InsurTech (Insurance Technology) Market- Global Research Analysis Structure and Forecast by 2023
This market research report identifies Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy as the major vendors operating in the global Insurtech market. This report also provides a detailed analysis of the market by components (Software and Services), types (Retail Insurance and Commercial Insurance), by application (Health insurance, Property and casualty insurance, Life insurance, and Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
Infoholic’s market research report predicts that the global InsurTech market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018–2023. The insurance sector is all set to adopt new technologies and attract new customers along with retaining the clients delighting with services. It is of utmost importance to embrace digital technologies for insurers and enhance their presence in the marketplace to gain market share with increased customer base and custom offerings.
According to the Insurtech market industry analysis, North America is witnessing the highest adoption of InsurTech owing to the spend on insurances by customers in the region. The offering of flexible and customized insurance for health, property, and others is encouraging people to choose among the insurance plans that suit them the best. Asia Pacific holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018–2023. The Asia Pacific region is likely to witness growth in InsurTech due to the presence of few emerging countries and financial hubs in Hong Kong, Singapore, and India. Also, the insurers are focusing on providing cheap and affordable insurance premium plans in the diversely populated region.
Competitive Analysis and Key Vendors
The banks and financial institutions are witnessing transformation with the emergence of FinTech vendors, thereby disrupting the traditional model of operations and processes. Insurers face stiff competition, and the insurance market is considered mature in most of the countries. The digital and analytical tools have opened new revenue model and value chain through digital brokers. The FinTech industry, over the last couple of years, has realized the need and opportunity of InsurTech software. The InsurTech vendors offer software that simplifies the decision-making process for the customers, and the analytics software helps insurers to understand the current need and demand in the market.
Some of the key vendors in the InsurTech market are:
Bought By Many
Segmentation of components
In 2017, the software component occupied the largest share, but services component is expected to grow at the highest CAGR during the forecast period.
InsurTech market by Types
In 2017, the retail insurance occupied the largest share, but commercial insurance is expected to grow at the highest CAGR during the forecast period.
InsurTech market by Application
Property and casualty insurance
In 2017, the property and casualty insurance occupied the largest share, but health insurance is expected to grow at the highest CAGR during the forecast period. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.
The report contains an in-depth analysis of vendors profile, which includes overview, offerings, and competitive landscape. The emergence of technologies, such as AI and ML, is impacting the market growth and organizations are adopting InsurTech solutions for the online marketplace and easy claims processing among others.
The study offers a comprehensive analysis of the “InsurTech” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions in the global Insurtech market