New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insurtech Global Market Report 2023" - https://www.reportlinker.com/p06233722/?utm_source=GNW
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurtech market is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.
The insurtech market includes revenues earned by entities by providing solutions that integrate the traditional insurance industry with modern technologies.The term insurtech refers to applying technological innovations to extract cost and efficiency from the current insurance industry model.
Insurtech intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches.The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products.
Values in this market are ’factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business’s creation, distribution, and management.
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 main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others.The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan.
The different technologies include blockchain, cloud computing, IoT, machine learning, Robo advisory, and others and are deployed on-premises, in the cloud. It offers solutions, and services and is used by various sectors such as the automotive industry, banking, and financial services, government sector, healthcare industry, manufacturing industry, retail industry, and others.
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.
The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The insurtech market research report is one of a series of new reports that provides insurtech market statistics, including insurtech industry global market size, regional shares, competitors with an insurtech market share, detailed insurtech market segments, market trends, and opportunities, and any further data you may need to thrive in the insurtech industry. This insurtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06233722/?utm_source=GNW
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