Authored By: Sarah
18 Nov 2024

increasing need to improve business efficiency is driving the InsurTech Market

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

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. 

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InsurTech Market Segmentation

  • Application
    • Marketing and distribution
    • IT support
    • Claim management
    • Policy administration and management
    • Others
  • Deployment
    • On-premises
    • Cloud
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East and Africa
    • South America

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

  • Acko Technology and Services Pvt. Ltd.
  • Allianz SE
  • Berkshire Hathaway Inc.
  • Charles Taylor Ltd.
  • Cuvva Ltd.
  • Cytora Ltd.
  • DeadHappy Ltd.
  • Flock Ltd.
  • Friendsurance
  • Kin Insurance Technology Hub LLC
  • KYND Ltd.
  • Laka Ltd.
  • Massachusetts Mutual Life Insurance Co.
  • Milvik AB
  • Nimbla Ltd.
  • Quantemplate Technologies Inc.
  • simplesurance GmbH
  • Slice Insurance Technologies Inc.
  • Uinsure Ltd.
  • Urban Jungle Services Ltd.
  • Wrisk Ltd.
  • ExtraCover Ltd.
  • F2X Group Ltd.

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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.

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Contacts

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/

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