Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Insurtech Market size is expected to reach $39.4 billion by 2027, rising at a market growth of 48.9% CAGR during the forecast period.
The Solution segment acquired the maximum revenue in the Global Insurtech Market by Component in 2020, thereby, achieving a market value of $22.8 billion by 2027. Through a digital insurance platform, insurance firms, brokers, and agencies can manage operational and organizational duties more efficiently and effectively. Insurance solutions are user-friendly and automated software tool that assists businesses in compiling vast databases of insurers in preparation for future business activities. With database connectivity and policy within the system, insurance software improves the efficiency of the insurance process. It also aids the new business, underwriting, claim processing, sales and distribution management, customer service, and predictive analytic processes in increasing productivity.
The BFSI segment is leading the Global Insurtech Market by End-use in 2020, thereby, achieving a market value of $9.5 billion by 2027. This is because insurtech solutions are being increasingly adopted by BFSI firms to improve company efficiency. In addition, the rise in the number of connected devices in the BFSI sector has resulted in a massive amount of data being generated. Moreover, insurance firms have discovered that such data may be used to improve service, reduce costs, obtain insights, and increase revenue. At the same time, the increasing use of smartphones around the globe is likely to increase the demand for insurtech solutions in the BFSI industry.
The IoT & Machine Learning segment is showcasing a CAGR of 48.5% during (2021 - 2027). Insurers can take a proactive rather than reactive approach by utilizing IoT data. Insurance providers can now foresee the happenings rather than react to issues or occurrences after they have occurred. In the event of a boiler failure in a business building, for example, the insurer could notify the policyholder before any significant damage occurs. As a result, customers feel safe, increasing brand loyalty, retention, and trust.
The Travel segment has shown high rate of 50.8% during (2021 - 2027). The travel industry's ambition for "insurtech" is that technology would allow travel brands to upsell consumers on more forms of insurance more frequently by providing greater efficiency and inventiveness. Given that brokers and underwriters frequently offer a restricted number of timeworn plans and need consumers to file claims through manual processes, typically including paper documentation, the travel insurance industry has been ripe for transformation that can be occurred with the help of advanced technologies like insurtech. Moreover, many consumers have been persuaded of the value of travel insurance as a result of the pandemic.
The North America market dominated the Global Insurtech Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $13.2 billion by 2027. The Europe market is estimated to grow at a CAGR of 47.9% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 51.4% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/insurtech-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wipro Limited, DXC Technology Company, Oscar Health, Inc., Majesco, Insurance Technology Services, OutSystems, Shift Technology, Quantemplate, Inc., and Damco Group.
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