The global insurtech market size is expected to increase from USD 2,750.9 Million in 2020 to USD 53.91 Billion in 2028 and register a CAGR of 44.3% over the forecast period. The benefit of insurtech to reduce underwriting cost is significantly fueling the market growth. Increasing number of IoT devices and sensors is playing a major role in impact availability of real-time information to insurers for better underwriting/pricing. Use of drones has considerably changed the process of writing home insurance policies pertaining to fire. Drones can provide footages of all sorts of things including, houses that might not be visible due to trees.
Increasing use of predictive analytics by insurance companies to identify and target prospects. Data gathered by insurance companies can provide insights about common demographics, behavioral patterns, and characteristics, thus allows insurers to focus their marketing efforts to reap maximum return on investment. Also, predictive analytics enables insurance companies to use data to identify information, events, or other factors with the potential to affect claims outcome. Thus, predictive analytics in insurance streamline claim process and aids claims department lower risks.
On the basis of type, the insurtech market has been segmented into business, auto, home, health, specialty, travel, and others. By type, home segment is segment is grow at the fastest rate over the forecast period. Customers of home insurance expect o receive more value for the premiums they pay. Products and coverage, claims, and underwritings are considered crucial points by home insurance customers that require improvement. Home insurance customers are more likely to opt for digital channels to interact with insurance companies and desire most convenient experience and insurtech with the use machine learning technology and artificial intelligence can prove beneficial in meeting the expectations.
On the basis of technology, the insurtech market has been segmented into IoT, Blockchain, Machine Learning, Cloud Computing, Robo Advisory, and others. In insurance industry, cloud computing offers several advantages for new customer acquisition, internal processes, and policyholder loyalty. The extensive adoption of bring your own device policies, along with increasing amount of data collected by insurance companies are driving the demand for cloud computing technology in insurtech industry.
On the basis of industry vertical, the insurtech market has been segmented into automotive & transportation, government, BFSI, manufacturing, healthcare, retail, and others. By industry vertical, BFSI segment contributed to the largest revenue share in 2020. Bancassurance is considered to be a very productive distribution channel used by insurance companies. Insurtech deploys machine learning technology to enhance e processes throughout bancassurance value chain ranging from marketing and sales where sales and client/customer data are used to recognize and target the most superior leads for marketing campaigns to underwriting; through to claims.
Based on geography, the Insurtech Market is divided into North America, Europe, Asia-Pacific, South America and Middle East and Africa. North America is further divided into the US, Canada, Mexico whereas Europe consists of the UK, Germany, France, Italy and Rest of Europe. Asia-Pacific is segmented into Japan, South Korea, India, China and Rest of Asia-Pacific. The South America region includes Brazil, Argentina and the Rest of South America, while the Middle East and Africa is categorized into GCC Countries, Egypt, South Africa and Rest of Middle East and Africa.
Key Players operating in Insurtech Market are Banc Insurance Agency Inc (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd, Clover Health Insurance, Acko General Insurance Limited, Moonshot-Internet, Sureify, Lemonade, Oscar Health, Anorak, BDEO, Earnix, Planck, ThingCo, Tractable, Bima, Metromile, Collective Health.
The below list highlights the important Key points considered in the InsurTech report:
- Business Expansion: An in-depth Insurtech Industry information presents a global study, latest developments, and investments.
- Complete Evaluation: Comprehensive examination of InsurTech plans and policies, the latest development patterns, and cost structures.
- Business Diffusion: All top InsurTech players, their product portfolio, market share, and other details are presented.
- Latest developments and Strategies: Complete information on new product launch events, growth opportunities, investment feasibility, InsurTech development factors are provided.
- Expected InsurTech Industry Growth: Vital details on emerging InsurTech industry segments, new players and expected growth during the forecast period is covered in this report.
- Market Trends: Market Analysis, Consumer analysis, import-export scenario, supply chain analysis, and production is explained in this research study.