NEWARK, Delaware, May 01, 2022 (GLOBE NEWSWIRE) — The insurtech market is expected to reach a net worth of US$165.4 billion in 2032 from a mere market value of US$12.5 billion in 2021. It is expected to grow at an impressive CAGR of 25.9% during the forecast period.
The growth in general awareness among the common people of the benefits of insurance policies has created a huge demand for general insurance policies provided by several companies across the world. Insurance companies have also increased their presence in the market by applying digital insurance infrastructure or insurance technology with the changing economic scenario.
Over the years of service and development of commercial insurance, insurtech companies have stepped up in terms of offering customized policies to customers. The adoption of such technology for the collection and analysis of customer data for insurtech life insurance companies has further enhanced the commercial attractiveness of the global insurtech market.
The emergence of a number of smaller regional players operating in various categories such as insurtech car insurance or insurtech home insurance has fragmented the market, making it highly competitive.
Most of the key players are strengthening their market by establishing partnerships and collaborations with banking and financial institutions to introduce new insurtech solutions specific to commercial insurance.
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“The rapid digitization of all major service sectors of the economy has also changed the business model of insurance companies across the world. The addition of professional and advisory services to potential clients on online platforms has necessitated the integration of insurance technology solutions, further propelling the growth of the global insurtech market.
According to the EIS Group’s market research report for insurance companies, nearly 59% of companies have increased their spending on setting up digital infrastructure. This includes a record proliferation of P&C insurance companies in the global market.
Key points to remember
• According to the market analysis report, the absolute growth of the global insurtech market size in terms of value is expected to be around US$148.8 billion during the forecast years 2022 to 2032.
• As the concept of insurtech insurance companies expands into new service areas, the solutions segment is growing at a faster rate than the services segment. The predicted CAGR for the solutions segment is nearly 25.8% for the next decade.
• Based on various technologies adopted by life insurance technology companies, cloud computing has become the most attractive segment of today’s market. The estimated growth of this segment over the forecast years is almost 25.2%.
• The US market holds the dominant position in the global market for having the highest amount of insurtech capital, valued at around US$6 billion in 2022. It is also the top performing country with a CAGR of 25.6 % which is expected to reach the regional insurtech market net worth up to US$58.6 billion by the end of this forecast period.
Major players operating in the global insurtech market include Damco Group, DXC Technology Company, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance, among others.
• One of the leading insurance companies in the United States, Universal Fire & Casualty Insurance Company, has announced that it is accepting cryptocurrency payments for premiums, launching a new business model for home insurance companies in the American market. The integration of these advanced digital facilities and blockchain technologies is expected to further boost the global insurtech market.
• A car insurance company named Metromile also announced in December 2021 to accept cryptocurrency from its customers to pay their premiums and claim payments. This new development should pave the way for new opportunities in the field of insurtech car insurance services in the coming days.
By deployment model
- Artificial intelligence
- cloud computing
- Big Data and Business Analytics
Per end user
- Life and health insurance
- P&C insurance
- Product Development and Underwriting
- Sales and Marketing
- Administration of Collection and Disbursement Policy
- Statement management
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1.1. Global Market Outlook
1.2. Summary of statistics
1.3. Key Market Features and Attributes
1.4. MFI analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Assessment of risks and market trends
3.1. Risk assessment
3.1.1. COVID-19 crisis and impact on insurtech demand
3.1.2. Comparative analysis of the impact of COVID-19 with the previous crisis
3.1.3. Impact on market value (US$ millions)
3.1.4. Assessment by key countries
3.1.5. Assessment by key market segments
3.1.6. Action points and recommendation for suppliers
3.2. Key trends impacting the market
3.3. Formulation and product development trends
4. Market Context
4.1. Insurtech market, by key countries
4.2. Insurtech Market Opportunity Assessment (US$ Million)
4.2.1. Total market available
4.2.2. Usable addressable market
4.2.3. Usable accessible market
4.3. Market Scenario Forecast
4.3.1. Demand in the optimistic scenario
4.3.2. Demand in Likely Scenario
4.3.3. Demand in the conservative scenario
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