The global insurtech market size is expected to reach USD 60.98 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 48.8% from 2021 to 2028. The market growth can be attributed to the increasing need to understand the behavior of policyholders. The insurtech solutions and services are widely used by insurance companies to build the with insureds.
The increasing adoption of predictive analytics and data analytics to provide effective customer experiences is expected to fuel the market growth. Numerous insurance companies are adopting these analytics services in various areas, such as fraud identification and claim triage. These services enable insurance companies to prioritize claim management applications.
Artificial Intelligence (AI)-driven analytics services are helping insurers to process their claims in a very short time. These services are acting as a preventative measure against human errors, delays, and consumer dissatisfaction. Moreover, insurers are using external data sources and adding specifics about a claimant from images and social media channels.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The pandemic has driven the sense of urgency for insurance companies of all sizes to hasten their digital transformation operations and collaborate with their partners who were their former competitors. The digital transformation is expected to help insurance companies in reducing operating costs, shielding themselves from forthcoming crisis disruption, and serving customers seamlessly.
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