Global Insurtech Market Insights and Forecast to 2028

Insurtech Market Statistics 2028

The global Insurtech market size is projected to reach US$ 11940 million by 2028, from US$ 1462.3 million in 2021, at a CAGR of 34.4% during 2022-2028. Insurtech market growth is expected to be fueled by rising demand for insurance service digitization. Insurance purchase and claims processes are made easier with the help of insurtech.

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Major factors driving the growth of the Insurtech Market are
Insurtech assists in the development of new routes that giant insurance companies are less motivated to pursue, such as social insurance and ultra-customized coverage. To price premiums, these systems employ fresh streams of data from internet-enabled devices.
Insurtech is far more cost-effective than the old model since it lowers acquisition expenses by offering clients a digital interface and adopting a direct methodology.
When compared to the current insurance arrangement, there is a significant improvement in inefficiency.
Trends Influencing The Growth Of The Insurtech Market
Insurtech companies are striving to bridge the gap between customers and insurance providers by offering digital brokerage and insurance markets. Due to the oversaturation of the insurance market and severe competition among insurers, they have been compelled to adopt digital technologies that focus on the client interface. Insurtech software is designed to help insurers obtain more clients by forming partnerships and streamlining claim processing. The Insurtech market is predicted to be driven by the simplification of the claims process afforded by Insurtech.

Many Insurtech companies are concentrating on using deep learning-capable artificial intelligence (AI) to help agents handle their tasks faster and find the correct mix of policies to complete an individual's coverage. The increased use of applications to consolidate diverse policies into a unified platform for monitoring and management is predicted to propel the Insurtech market forward throughout the forecast period.

Insurtech Market Regional Share
With relatively significant insurance premium spending by people, North America is one of the main contributors to the worldwide InsurTech market. The United States has witnessed significant investments from InsurTech suppliers due to insurers' online presence and digital technologies to track their insurance claims, and it represents a big prospective market. In the United States, several start-ups have formed, realizing the potential for better customer-focused insurance service.

The Asia Pacific, on the other hand, is predicted to develop at the fastest rate due to the existence of a young population in the region as well as a growing tech-savvy generation.

The global Insurtech market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Insurtech market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by region (country), by Type, and by Application for the period 2016-2027.

Insurtech Market Segments
Insurtech Market by Type
Products
Services
Insurtech Market by Application
SMEs
Large Enterprises
Insurtech Market: Regional Analysis
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa
The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.

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Major Players in the Insurtech Market
Quantemplate
Slice
Neos
Shift Technology
Lemonade
Oscar Health
Acko General Insurance
ZhongA

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