offerings, improved communication with clients and reduced cost of policies are
expected to drive growth of the global insurtech market
According to TechSci Research report, “Global Insurtech Market By Technology, By Deployment Mode, By Insurance Type, By Region, Competition, Forecast & Opportunities, 2024”, the global insurtech market is a multi-billion dollar market and is expected to register significant CAGR during forecast period on account of growing influence of digitization. Insurance industry is currently facing the challenge of managing large amount of data, therefore, there is urgent need for adopting digital technologies which not only helps to optimize the work and price of the target product but also helps to monitor data.
Browse market data Tables and Figures spread through Pages and an in-depth TOC on“Global
Insurtech market can be segregated based on technology, deployment mode,
insurance type and region. In terms of insurance type, market can be segmented
into P&C insurance, commercial insurance and others.
P&C insurance is expected to be the leading segment until 2024 as
property & casualty insurance includes auto insurance, which is mandatory
in several countries. In terms of regional analysis, North America dominated
the insurance technology market in 2018 and it is expected to maintain its
position in the coming years due to digitization and implementation of
innovative technologies for optimizing cost and offering personalized
experience to customers. Presence of leading insurtech companies in the region is
positively influencing the growth of the market.
Acko General Insurance, Lemonade, Friendsurance, ZhongAn Online P&C
Insurance Co. Ltd., Oscar Health Insurance, Quantemplate Limited, BIMA, Trōv, Neos
Insurance and Clover Health are some of the leading players operating in global
insurtech market. Insurtech is a competitive market and has witnessed emergence
of start-ups in the past few years. Deployment of new technologies is one of the
major strategies that makes start-ups stand out among traditional insurance
companies and helps them to increase their share in the market.
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on technology, big data and analytics was the leading segment in 2018 and the
trend is forecast to continue in the coming years as well. This is due to
reason that analytics helps insurers to spot new trends, products or services
in the market by analyzing the vast amount of data, Additionally, big data can
be used for improved decision making and assess risk in the market.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Insurtech Market By Technology, By
Deployment Mode, By Insurance Type, By Region, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of global insurtech market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers to take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global insurtech market.