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Insurtech Market Share, Size, Trends Analysis, Growth Opportunities & Industry Report, 2020-2027 – X herald

Global Insurtech Market:

The GMI Research’s latest analysis reveals that the global Insurtech market is slated to register a higher CAGR. This is mainly attributed to the increasing adoption of advanced technologies across various insurance organizations to improve their operations, rising automation, and enhancing communication with clients. Insurtech enhances the efficiency of management of large volume of data.

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Global Insurtech Industry Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The major factors that are contributing to the growth of the insurtech market size include the rising automation, increasing adoption of advanced technologies by insurance organizations to improve their operations, and enhancing communication with clients. Insurtech offers faster services and enables organizations to analyze market risks. The combination of these factors is boosting the market’s demand. Numerous insurance organizations deal with a large volume of data, thus making it difficult to manage and monitor. Insurtech improves the efficiency of management of a large volume of data. The use of payment processed technologies has helped in offering smooth transaction processes.

As per the insurtech market overview, Insurtech helps in the customization of policies via new streams of data, which has helped in setting the dynamic price of the premiums according to individual’s behavior. This technology improves the security of business by simplifying the unstructured that is present via data analytics. In numerous insurance organizations, the identification of customers is necessary, therefore making it difficult to carry out this process manually.

Global Insurtech Market’s leading Manufacturers:

  • DXC Technology Company
  • Damco Group
  • Insurance Technology Services
  • Oscar Insurance
  • Majesco
  • Quantemplate
  • Wipro Limited
  • Shift Technology
  • Zhongan Insurance
  • Trōv, Inc.

Type Segment Drivers

Based on the type, health is expected to witness a faster CAGR during the forecast period. This is mainly due to the increasing adoption of technologies that include the internet of things (IoT), machine learning, and artificial intelligence (AI) to connect carriers, brokers, exchanges, and providers in health insurance. In addition to this, the rising adoption of digital platforms, including digital payments, digital enrolment, underwriting, and collaborative and connected care delivery, will improve the operations of insurance companies is another factor that is driving the insurtech market growth.

Service Segment Drivers

Based on the service, managed services is projected to lead the market over the forecast period. Managed services offer a different platform, where insurance organization can test new technologies on their products with no harm to downstream outcomes. They offer industry expertise to conquer the challenges faced in the changing business world. Managed services allow insurance companies to induce advanced technologies for simpler access to their products and information, increasing personalization and improving service opportunities by offering agility, differentiation, transformation, and automation (DATA) model. All these factors are contributing to the segment growth.

To Know More About Insurtech Market

Global Insurtech Market Segmentation:

Segmentation by Type:
  • Auto
  • Business
  • Health
  • Home
  • Speciality
  • Travel
  • Others
Segmentation by Service:
  • Consulting
  • Support & Maintenance
  • Managed Services
Segmentation by Technology:
  • Blockchain
  • Cloud Computing
  • IoT
  • Machine Learning
  • Robo Advisory
  • Others
Segmentation by End-Use:
  • Automotive
  • BFSI
  • Government
  • Healthcare
  • Manufacturing
  • Retail
  • Transportation
  • Others

Segmentation by Region:

  • North America
    • United States of America
    • Canada

 

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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