The report provides detailed market data figures spread across various pages and an in-depth Table of Contents on the "Global Insurtech Market."
TechSci Research's report on the "Insurtech Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" reveals the substantial growth of the global insurtech market due to the increasing integration of technology in the insurance sector. This application of technology spans underwriting, claims processing, customer support, and distribution, leading to innovative solutions. Key drivers include the development of digital technology, changing customer preferences, and a demand for specialized insurance products.
Emerging markets, particularly Asia-Pacific, are anticipated to experience significant expansion, driven by increased awareness, growing smartphone and internet usage, and the need for affordable insurance options. However, strict regulatory environments pose challenges for insurtech firms, with compliance being a significant hurdle.
The global insurtech industry is poised for substantial expansion due to the rising acceptance of digital technologies and shifting consumer behavior. Insurtech offers advantages such as increased efficiency, cost savings, and personalized insurance solutions, making it an attractive market for investors.
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Customized insurance solutions are in high demand, with insurtech leveraging technology to create tailored offerings addressing unique demands and preferences. The market is further fueled by the rising need for digital insurance solutions, prompting consumers to shift towards digital platforms for insurance acquisition, claims submission, and policy management.
Report Scope:
In this report, the global Insurtech market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Global Insurtech Market, By Type:
- Life Insurance
- Health Insurance
- Travel Insurance
- Home Insurance
- Property Insurance
- Auto Insurance
- Others (Theft Insurance, Corporate Insurance)
- Global Insurtech Market, By Premium Range:
- Up to USD500
- USD501-2000
- USD2001-5000
- Above USD5000
- Insurtech Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global Insurtech market.
The surge in the number of vehicles on the road is a primary driver for the high demand in auto insurance. Increased awareness of insurance coverage significance and technological advancements facilitating online and mobile app purchases further contribute to the demand. Insurers are leveraging technology for individualized and data-driven pricing, enhancing accessibility and encouraging customer adoption.
Key Market Players
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- TrÅv, Inc.
- Wipro Limited
- ZhongAn Insurance
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Mr. Karan Chechi, Research Director at TechSci Research, emphasizes the high demand and significant growth of the global insurtech market. He notes the rising number of startups, faster insurance claims, and reduced paperwork facilitated by mobile applications and artificial intelligence. Companies targeting and offering consumer-centric insurance are contributing significantly to the market's growth.
The report, titled "Global Insurtech Market, By Type (Life Insurance, Health Insurance, Travel Insurance, Home Insurance, Property Insurance, Auto Insurance, Others (Theft Insurance, Corporate Insurance)), By Premium Range (Up to USD500, 501-2000, 2001-5000, Above 5000), By Region, Competition, Forecast & Opportunities, 2018-2028F," assesses the future growth potential of the global insurtech market. It provides statistics and information on market size, structure, and future growth, aiming to deliver cutting-edge market intelligence to assist decision-makers. The report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the global insurtech market.
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