Personalized product offerings, improved communication with clients, and reduced cost of policies are expected to drive the growth of the global insurance 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 the forecast period on account of the growing influence of digitization.
Important Elements of the Insurtech Market
The insurance industry is currently facing the challenge of managing a large amount of data, therefore, there is an urgent need for adopting digital technologies which not only help to optimize the work and price of the target product but also help to monitor data.
Browse market data Tables and Figures spread through Pages and an in-depth TOC on “ Global Insurtech Market“.
The insurtech market can be segregated based on technology, deployment mode, insurance type, and region. In terms of insurance type, the 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 the implementation of innovative technologies for optimizing cost and offering a personalized experience to customers. The presence of leading insurance companies in the region is positively influencing the growth of the market.
The Major companies involved in Insurtech 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 the global insurtech market. Insurtech is a competitive market and has witnessed the emergence of start-ups in the past few years. Deployment of new technologies is one of the major strategies that make start-ups stand out among traditional insurance companies and helps them to increase their share in the market.
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“Based 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 the 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 the 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 the global insurtech market.
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