Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Insurtech Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global insurtech market grew from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The insurtech market is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.
Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy.
For instance, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adopt digital ecosystems as it is having a major impact on the insurance industry.
Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely.
According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.
In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech services acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services.
North America was the largest region in the insurtech service market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Product: Health Insurance; Life Insurance; Travel Insurance; Car Insurance; Business Insurance; Home Insurance; Other Products
2) By Technology: Blockchain; Cloud Computing; IoT; Machine Learning; Robo Advisory; Other Technologies
3) By Offering: Solutions; Services
4) By Deployment: On-Premise; Cloud
5) By Application: Automotive Industry; Banking And Financial Services; Government Sector; Healthcare Industry; Manufacturing Industry; Retail Industry; Other Applications
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $13.49 billion |
| Forecasted Market Value (USD) by 2027 | $39.44 billion |
| Compound Annual Growth Rate | 30.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Insurtech Market Characteristics
3. Insurtech Market Trends And Strategies
4. Insurtech Market - Macro Economic Scenario
5. Insurtech Market Size And Growth
6. Insurtech Market Segmentation
7. Insurtech Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Quantemplate Limited
- Oscar Health
- Shift Technologies Inc
- ZhongAn
- Trov Inc.
- Neos
- Clover Health
- Acko General Insurance
- Lemonade Inc.
- Metromile Inc.
- Damco Group
- DXC Technology
- Insurance Technology Services
- Majesco
- Bauxy
- Anorak Technologies
- Moonshot-Internet
- KFin Technologies Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/oy5wrn
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