PLEASANTON CA, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The latest study Report “Global InsurTech Market 2021 by Key Players, Regions, Type, and Application, forecast to 2027” published by AllTheResearch, features an analysis of the current and future scenario of the global InsurTech market.
The Global InsurTech Market was valued US$ 5,480 Mn in 2020 is expected to reach US$ 11,234 Mn by 2027, with a growing CAGR of 10.80% during the forecast period (2020-2027).
The rising demand for the digitization of insurance services coupled with the simplification of the claims process is expected to drive the growth of global InsurTech market. Insurance companies are focusing on improving communication with customers and the ability to implement automated processes, this factor is expected to boost the demand for Insurtech in the forecast period. Insurtech is the use of technological innovation, specifically designed to improve the efficiency of existing insurance models. By using technologies such as artificial intelligence and data analysis, insurtech solutions make product pricing more competitive. Insurance companies are widely adopting these solutions to drive economical, better, and faster operational results. Hence, the insurance industry is witnessing an increase in technology investment.
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Global InsurTech Market Report Overview:
The report overview includes studying the market scope, leading players like Damco Group, DXC Technology, Trov, Wipro Limited, Majesco, Oscar Insurance, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global InsurTech industry, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
COVID-19 Impact Analysis on InsurTech Market:
The outbreak of COVID-19 is expected to have a positive impact on the global InsurTech Market. Several players in the Insurtech market are reconsidering their short-term needs & long-term strategies. COVID-19 impact is augmenting the implementation of online platforms & new mobile apps to meet customer demand. It is expected that the health insurance market is expected to witness the highest growth rate in the next few years, as compared with other insurance industries (such as property and accident insurance, vehicles, etc.), the adoption rate of insurance technology for health is much higher.
The Major Companies Covered in InsurTech Market Report are:
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The Global InsurTech Market Industry Segmentation:
By Product
By Technology
By Deployment Mode
By Insurance Type
By Platform
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Regional Analysis of InsurTech Market:
North America dominates the InsurTech market, accounting for more than 37.0% of global revenue in 2020. On account of, increasing disposable income of its citizens, North America is witnessing a growing acceptance of InsurTech solutions. In addition, these solutions provide customizable and flexible insurance plans for property and health. Further, The wide presence of technology suppliers in North America and the escalating demand for end-to-end digital financial solutions are driving the growth of the market in this region.
Key Findings of InsurTech Market Report:
The report also provides an in-depth analysis of recent news developments and investments:
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