Global Insurance Technology Market Report 2021-2029 - Rising Demand for Digital Platform Coupled with Consulting & Managed Services

Dublin, March 11, 2022 (GLOBE NEWSWIRE) -- The "Insurance Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to's offering.

The global insurance technology marketis growing proficiently, projected to grow at a CAGR of 36.7% during the expected period from 2021 to 2029, starting from US$ 1.28 Bn in 2020.

"Growing technology driven new entrants along with rising demand for digitization will boost the market"

Innovation through new technologies is a key driver of change in the financial sector which will further lead to immense adeptness gains, with initial accomplishment by doubt and uncertainty. In the coming years, innovations coupled with new technological developments, is likely to drive the demand for insurance technology globally, owing to expedite delivery of services and lower transaction cost.

Additionally, InsurTech has enticed large venture capital investments and financial trends have made numerous start-ups considering their investors upon mass-scale and commercial viable basis. Moreover, insurance start-ups like Lemonade, Friendsurance, and Policygenius have engrossed huge investments along with better understanding and concept for businesses development and models.

Furthermore, adoption of new innovations and technology will offer customers with improved funding structures, advanced customer experience which supports exsiting operations. Self-governing model that uses blockchains for automated contract excution would reaped for risk transfer tools like cat bonds, is likely to further explore the market for InsurTechs.

Howover, the InsurTechs have made substantial inroads by ingenuous powerful and engrossed applications for solving specific problems, to deliver a high-quality and instinctual digital capabilities.

Type Analysis

Rising demand for digital platform coupled with consulting & managed services will drive the demand for health insurance globally

Insurance establishments within the health domain are concentrating towards machine learning, artificial intelligence, and internet of things (IoT) in order to provide an advanced application systems, which will further improves customer experience and automate internal business processes.

Rising demand for digital platforms which will connect brokers, carriers, providers coupled with exchanges in health insurance is predictable to impel demand for the health segment on a global scale. Furthermore, health insurance businesses are focusing on rationalization of processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery, and digital enrollment process which will foster improvements in healthcare system.

Moreover, numerous digital platforms are being offered by technology providers for insured people to take care of insurance health benifits offered by insurance firms.

Regional Analysis

Dominance is led by the large customization products coupled with presence top InsurTech firms to drive the market growth.

The North America is projected to dominated the market for insurtech in 2020. This dominance can be attributed owing to increasing demand for end-to-end digitally advanced financial solutions and significant presence of technology providers.

Furthermore, the customization and flexibility offered by different insurtech products like life insurance, health policies will allow customers to pick out amongst the best plans. Financial associations across the North America are considerably focused towards the implementation of digital competences into their offerings in order to sustain a significant competitive benefit.

For instance, rising investments in health insurance is measured to be sturdy and growing, with holding an investments of around 70% in the U.S. In the United States, InsurTechs have benefited from a competitive and high market place for VC funding, and many insurance start-ups have successfully completed a number of funding rounds.

Key Industry Developments:

  • In January 2020, Sapiens International Corp. announced its acquisition with a German based insurtech company sum.cumo for up to US$ 31.1 Bn, which will further enables an insurance company of Israel to expand its product offerings and services portfolio in Germany.
  • In March 2020, the Legacy Marketing Group made an announcement on release of it's "A" rated "IncomeMark SelectSM" a new fixed index annuity which was issued by Ameritas Life Insurance Corp.
  • In December 2019, EIS Group, a provider of digital platform for insurers have announced the deployment of "Digital Insurance Platform" for leading New Zealand insurer, Tower Insurance.

List of Companies Covered:

  • Damco Group
  • DXC Technology Company
  • Majesco
  • Oscar Insurance
  • Quantemplate
  • Shift Technology
  • Trov, Inc.
  • Wipro Limited
  • Zhongan Insurance
  • Friendsurance
  • Allay
  • Analyze Re
  • GetInsured
  • Bayzat
  • Bought By Many
  • Claim Di
  • CommonEasy

Key Topics Covered:

1. Preface
1.1. Report Description
1.2. Research Scope
1.3. Research Methodology
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Insurance Technology (IT) Market
2.2. Global IT Market, by Type, 2020 (US$ Bn)
2.3. Global IT Market, by Technology, 2020 (US$ Bn)
2.4. Global IT Market, by Services, 2020 (US$ Bn)
2.5. Global IT Market, by End-use, 2020 (US$ Bn)
2.6. Global IT Market, by Geography, 2020 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global IT Market Value, 2019-2029, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2020
3.4. Market Positioning of Key Players, 2020
3.4.1. Major Strategies Adopted by Key Players

4. Global Insurance Technology Market, by Type , 2019-2029 (US$ Bn)
4.1. Overview
4.2. Home
4.3. Health
4.4. Business
4.5. Automotive
4.6. Others (Speciality, Travel, etc.)

5. Global Insurance Technology Market, by Technology, 2019-2029 (US$ Bn)
5.1. Overview
5.2. IoT
5.3. Block Chain
5.4. Cloud Computing
5.5. Machine Learning
5.6. Others (Robo Advisory, etc.)

6. Global Insurance Technology Market, by Services, 2019-2029 (US$ Bn)
6.1. Overview
6.2. Consulting
6.3. Managed Services
6.4. Support & Maintenance

7. Global Insurance Technology Market, by End-use, 2019-2029 (US$ Bn)
7.1. Overview
7.2. BSFI
7.3. Retail
7.4. Automotive
7.5. Government
7.6. Healthcare
7.7. Others (Transportation, Manufacturing, etc.)

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