The Asia Pacific Insurtech Market would witness market growth of 51.4% CAGR during the forecast period (2021-2027).
Customers' requirements are understood via digital technology, which are then used to improve offers depending on changing customer needs. According to a poll done by EIS Group, a software firm, 59 percent of insurance businesses surveyed want to expand their digital infrastructure expenditure in 2021. Blockchain technology's advantages, such as cost reductions, speedier payments, and fraud avoidance, are boosting demand among insurance businesses throughout the world. Insurance businesses employ blockchain technology for Know Your Customer (KYC), Anti-Money Laundering (AML) procedures, claim administration, and the creation of peer-to-peer models.
Furthermore, emerging nations, particularly developing markets like Australia, China, India, Singapore, and South Korea, provide considerable prospects for the Insurtech sector to expand and develop its offerings. In addition, the use of technologies like cloud computing, artificial intelligence, and blockchain to help with loss prediction and prevention, risk monitoring, and claims processing is the key market trend.
Due to the existence of multiple rising countries and financial hubs in Singapore, India, and Hong Kong, the regional market would grow intensively in the insurance sector. In addition, insurers in the region are attempting to provide insurance premium options that are inexpensive. Smartphone adoption is predicted to increase across Asia Pacific countries, which would help the regional providers to digitalize their insurance process.
Another aspect helping Insurtech innovation in Singapore is the regulatory environment, which is favorable for Insurtech adoption and innovation. The Monetary Authority of Singapore (MAS) acknowledged that Insurtech collaborations had taken off in Singapore in 2019 and emphasised that the MAS would continue to promote and foster such partnerships. In 2016, the MAS launched its FinTech regulatory sandbox. The sandbox allows businesses to test out new financial products and services in a real-world setting, but only for a limited time and with particular safeguards in place.
The China market dominated the Asia Pacific Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,261.5 million by 2027. The Japan market is exhibiting a CAGR of 50.5% during (2021 - 2027). Additionally, The India market would display a CAGR of 52.3% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services (Managed Services, Consulting, and Support & Maintenance). Based on End-use, the market is segmented into BFSI, Automotive, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Based on Technology, the market is segmented into Cloud Computing, IoT & Machine Learning, Blockchain, Robo Advisory, and Others. Based on Type, the market is segmented into Health, Specialty, Travel, Auto, Home, and Business & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Insurtech Market is Projected to reach USD 39.4 Billion by 2027, at a CAGR of 48.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, DXC Technology Company, Oscar Health, Inc., Majesco, Insurance Technology Services, OutSystems, Shift Technology, Quantemplate, Inc., and Damco Group.
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