The InsurTech Market is set to grow at around 35% CAGR during 2021-26, predicts MarkNtel Advisors in their recent research study. It comprises a comprehensive analysis of the industry’s latest trends, developments, drivers, restraints, challenges, & opportunities, as well as its projected growth trajectory across different segments & geographies in the forecast years.
Further, the report also highlights the prominent aspects depicted in the form of diagrams, pie charts, tables, graphs, & other pictorial representations that would contribute to the market expansion in the future. Through this information, stakeholders will be able to comprehend the changing dynamics of the InsurTech Market and better plan & layout strategies in order to widen their visibility, product portfolio, & customer base and yield massive profits. In the report, the historical period considered is 2016-19, the base year is 2020, and the forecast period, as cited above, is 2021-26.
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Key Highlights from the InsurTech Market Analysis –
-This study is a compilation of key factors impacting the industry dynamics, including growth drivers, restraints, opportunities, challenges, and emerging & high-potential segments & geographies, among others.
-Detail-driven, accurate, and reliable information associated with the latest trends in the industry to help stakeholders or investors make informed decisions before they make investments.
-A comprehensive review of the leading companies in the InsurTech Market, comprising their profiles, recent developments, prominent business strategies, initiatives, and mergers & acquisitions, among other aspects.
-Fund estimation put in by private firms & governments for the industry’s expansion, along with insights into each segment & geographic location, are also covered in this report.
InsurTech Market Key Driver –
The rapidly changing business models, constant technological advancements in services & solutions, & increasing support from the governments of different countries promoting digital transformation in the insurance industry are propelling the demand for InsurTech solutions substantially & globally. It, in turn, is displaying an increasing adoption of these solutions among insurance companies to leverage their offerings & expand reachability across different regions worldwide, thereby driving the Global Insurtech Market in the coming years.
Latest Development in the InsurTech Market –
In 2019, India-based Policy Bazaar (PB) won the best InsurTech of the year at the 23rd Asia Insurance Industry Awards 2019. The leader competed with more than 800 entries and won the award for its self-inspection, PB-Inspect app, which enables customers to renew their lapsed motor insurances in a matter of a few minutes. Nonetheless, the leader is the only Indian winner in the category so far.
InsurTech Market Segmentation:
The segmentation analysis section of the report focuses on the InsurTech Market performance across different segments & geographies, which can aid stakeholders in strategizing their investments in order to widen their visibility, product portfolio, & customer base and, in turn, generate significant revenue in the forecast years.
Market Divided into, By Technology
-Block chain
-Cloud Computing
-Internet of Things (IoT)
-Machine Learning (ML)
-Artificial Intelligence (AI)
-Drones
Market Divided into, By Deployment Mode
-On-Premise
-Cloud
Market Divided into, By Application
-Life and Accident Insurance
-Health and Medical Insurance
-P&C Insurance
-Commercial Insurance
-Insurance Administration and Risk Consulting
-Annuities
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Geographically, the InsurTech Market expands across regions: –
-North America
-South America
-Europe
-Middle East & Africa
-Asia-Pacific
Competitive Landscape:
Under this section, detailed information on company profiles, investments & revenue generated, strategic initiatives, geographical presence, and production or service capacities, among other aspects, have been examined. All insights into companies have been curated only after thoroughly studying their hold in the industry to help investors make informed decisions before investing.
-Trov, Inc.
-Oscar Insurance
-Policy Bazaar
-Quantemplate
-Clover Health Insurance
-Tractable
-Anorak Technologies
-Majesco
-Cytora Ltd.
-Zhongan Insurance
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