The Insurtech Market is expected to reach USD 3729 million by 2027, growing at a CAGR of 37.9% over the forecast period (2020-2027).
The factors driving the growth of Insurtech Market includes rise in the number of insurance claims across the globe, increase in consumer spending on insurance, Government initiatives promoting digitalization and growing penetration of smartphones. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Blockchain and Internet of Things (IoT), rise in the launch of innovative insurance products, trending concept of remote working and increasing acceptance of cryptocurrency-based payments in the insurance industry, are some of the additional factors supplementing the market growth. In addition, increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further propelling the Insurtech Market size.
However, growth of the Insurtech Market is hindered attributed to strict regulations related to security and data privacy.
The prominent players operating in the market are Majesco, Quantemplate, Wipro Limited, DXC Technology Company, Damco Group, Insurance Technology Services, Zhongan Insurance, Shift Technology, Oscar Insurance, and Trōv, Inc., among others.
Based on Technology, the Cloud Computing segment is predicted to grow at a significant CAGR during the forecast period
Cloud computing helps in detecting scam or unusual activity during the transaction process, is the major factor pushing the growth of the segment.
Based on End-Use, the BSFI segment is projected to expand at a remarkable CAGR over the forecast period
Advanced technologies help banks to enhance customer’s experience, provides access to customer’s data base and secures transactions, are some of the factors propelling Insurtech Market share.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Increasing consumers on spending on insurance policies, rise in the number of Insurtech startups, growing adoption of advanced technologies, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the Insurtech Market Growth in Asia-Pacific region.
- In 2020, Oscar Insurance, collaborated with MercyOne, a connected system of health care facilities and services to enhance consumers experience with more savings.
- In 2020, Majesco introduced the version 11 R2 of its product, P&C Core Suite to shift the insurance sector to a next-generation digital era of insurance. This product has the capability to improve the speed to value, ecosystem connectivity, customer experience, and cloud activity.
Segmentation by Type
Segmentation by Service
- Support & Maintenance
- Managed Services
Segmentation by Technology
- Cloud Computing
- Machine Learning
- Robo Advisory
Segmentation by End-Use
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland