New York, USA, March 02, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global insurtech market is envisioned to garner $57,934.0 million and grow at a CAGR of 29.1% throughout the analysis timeframe from 2021 to 2028.
As per our analysts, with the increasing innovations of digital solutions across insurance businesses to extend their operations and establish product lines depending on the demand from niche clients, the insuretech market is predicted to witness significant growth during the forecast timeframe. Moreover, the increasing adoption of insurtech due to the need for specialty and customized insurance is expected to create wide growth opportunities for the market over the analysis period. In addition, the increasing adoption of new technologies such as AI, machine learning, chatbots, and many others across developed nations globally is predicted to boost the growth of the market throughout the estimated period. However, security concerns and government regulations may impede the growth of the market during the analysis period.
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Segments of the Insurtech Market
The report has divided the market into segments based on technology, product, distribution channel, and region.
Technology: AI & Machine Learning Sub-Segment to Profitable
AI & machine learning sub-segment is predicted to generate $26,481.8 million during the estimated timeframe. This is mainly because AI allows insurers to build personalized experiences based on a person's preferences and behaviors. Moreover, the increasing implementation of machine learning to automate claims processing is expected to foster the growth of the market sub-segment during the forecast period.
Product: Property & Casualty Insurance Sub-Segment to be Most Productive
The property & casualty insurance sub-segment is expected to garner a revenue of $32,859.4 million over the forecast period. The growing risks of climate change, intangible assets, pandemics, and cybercrime are expected to bolster the growth of the insurtech market sub-segment throughout the analysis timeframe.
Distribution Channel: Brokers Sub-Segment to Most Beneficial
The brokers sub-segment is predicted to generate a revenue of $24,737.1 million during the forecast timeframe. This is mainly because of the increasing demand for products such as home insurance, health insurance, vehicle insurance, and many others in the insurance market. Moreover, the increasing consumer awareness regarding insurance policies and the growing importance of education on insurance policies and their multiple benefits are expected to propel the growth of the market sub-segment over the estimated period.
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Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region is projected to grow at a CAGR of 30.2% throughout the forecast period. This is mainly due to the existence of multiple rising economies and financial centers in this region. Moreover, the insurance companies in this region are turning to digital insurance platforms due to the increasing use of cloud technologies and increasing internet users are expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Insurtech Market
Though the outbreak of the novel coronavirus has devastated several industries, however, it has had a positive impact on the insuretech market. This is mainly due to the increased demand for touchless and contactless solutions during the pandemic. Moreover, the increasing adoption of user-friendly insurance technologies such as artificial intelligence, blockchain, and many others and the increasing number of insurance startups and fintech insurance companies are the factors that have inclined the growth of the market during the period of crisis.
Key Players of the Market
The major players of the insurtech market include
- Oscar Insurance
- Majesco
- Quantemplate
- Damco Group
- Shift Technology
- Clover Health
- Trov Insurance Solutions LLC.
- Acko general insurance
- Zhongan Insurance
- American Well Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in Jan 2022, Root Insurance, a public US-based InsurTech company, announced its partnership with Tractable Inc, a leading software company that develops artificial intelligence for accident and disaster recovery. With this partnership, the companies aimed to bolster claims operations to accelerate their end-to-end claims process with the implementation of AI technology.
Further, the report also summarizes other vital aspects including the product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
More about Insurtech Market:
- How is Insurtech Going to Transform the Insurance Industry?
- Global Insurtech Market to Surpass $57,934.0 Million by 2028, Owing to the Continuous Technological Advancements across the Globe
