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InsurTech Market- Introduction
The InsurTech mentions the use of innovative technologies designed to compress out the efficiency and the savings from the present insurance industry model. InsurTech is the mixture of two words ‘insurance’ and ‘technology’ and is motivated by the term fintech. However, InsurTech assists large insurance organizations to expand a few more new options rather than the traditional efforts of humans. This involves small business insurance, dynamically priced insurance policies, and few social insurance options. InsurTech also provides access to other insurance companies to stream data from IoT devices.
InsurTech (Insurance Technology) mentions the utilization of the technology that is involved in the distribution, creation, and administration of insurance services and products. InsurTech is known for providing solutions like providing social insurance and utilizing internet-enabled devices. It helps insurers to analyze and collect customers' information with affordable cost quotations. However, the use of machine learning, cloud computing, and artificial intelligence assists in estimating the requirements of customers and upgrading the insurance planning and decision-making capacity.
Around 1,500 startups are operating all around the world. It is hard to start innovating as many peoples are already facing issues of legacy. But for survival, they connect their IT spending and collaborated with the startups of InsurTech. The total investment in the startups of InsurTech is predicted from the US $ 0.3 billion in the year 2013 to US $2.2 billion by the year 2017 at a CAGR of 69.2%. In the year 2015, the investment reached its peak at the US $2.7 billion. According to the analysis of the market, the investments in InsurTech companies are growing per year. While in the year 2017, more than 60% of InsurTech deals were cracked, and among them, only 30% was of funding. However, during the early stage, the amount of funding has also increased by 50%.
The global insurance market is divided owing to a large number of small players that requires life and non-life insurance segment. During the previous few years, the cracked deals were constantly rising, which could be due to the growth in the preference of the upgraded technologies like, machine learning, artificial intelligence, and blockchain technology in the sector of insurance.
The capacity of InsurTech to drive the innovations in the market of insurance by evolving new products will assist insurance businesses to meet the requirements of the customers.
Market Size of InsurTech Market-
The global InsurTech Market in the year 2020, was valued at $9,415.28 million and was predicted to grow $158,994.52 million by the year 2030 at a CAGR of 32.7% during the year 2021 to 2030.
Drivers of InsurTech Market-
The latest technologies like, machine learning, blockchain, artificial intelligence, and cloud computing authorize the real-time information monitoring and tracking of particular modernized business activities which further acts as an important driving factor of the global InsurTech market growth.
Segmentation of InsurTech Market-
The global InsurTech market is segmented based on offerings, technology and application, and region.
Segmentation by offerings- Solution and Service
The solution sector is accounted for the highest market share in the year 2020.
Segmentation by Technology- Cloud computing, Artificial Intelligence, Blockchain, IoT and Big- Data, and Business Analytics.
The cloud computing sector is estimated as one of the most profitable sectors among all the technology segments during the forecast period.
Segmentation by Application- Sales and Market, Product Development and Underwriting, claims management, and Policy Admin Collection and Disbursement.
Segmentation by Region- Europe, North America, Asia-Pacific, and LAMEA are the regions involved in the InsurTech market.
Asia-Pacific would demonstrate the highest CAGR of 36.7% during the year 2021 to 2030.
Major Key Players of InsurTech Market-
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