Insurtech Market PPT 2023: Size, Growth, Demand and Forecast till 2028

Author: Elena Anderson

Marketing Manager

Report DescriptionAbout IMARC Group

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Global Insurtech Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Insurtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-202 8

," the global insurtech market size reached US$ 5.4 Billion in 2022.

Insurtech involves the utilization of advanced technology to process claims and contracts, evaluate risks or underwrite policies. It combines insurance services and technology in order to make the insurance model more efficient. It aids in powering the creation, administration and distribution of the insurance business. Additionally, it helps large insurance companies in exploring new options outside of traditional human efforts, such as small business insurance, dynamically priced insurance policies and social insurance options while creating a dynamic pricing system based on customer behavior and market conditions.

With the rising need for improving customer experience, there has been a significant increase in the deployment of insurtech among leading insurance enterprises.

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Global Insurtech Market Trends:

The global market is primarily driven by continual improvements in the insurance sector. Along with this, continuous technological advancements, such as the introduction of the internet of things (IoT), blockchain, advanced analytics, artificial intelligence (AI) and machine learning (ML), are also providing a boost to the insurtech market. In line with this, the penetration of high-speed internet connectivity and the growing adoption of smartphones on account of rapid digitization are creating a positive market outlook. In line with this, numerous leading players are heavily investing in drone technology to conduct aerial surveys for inspecting properties in dangerous zones and documenting vehicular crash sites, which is acting as a major growth-inducing factor. With the sudden outbreak of coronavirus disease (COVID-19) across the globe, the demand for insurance policies that can be availed through online platforms has rapidly increased. The market is further driven by the emerging banking, financial services and insurance (BFSI) and information technology industries. Other factors, including the rising awareness regarding the benefits of insurance among individuals, reduction in insurance premium rates, and intensive business competition, are also positively influencing the market.

Looking forward, IMARC Group expects the market is anticipated to reach a value of US$ 41.0 Billion by 2028, exhibiting at a CAGR of 40.3% during 2023-2028.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/insurtech-market

Report Description Report Description and Highlights

Key Market Segmentation

The research report includes the following segments:

Breakup by Type:

• Auto

• Business

• Health

• Home

• Specialty

• Travel

• Others

Breakup by Service:

• Consulting

• Support and Maintenance

• Managed Services

Breakup by Technology:

• Blockchain

• Cloud Computing

• IoT

• Machine Learning

• Robo Advisory

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

• Clover Health Insurance

• Damco Group

• DXC Technology Company

• Insurance Technology Services

• Majesco

• Oscar Insurance

• Quantemplate

• Shift Technology

• Travelers Companies, Inc

• Wipro Limited

• Zhongan Insurance

1. What was the size of the global insurtech market in 2022?

2. What is the expected growth rate of the global insurtech market during 2023-2028?

3. What are the key factors driving the global insurtech market?

4. What has been the impact of COVID-19 on the global insurtech market?

5. What is the breakup of the global insurtech market based on the technology?

6. What are the key regions in the global insurtech market?

7. Who are the key players/companies in the global insurtech market?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/insurtech-market/toc

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Report Description Report Description and Highlights

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