Latest News- InsurTech Market: Marketing and distribution is expected to lead the Application segment during 2024-2028

The InsurTech Market is being driven by Increasing need to improve business efficiency

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. InsurTech firms, or technology-driven insurance startups, have garnered significant attention from investors, as evidenced by the recent conference attended by approximately 1,500 investors, entrepreneurs, and insurance executives worldwide. The primary focus of the event was the impact of technology on insurance industry operations. Technology has revolutionized the insurance value chain, enhancing costing processes, improving consumer experience, increasing transparency, decreasing fraud through advanced data analysis, and streamlining claims processing for customers. InsurTech vendors are prioritizing the growing consumer demand for customized insurance products and personalized services. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing need to improve business efficiency
• High influence of digitization
• Increased need for greater customer satisfaction

However, the market also witnesses some limitations, which are as follows:

• High cost of investment
• Data privacy and security concerns
• Regulatory and economic uncertainty

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Market Scope in InsurTech Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/