nathan Zachary

According to IMARC Group latest published report, titled “Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” Offers a comprehensive analysis of the industry, which comprises insights on global insurtech market report.The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027.

The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Insurance technology, alternatively referred to as insurtech, represent advanced technologies utilized to improve business processes, minimize costs, simplify policy management, and enhance overall customer experience. They consist of big data, artificial intelligence (AI), internet of things (IoT), machine learning (ML), blockchain, roboadvisory, etc. These insurtech solutions provide organizations insights regarding consumer behavior and allow them to manage brokers and offer personalized products. They even facilitate real-time responses to queries, efficient fraud detection, faster claims processing, etc. As a result, insurtech services are extensively used in several segments of the insurance sector, including life and health insurance, auto insurance, buildings insurance, dwelling coverage, marine insurance, etc.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Request for a free sample copy of this report: https://www.imarcgroup.com/insurtech-market/requestsample

Insurtech Market Trends:

The growing banking, financial services and insurance (BFSI) industry across the globe and the rising need for cloud platforms and other value-added services are primarily driving the insurtech market. Apart from this, the escalating digitization of insurance services to improve communications with the clients and implement automated processes adequately is acting as another significant growth-inducing factor. Moreover, the increasing demand for customized insurance policies that can be availed through smartphone applications and other online platforms is also positively influencing the global market. In addition to this, the elevating adoption of the technology by health insurance providers to streamline claims processing procedures is further catalyzing the market growth. Furthermore, the development of state-of-the-art technologies, the shifting preferences toward digital core legacy systems to automate back-office operations, and the expanding employment of platform and peer-to-peer business models are expected to propel the insurtech market over the forecasted period. 

Global Insurtech Market Report Coverage and Industry Segmentation:

The report cover the below key market segments:

Market Breakup by Type:

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

Market Breakup by Service:

  • Consulting
  • Support and Maintenance
  • Managed Services

Market Breakup by Technology:

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

Market 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

Competitive Landscape with Key Player:

  • Clover Health Insurance
  • Damco Group
  • DXC Technology Company (NYSE: DXC)
  • Insurance Technology Services
  • Majesco
  • Oscar Insurance
  • Quantemplate
  • Shift Technology (NASDAQ: SFT)
  • Trov Inc
  • Wipro Limited and Zhongan Insurance

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/insurtech-market

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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