Insurtech market 2028 | Global Market Size and Opportunity Analysis

 The Insurtech market size is expected to reach over US$ 12.8 billion by 2028. The growing prevalence of the Insurtech market is due to high investment by insurance companies across the globe in digitization to simplify the transaction process and to improve the insurance payment system. The report further mentions that the market size stood at US$ 5.44 billion in 2019, and it is likely to exhibit a CAGR of 11.3% during the forecast period between 2020 to 2028.

The Increased Prevalence of Insurtech

The Insurtech market is majorly driven by the growing consumer data along with the rising demand for digitization. The need to monitor, manage, and maintain the customer data easily and systematically becomes a major challenge for organizations, and organizations face this challenge with the help of Insurtech. The availability of Insurtech in the insurance sector introduced ultra-customized policies by using new streams of data from internet-connected devices. The payment process becomes easier for insurance companies due to the development of numerous payment processing technologies. Thus, the Insurtech market is expected to witness high growth during the forecast period.

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Increasing Demand for Digitization

The demand for Insurtech is increasing due to an increase in customer data and to maintain, monitor, and manage customer data in a systematic order. Insurtech helps the insurance companies to simplify the claim process, improve communication with the client, and the capabilities to implement automation. The Insurtech market is expected to grow in the forecast period due to advancements in technology and high-speed internet connectivity.

Alchemy Research and Analytics LLP had taken the impact of the ongoing COVID-19 pandemic on the Insurtech market for the year 2020 and 2021. As per our extensive secondary and primary research, the demand for Insurtech has increased in the COVID-19 period owing to sudden lockdown. In the post-COVID-19 period, the Insurtech market is expected to rise over the forecast period across the globe.

Key Manufacturers Aim to Enhance Their Portfolios by Partnerships

According to Alchemy Research and Analytics major market players in the Insurtech market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The Insurtech market is highly fragmented.

Alchemy Market Research lists out the names of key market players in the Insurtech market. They are as follows:

  • Damco Group
  • DXC Technology Company
  • Majesco
  • Oscar Insurance
  • Quantemplate
  • Shift Technology
  • Trōv, Inc.
  • Wipro Limited
  • Zhongan Insurance.
  • Others

A Significant Industry Development-

  • June 2019: League Inc., a digital platform developer in the U.S., launched a digital health platform. The digital health platform is designed to provide a single access hub for insured people to select health policies as per their preferences and enhanced customer experiences. The company also provides a mobile app that allows users to access information about healthcare providers, payment processing, offers, and discounts offered by insurance companies.

Further Report Findings-

  • North America is witnessing the maximum adoption of Insurtech due to the high spending on insurance by the customers in the region. The offering of different kinds of insurance services that are flexible and customized such as insurance for health, property, and others is encouraging people to choose among the insurance plans that suit them is another factor for regional dominance.
  • Asia-Pacific is also witnessing high growth in the Insurtech sector due to the presence of a few emerging economies and financial hubs in Hong Kong, Singapore, and India. Also, the insurance companies are focusing on offering cheap and affordable insurance premium plans in diversely populated countries.
  • Based on the service segment, the Insurtech market is segmented into consulting, support and maintenance, and managed services. Managed services offer a Differentiation, Agility, Transformation, and Automation(DATA) model for insurance companies, which allows insurance companies to adopt advanced technologies for better access to their products and information, increasing personalization and improving service opportunities. Moreover, increasing demand for different managed services in end-use industries for identifying growth opportunities and managing risks for future development is also propelling the growth of the segment.

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DoC: https://issuu.com/alchemymarketresearch/docs/insurtech_market_2028.docx

About Alchemy Market Research

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