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Insurtech Market Size, Share, Statistics & Trends Analysis Report By Type, By Application, By Region, and Segment Forecasts, 2021 - 2027
Published Date: August 2021
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Report Code: QYRE-Auto-35M2175
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Global Insurtech Market Size Status and Forecast 2020 2026

Insurtech Market Size, Share, Statistics & Trends Analysis Report By Type, By Application, By Region, and Segment Forecasts, 2021 - 2027

Code: QYRE-Auto-35M2175
Report
August 2021
98 Pages
QYResearch
Region: Global,
Description
Table of Content
Tables & Figures

Insurtech Market Statistics 2027

The global Insurtech market size is projected to reach USD 11940 Million by 2027, from USD 1462.3 Million in 2020, at a CAGR of 34.4% during the forecast period 2021-2027. Insurtech market growth is expected to be fueled by rising demand for insurance service digitization. Insurance purchase and claims processes are made easier with the help of insurtech.

InsurTech Market

Major factors driving the growth of the Insurtech Market are

  • Insurtech assists in the development of new routes that giant insurance companies are less motivated to pursue, such as social insurance and ultra-customized coverage. To price premiums, these systems employ fresh streams of data from internet-enabled devices.
  • Insurtech is far more cost-effective than the old model since it lowers acquisition expenses by offering clients a digital interface and adopting a direct methodology.
  • When compared to the current insurance arrangement, there is a significant improvement in inefficiency.

Trends Influencing The Growth Of The Insurtech Market

Insurtech companies are striving to bridge the gap between customers and insurance providers by offering digital brokerage and insurance markets. Due to the oversaturation of the insurance market and severe competition among insurers, they have been compelled to adopt digital technologies that focus on the client interface. Insurtech software is designed to help insurers obtain more clients by forming partnerships and streamlining claim processing. The Insurtech market is predicted to be driven by the simplification of the claims process afforded by Insurtech.

Many Insurtech companies are concentrating on using deep learning-capable artificial intelligence (AI) to help agents handle their tasks faster and find the correct mix of policies to complete an individual's coverage. The increased use of applications to consolidate diverse policies into a unified platform for monitoring and management is predicted to propel the Insurtech market forward throughout the forecast period.

Insurtech Market Size

Insurtech Market Regional Share

With relatively significant insurance premium spending by people, North America is one of the main contributors to the worldwide InsurTech market. The United States has witnessed significant investments from InsurTech suppliers due to insurers' online presence and digital technologies to track their insurance claims, and it represents a big prospective market. In the United States, several start-ups have formed, realizing the potential for better customer-focused insurance service.

The Asia Pacific, on the other hand, is predicted to develop at the fastest rate due to the existence of a young population in the region as well as a growing tech-savvy generation.

The global Insurtech market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Insurtech market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by region (country), by Type, and by Application for the period 2016-2027.

Insurtech Market Segments

Insurtech Market by Type

  • Products
  • Services

Insurtech Market by Application

  • SMEs
  • Large Enterprises

Insurtech Market: Regional Analysis

  • North America
  • United States
  • Canada
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Russia
  • Nordic
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia-Pacific
  • Latin America
  • Mexico
  • Brazil
  • Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa

The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.

Major Players in the Insurtech Market

  • Quantemplate
  • Slice
  • Neos
  • Shift Technology
  • Lemonade
  • Oscar Health
  • Acko General Insurance
  • ZhongA

Scope of the Insurtech Market Report

Report Metric

Details

Report Name

Insurtech Market

The Market size value in 2020

1462.3 Million USD

The Revenue forecast in 2027

11940 Million USD

Growth Rate

CAGR of 34.4% from 2021 to 2027

Base year considered

2020

Forecast period

2021-2027

Forecast units

Value (USD)

Segments covered

Type, End-User, Offerings, and Region

Report coverage

Revenue & volume forecast, company share, competitive landscape, growth factors, and trends

Geographic regions covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions About This Report

1. Which market holds the maximum market share of the global InsurTech market?

Ans. North America is one of the largest contributors to the global InsurTech market with relatively high spending on insurance premiums by individuals.

2. Who are the key players in the InsurTech market?

Ans. The major players operating in the InsurTech market include Quantemplate, Slice, Neos, Shift Technology, Lemonade, Oscar Health. Acko General Insurance, ZhongA, Others

3. What is the market size of the global InsurTech market?

Ans. The global InsurTech market size is projected to reach USD 11940 Million by 2027, from USD 1462.3 Million in 2020, at a CAGR of 34.4% during the forecast period 2021-2027.

4. What would be the forecast period in the market report?

Ans. The forecast period considered for the global InsurTech market is 2021 to 2027.

5. What factors are anticipated to drive the InsurTech market?

Ans. The growing demand for insurance service digitization is projected to drive market expansion. Insurtech aids in the simplification of the insurance purchasing and claims processes.

Table of Content

 

List of Tables & FIgures

 

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