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Global InsurTech Market Research Report: Forecast (2021-2026)

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    Report

  • 212 Pages
  • February 2022
  • Region: Global
  • MarkNtel Advisors LLP
  • ID: 5439651
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 The publisher ' research report, "Global InsurTech Market Analysis, 2021," 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 publisher 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

According to The publisher , the major leading players in the global InsurTech market are Trov, Inc., Oscar Insurance, Policy Bazaar, Quantemplate, Clover Health Insurance, Tractable, Anorak Technologies, Majesco, Cytora Ltd., Zhongan Insurance, etc.

Key Questions Answered in the Market Research Report:

1. What are the primary overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global InsurTech Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global InsurTech Market?
4. Who are the key competitors, their key strengths and weaknesses, and how they perform in Global InsurTech Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global InsurTech Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Global InsurTech Market
2) Market Size & Analysis
a) By Revenue
3) Market Share & Analysis
a) By Technology
i) Block chain
ii) Cloud Computing
iii) Internet of Things (IoT)
iv) Machine Learning
v) Artificial Intelligence
vi) Drones
b) By Deployment Mode
i) On-Premise
ii) Cloud
c) By Application
i) Life and Accident Insurance
ii) Health and Medical Insurance
iii) Property and Casualty (P&C) Insurance
iv) Commercial Insurance
v) Insurance Administration and Risk Consulting
vi) Annuities
d) By Region
i) North America InsurTech Market Outlook, 2016-2026F (USD Million)
(1) The US InsurTech Market Outlook, 2016-2026F (USD Million)
(2) Canada InsurTech Market Outlook, 2016-2026F (USD Million)
(3) Mexico InsurTech Market Outlook, 2016-2026F (USD Million)
ii) South America InsurTech Market Outlook, 2016-2026F (USD Million)
(1) Brazil InsurTech Market Outlook, 2016-2026F (USD Million)
iii) Europe InsurTech Market Outlook, 2016-2026F (USD Million)
(1) The UK InsurTech Market Outlook, 2016-2026F (USD Million)
(2) Germany InsurTech Market Outlook, 2016-2026F (USD Million)
(3) France InsurTech Market Outlook, 2016-2026F (USD Million)
(4) Italy InsurTech Market Outlook, 2016-2026F (USD Million)
(5) France InsurTech Market Outlook, 2016-2026F (USD Million)
iv) Asia-Pacific InsurTech Market Outlook, 2016-2026F (USD Million)
(1) China InsurTech Market Outlook, 2016-2026F (USD Million)
(2) South Korea InsurTech Market Outlook, 2016-2026F (USD Million)
(3) Japan InsurTech Market Outlook, 2016-2026F (USD Million)
(4) India InsurTech Market Outlook, 2016-2026F (USD Million)
v) Middle East & Africa InsurTech Market Outlook, 2016-2026F (USD Million)
(1) GCC InsurTech Market Outlook, 2016-2026F (USD Million)
(2) South Africa InsurTech Market Outlook, 2016-2026F (USD Million)
e) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Metrix
4) Global InsurTech Market Hotspots & Opportunities
5) Global InsurTech Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile

Table of Contents

1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Market Segmentation
1.4. Assumptions
2. Preface3. Executive Summary4. Impact of COVID-19 on Global InsurTech Market
5. Global InsurTech Market Outlook, 2016-2026F
5.1. Market Size & Analysis
5.1.1. Revenues
5.2. Market Share & Analysis
5.2.1. By Type
5.2.1.1. Block chain
5.2.1.2. Cloud Computing
5.2.1.3. Internet of Things (IoT)
5.2.1.4. Machine Learning (ML)
5.2.1.5. Artificial Intelligence (AI)
5.2.1.6. Drones
5.2.2. By Deployment Mode
5.2.2.1. On-Premise
5.2.2.2. Cloud
5.2.3. By Application
5.2.3.1. Life and Accident Insurance
5.2.3.2. Health and Medical Insurance
5.2.3.3. P&C Insurance
5.2.3.4. Commercial Insurance
5.2.3.5. Insurance Administration and Risk Consulting
5.2.3.6. Annuities
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. South America
5.2.4.3. Europe
5.2.4.4. Middle East & Africa
5.2.4.5. Asia-Pacific
5.2.5. By Company
5.2.5.1. Competition Characteristics
5.2.5.2. Market Share & Analysis
5.2.5.3. Competitive Matrix
6. North America InsurTech Market Outlook, 2016-2026F
6.1. Market Size & Analysis
6.1.1. Revenues
6.2. Market Share & Analysis
6.2.1. By Type
6.2.2. By Deployment Mode
6.2.3. By Application
6.2.4. By Country
6.2.4.1. The US
6.2.4.2. Canada
6.2.4.3. Mexico
6.3. The US InsurTech Market Outlook, 2016-2026F
6.3.1. Market Size & Analysis
6.3.1.1. Revenues
6.3.2. Market Share & Analysis
6.3.2.1. By Type
6.3.2.2. By Deployment Mode
6.3.2.3. By Application
6.4. Canada InsurTech Market Outlook, 2016-2026F
6.4.1. Market Size & Analysis
6.4.1.1. Revenues
6.4.2. Market Share & Analysis
6.4.2.1. By Type
6.4.2.2. By Deployment Mode
6.4.2.3. By Application
6.5. Mexico InsurTech Market Outlook, 2016-2026F
6.5.1. Market Size & Analysis
6.5.1.1. Revenues
6.5.2. Market Share & Analysis
6.5.2.1. By Type
6.5.2.2. By Deployment Mode
6.5.2.3. By Application
7. South America InsurTech Market Outlook, 2016-2026F
7.1. Market Size & Analysis
7.1.1. Revenues
7.2. Market Share & Analysis
7.2.1. By Type
7.2.2. By Deployment Mode
7.2.3. By Application
7.2.4. By Country
7.2.4.1. Brazil
7.2.4.2. Others
7.3. Brazil InsurTech Market Outlook, 2016-2026F
7.3.1. Market Size & Analysis
7.3.1.1. Revenues
7.3.2. Market Share & Analysis
7.3.2.1. By Type
7.3.2.2. By Deployment Mode
7.3.2.3. By Application
8. Europe InsurTech Market Outlook, 2016-2026F
8.1. Market Size & Analysis
8.1.1. Revenues
8.2. Market Share & Analysis
8.2.1. By Type
8.2.2. By Deployment Mode
8.2.3. By Application
8.2.4. By Country
8.2.4.1. Germany
8.2.4.2. The UK
8.2.4.3. France
8.2.4.4. Italy
8.2.4.5. Spain
8.2.4.6. Others
8.3. Germany InsurTech Market Outlook, 2016-2026F
8.3.1. Market Size & Analysis
8.3.1.1. Revenues
8.3.2. Market Share & Analysis
8.3.2.1. By Type
8.3.2.2. By Deployment Mode
8.3.2.3. By Application
8.4. The UK InsurTech Market Outlook, 2016-2026F
8.4.1. Market Size & Analysis
8.4.1.1. Revenues
8.4.2. Market Share & Analysis
8.4.2.1. By Type
8.4.2.2. By Deployment Mode
8.4.2.3. By Application
8.5. France InsurTech Market Outlook, 2016-2026F
8.5.1. Market Size & Analysis
8.5.1.1. Revenues
8.5.2. Market Share & Analysis
8.5.2.1. By Type
8.5.2.2. By Deployment Mode
8.5.2.3. By Application
8.6. Italy InsurTech Market Outlook, 2016-2026F
8.6.1. Market Size & Analysis
