Dublin, March 11, 2022 (GLOBE NEWSWIRE) — The “Insurance Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029” report has been added to from ResearchAndMarkets.com offer.
The global insurance technology market is developing competently and is expected to grow at a CAGR of 36.7% during the forecast period 2021 to 2029, from USD 1.28 billion in 2020.
“The growth of new entrants, driven by technology, as well as the growing demand for digitization will drive the market”
Innovation through new technologies is a key driver of change in the financial sector that will further lead to immense gains in capability, with initial fulfillment through doubt and uncertainty. In the coming years, innovations, coupled with new technological developments, are expected to drive the demand for insurance technologies globally, due to faster service delivery and lower transaction costs.
Moreover, InsurTech has attracted large venture capital investments and financial trends have made many start-ups considering their investors on a commercially viable and large-scale basis. Moreover, insurance start-ups like Lemonade, Friendsurance and Policygenius have absorbed huge investments along with better understanding and concept for development and business models.
Additionally, the adoption of new innovations and technologies will provide customers with improved financing structures, an advanced customer experience that supports existing operations. A standalone model that uses blockchains for automated contract execution would be harvested for risk transfer tools like cat bonds, is likely to further explore the InsurTechs market.
However, InsurTechs have made substantial inroads through ingenious, powerful, and absorbed applications to solve specific problems, to deliver instinctive, high-quality digital capabilities.
Growing demand for digital platform coupled with advisory and managed services will drive demand for health insurance globally
Healthcare insurance institutions are focusing on machine learning, artificial intelligence and the Internet of Things (IoT) to deliver advanced application systems, which will further improve customer experience and automate internal business processes.
Growing demand for digital platforms that will connect brokers, carriers, providers coupled with exchanges in health insurance is predicted to drive the demand for healthcare segment globally. Additionally, health insurance companies are focusing on streamlining processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery, and digital enrollment process that will support the improvement of the health system.
In addition, many digital platforms are offered by technology providers to policyholders to support health insurance benefits offered by insurance companies.
The dominance is led by the great personalization products coupled with the presence of top InsurTech companies to drive the growth of the market.
North America is expected to dominate the insurtech market in 2020. This dominance can be attributed to the growing demand for advanced end-to-end digital financial solutions and the large presence of technology providers.
Moreover, the customization and flexibility offered by different insurtech products like life insurance, health policies will allow customers to choose from the best plans. Financial associations across North America are significantly focusing on implementing digital skills into their offerings to maintain a significant competitive advantage.
For example, the rise in investment in health insurance is seen as solid and growing, with investment around 70% in the United States. In the United States, InsurTechs have benefited from a competitive and high market for venture capital funding, and many insurance companies are starting up. -ups has successfully completed a number of funding rounds.
Key Industry Developments:
- In January 2020, Sapiens International Corp. announced its acquisition with German insurtech company sum.cumo for up to US$31.1 billion, which will additionally enable an Israeli insurance company to expand its product offering and service portfolio by Germany.
- In March 2020, the Legacy Marketing Group announced the release of its new “A” rated “IncomeMark SelectSM” fixed index annuity which was issued by Ameritas Life Insurance Corp.
- In December 2019, EIS Group, a digital platform provider for insurers, announced the rollout of the “Digital Insurance Platform” for New Zealand’s leading insurer, Tower Insurance.
List of companies covered:
- Damco Group
- DXC Technology Company
- Oscar Insurance
- Shift Technology
- Trov, Inc.
- Wipro Limited
- Zhongan Insurance
- Analyze Re
- Rest assured
- Bought by many
- Claim Di
Main topics covered:
1.1. Description of the report
1.2. Search scope
1.3. Research Methodology
1.4. Market segmentation
2. Executive Summary
2.1. Market Snapshot: Global Insurance Technology (IT) Market
2.2. Global Information Technology Market, by Type, 2020 (USD Billion)
2.3. Global information technology market, by technology, 2020 (USD billion)
2.4. Global information technology market, by services, 2020 (USD billion)
2.5. Global information technology market, by end use, 2020 (USD billion)
2.6. Global information technology market, by geography, 2020 (USD billion)
3. Market dynamics
3.1.1. Global IT market value, 2019-2029, (USD Billion)
3.2. Market dynamics
3.2.1. Market factors
3.2.2. Market constraints
3.3. Attractive investment proposition, by geography, 2020
3.4. Market Positioning of Key Players, 2020
3.4.1. Main strategies adopted by key players
4. Global insurance technology market, by type, 2019-2029 (USD Billion)
4.6. Others (Specialty, Travel, etc.)
5. Global insurance technology market, by technology, 2019-2029 (USD Billion)
5.4. cloud computing
5.5. machine learning
5.6. Others (Robo Advisory, etc.)
6. Global insurance technology market, by services, 2019-2029 (USD Billion)
6.3. Managed Services
6.4. Support & Maintenance
7. Global insurance technology market, by end use, 2019-2029 (USD Billion)
7.6. Health care
7.7. Others (Transportation, Manufacturing, etc.)
For more information on this report, visit https://www.researchandmarkets.com/r/65qhne