The North America Insurtech Market would witness market growth of 46.8% CAGR during the forecast period (2021-2027).
Insurtech is anticipated to continue to play an important role in promoting digital innovation to the insurance industry as a whole. Moreover, the insurance sector is being impacted by digital adoption, with consumers choosing to meet their insurance needs through online channels. Insurtech companies are striving to bridge the gap between customers and insurance vendors by offering digital brokerage and insurance markets. Due to the oversaturation of the insurance market and severe competition among insurers, they have been compelled to adopt digital technologies that emphasize the client interface. Additionally, people are encouraged to choose among the best plans because of the flexibility and customization of several insurance products like health, property, life, and others.
Artificial intelligence, machine learning, blockchain, and cloud computing technologies offer real-time surveillance and monitoring of insured activity for certain business lines, as well as streamlining and modernizing corporate procedures. In addition, as a result of changing business models, insurance companies are leveraging modern digital solutions to scale their operations and build product lines based on niche client demand. Moreover, different insurance sector norms and laws, as well as privacy and security concerns, are some of the variables that impact market expansion
Some of the major trends of the regional market are increased acceptance of Insurtech among insurance companies, as well as a boom in Insurtech partnerships with traditional insurers. In addition, several insurers are embracing and substantially investing in Insurtech to promote business efficiency, minimize compliance risk exposure, and improve claim settlement process in different countries of the regional market.
With over 290 million smartphone users, the United States has one of the world's largest smartphone markets. In accordance with the overall growth of the smartphone market in North America, the smartphone penetration rate in the United States has steadily increased to more than 80% during the last 10 to 15 years. As a result, the increase in the number of smartphone users in the United States is one of the most important key drivers of the transformation of physical insurance policy activities to InsurTech, which is more easy, safe, and time-efficient in nature for clients without the use of intermediaries or agent fees.
The US market dominated the North America Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $9,568.8 million by 2027. The Canada market is poised to grow at a CAGR of 50.1% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 48.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Insurtech Market is Estimated to reach $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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