increasing need to improve business efficiency is driving the InsurTech Market
Technavio analyzes that the InsurTech Market is expected to grow at a CAGR of 42.35% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 77.41 billion.There are various factors that contribute to the growth of the market. In today's business landscape, the demand for enhancing operational efficiency is paramount. Enter InsurTech, a revolutionary sector that leverages technology to streamline insurance processes. By automating routine tasks, reducing paperwork, and providing real-time analytics, InsurTech empowers insurers to deliver faster, more accurate services, ultimately improving customer satisfaction and bottom lines.
The InsurTech market is experiencing substantial growth in the marketing and distribution segment due to the proliferation of smartphones and widespread internet access. Regulatory mandates for certified electronic promotion systems ensure security, while mobile point-of-sales in e-retail is gaining acceptance. InsurTech platforms equip insurers with advanced technologies, such as chatbots, enabling real-time interaction with customers, addressing their needs effectively and efficiently. This digital transformation offers insurers significant opportunities to cater to a large customer base with busy lifestyles, enhancing customer engagement and satisfaction.
Know which region is leading the market growth by requesting a sample report
InsurTech Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Insurance Technology (InsurTech) sector encompasses the creation, distribution, and administration of insurance products utilizing advanced technologies such as ultra-customized policies through machine learning and artificial intelligence, social insurance with customer data management, cloud computing deployment models, blockchain, business analytics, IoT, and various types of insurance including life & health, auto, marine, liability, buildings, commercial buildings, home, dwelling coverage, and contents coverage.
The InsurTech market is a significant segment of the global application software market, which is a part of the larger IT software market. This market encompasses organizations specializing in the creation, distribution, and administration of insurance products utilizing technology. According to Technavio, the global application software market consists of businesses involved in developing and producing software for specialized business or consumer applications. This market includes enterprise and technical software, as well as cloud-based solutions. Notably, it excludes entities classified under the interactive home entertainment sub-industry and those producing systems or database management software classified under the systems software sub-industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
