Global Insurtech Market report from Global Insight Services is the single authoritative source of intelligence on Insurtech Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Insurtech is an industry comprised of technology companies that aim to innovate and disrupt the insurance sector. These companies typically use technology to make the insurance buying process easier and more transparent for consumers or to develop new insurance products that are more tailored to customer needs.
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Key Trends
Insurtech is a broad term that includes any technology that is used to support the insurance industry. This can include anything from customer relationship management (CRM) systems and claims processing software to data analytics and machine learning.
One of the key trends in insurtech is the use of data and analytics to drive decision-making. Insurers are using data to better understand their customers, identify risk factors, and price products more accurately. This is made possible by advances in data collection and storage, as well as improvements in data processing and analysis.
Key Drivers
The most important drivers of Insurtech are:
1. The increasing availability of data: Insurance companies have always relied on data to assess risk and set premiums. However, the amount of data available has increased exponentially in recent years, thanks to the growth of the internet and the proliferation of connected devices. This has made it possible for startups to develop new ways of collecting and analyzing data, which could potentially transform the insurance industry.
2. The rise of the sharing economy: The sharing economy has created new opportunities for insurance companies to develop innovative products and services. For example, companies such as Lemonade have introduced peer-to-peer insurance, which allows customers to pool their premiums and claims. This could potentially reduce the cost of insurance for everyone involved.
Market Segmentation
The Insurtech market share is segmented on the basis of offering, deployment model, technology, end user, application, and region. By offering, it is divided into solution and service. By deployment model, it is bifurcated into on-premise and cloud. Based on technology, the market is segmented into artificial intelligence, cloud computing, blockchain and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world
Key Players
Top Insurtech market players are Damco Group, DXC Technology Company, Majesco, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance.
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