8.6.1.1. Revenues
8.6.2. Market Share & Analysis
8.6.2.1. By Type
8.6.2.2. By Deployment Mode
8.6.2.3. By Application
8.7. Spain InsurTech Market Outlook, 2016-2026F
8.7.1. Market Size & Analysis
8.7.1.1. Revenues
8.7.2. Market Share & Analysis
8.7.2.1. By Type
8.7.2.2. By Deployment Mode
8.7.2.3. By Application
9. Middle East & Africa InsurTech Market Outlook, 2016-2026F
9.1. Market Size & Analysis
9.1.1. Revenues
9.2. Market Share & Analysis
9.2.1. By Type
9.2.2. By Deployment Mode
9.2.3. By Application
9.2.4. By Country
9.2.4.1. GCC Countries
9.2.4.2. South Africa
9.2.4.3. Others
9.3. GCC InsurTech Market Outlook, 2016-2026F
9.3.1. Market Size & Analysis
9.3.1.1. Revenues
9.3.2. Market Share & Analysis
9.3.2.1. By Type
9.3.2.2. By Deployment Mode
9.3.2.3. By Application
9.4. South Africa InsurTech Market Outlook, 2016-2026F
9.4.1. Market Size & Analysis
9.4.1.1. Revenues
9.4.2. Market Share & Analysis
9.4.2.1. By Type
9.4.2.2. By Deployment Mode
9.4.2.3. By Application
10. Asia-Pacific InsurTech Market Outlook, 2016-2026F
10.1. Market Size & Analysis
10.1.1. Revenues
10.2. Market Share & Analysis
10.2.1. By Type
10.2.2. By Deployment Mode
10.2.3. By Application
10.2.4. By Country
10.2.4.1. China
10.2.4.2. India
10.2.4.3. Japan
10.2.4.4. South Korea
10.2.4.5. Others
10.3. China InsurTech Market Outlook, 2016-2026F
10.3.1. Market Size & Analysis
10.3.1.1. Revenues
10.3.2. Market Share & Analysis
10.3.2.1. By Type
10.3.2.2. By Deployment Mode
10.3.2.3. By Application
10.4. India InsurTech Market Outlook, 2016-2026F
10.4.1. Market Size & Analysis
10.4.1.1. Revenues
10.4.2. Market Share & Analysis
10.4.2.1. By Type
10.4.2.2. By Deployment Mode
10.4.2.3. By Application
10.5. Japan InsurTech Market Outlook, 2016-2026F
10.5.1. Market Size & Analysis
10.5.1.1. Revenues
10.5.2. Market Share & Analysis
10.5.2.1. By Type
10.5.2.2. By Deployment Mode
10.5.2.3. By Application
10.6. South Korea InsurTech Market Outlook, 2016-2026F
10.6.1. Market Size & Analysis
10.6.1.1. Revenues
10.6.2. Market Share & Analysis
10.6.2.1. By Type
10.6.2.2. By Deployment Mode
10.6.2.3. By Application
11. Global InsurTech Market Dynamics
11.1. Growth Drivers
11.2. Challenges
11.3. Impact Analysis
12. Global InsurTech Market Policies, Regulations, Product Standards13. Global InsurTech Market Trends & Insights14. Global InsurTech Market Hotspot & Opportunities15. Global InsurTech Market Key Strategic Imperatives for Success & Growth
16. Competition Outlook
16.1. Competition Matrix
16.1.1. Product/ Solution Portfolio
16.1.2. Target Markets
16.1.3. Target End Users
16.1.4. Research & Development
16.1.5. Strategic Alliances
16.1.6. Strategic Initiatives
16.2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
16.2.1. Trov, Inc.
16.2.2. Oscar Insurance
16.2.3. Policy Bazaar
16.2.4. Quantemplate
16.2.5. Clover Health Insurance
16.2.6. Tractable
16.2.7. Anorak Technologies
16.2.8. Majesco
16.2.9. Cytora Ltd.
16.2.10. Zhongan Insurance
17. Disclaimer

Companies Mentioned

  • Zhongan Insurance,
  • Tractable,
  • Trov, Inc.,
  • Clover Health Insurance,
  • Oscar Insurance,
  • Majesco,
  • Policy Bazaar,
  • Quantemplate,
  • Anorak Technologies,
  • Cytora Ltd.

Methodology

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