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Global InsurTech Market Report 2021-2026 - Increasing Focus to Enhance Customer Experience - ResearchAndMarkets.com

·4 min read

DUBLIN, November 03, 2021--(BUSINESS WIRE)--The "Global InsurTech Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

InsurTech, i.e., Insurance Technology, means using cutting-edge technologies, such as AI, IoT, ML by insurance companies to increase customer engagement and enhance the efficiency of their operations by saving on cost or streamlining the process.

According to the report, the market can attain a CAGR of around 35% during 2021-26. The surging digitalization of insurance services and hefty investments in InsurTech firms are the primary factors boosting the Global InsurTech Market growth.

Besides, the paradigm shifts of insurance companies toward integrating cloud computing, escalating adoption of predictive analytics, and augmenting demand for improved customer services are driving more demand for InsurTech.

Moreover, the increasing inclination to make the transaction easier by improving the functionality of payment processing technique along with snowballing use of advanced technologies to optimize price mechanism, and growing footing of InsurTech companies in emerging regions such as the Asia-Pacific and Middle East region are further contributing to the lucrative growth of the market in the forecast period.

Impact of COVID-19

The Covid-19 pandemic has an optimistic impact on the InsurTech market owing to the surging adoption of mobile applications and online platforms among customers and the rising demand to modernize technology infrastructure. However, the surging digital innovation in the insurance sector has pushed the InsurTech companies to reconsider their long-term strategies as they face considerable challenges in the short term.

Market Segmentation

Blockchain Registered the Fastest Growth Share

The market categorizes into Blockchain, Cloud Computing, IoT, Machine Learning, and Artificial Intelligence, and Drones, based on technology. Blockchain registered the fastest growth in the Global InsurTech market in 2019. The adoption of Blockchain technology is high among the InsurTechs because it increases transparency, reduces the administration and underwriting process cost, and identifies fraudulent activities related to the high-value asset.

Additionally, the escalating need to boost the efficiency of claim handling and agreements registration, increasing inclination to improve customer experience by eliminating the long process of third-party verification and document submission. The burgeoning incorporation of Blockchain technologies to drive operational efficiencies is the factor imposing a magnificent impact on the growth of the Global InsurTech market in the forecast period, says the author in their research report, Global InsurTech Market Analysis, 2021.

P&C Insurance Accounted for Considerable Market Share

Within the Application segment, Property and Casualty (P&C) Insurance accounted for a considerable market share in the global InsurTech market in 2019. The burgeoning adoption of the cloud to enhance business agility and reduce operational cost, the rising digital disruption in the P&C insurance to pave new possibilities such as service provision, fraud detection, and customer acquisition are the factors expected to fuel the segment growth.

Apart from this, the surging inclination toward deployment of intelligent automation such as AI, ML, IoT in P&C insurance to achieve better communication, optimize insurer and customer experience, evaluate risk levels, and decrease maintenance cost. Hence, this projects an optimistic influence on the growth of the segment in the forecast period.

Regional Landscape

Asia-Pacific is Likely to Attain Highest CAGR

Asia-Pacific is likely to attain the highest CAGR in the Global InsurTech market in the forecast years. The growth is attributed to the increasing emergence of InsurTech companies in countries such as China, India due to heavy use of online ecosystems, the snowballing velocity of digitalization, and the propelling technological advancement in different insurance aspects like customer service, claim, and underwriting.

Besides, escalating adoption of cloud technologies and disruptive technologies such as advanced analytics, IoT, AI due to rising demand for end-to-end digital financial solutions and burgeoning collaboration among insurer and InsurTech companies are the factors promising a lucrative growth of the market in the forecast timeline.

Market Driver

Increasing Focus to Enhance Customer Experience

The mounting fraud mitigation, especially in the customer identification verification area and proliferating focus of companies to increase customer base, are strongly contributing to the market growth. Moreover, the increasing InsurTech companies and surging adoption of digital approach due to rising customer needs are soaring the demand for new insurance products.

Additionally, ongoing digitalization in insurance industries due to bolstering internet users and the rising inclination of insurers toward digital underwriting & claim processes are also the critical factors accelerating the market growth.

Competitive Landscape

The major leading players in the global InsurTech market are

  • Zhongan Insurance

  • Tractable

  • Trov Inc.

  • Clover Health Insurance

  • Oscar Insurance

  • Majesco

  • Policy Bazaar

  • Quantemplate

  • Anorak Technologies

  • Cytora Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/9r3x9i

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103005697/en/

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