Market Insights and Analysis: Global InsurTech Market Overview and Projections (2024-2030)
The Global InsurTech Market size is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2024-30. The market is driven principally by an increasing inclination of insurance companies toward digitalization to yield operational efficiency while providing services like faster claim processing, an automated claims process, enhanced coordination amongst parties, and improved communication platforms, among others, to their customers.
Top leading companies in the Global InsurTech Market includes:
Trov Inc., Oscar Insurance, Policy Bazaar, Quantemplate, Clover Health Insurance, Tractable, Anorak Technologies, Majesco, Cytora Ltd., Zhongan Insurance, DXC Technology Company, Damco Group, OutSystems, Shift Technology, Wipro Limited and others.
Global InsurTech Market Driver:
Digital Transformation of Insurance Sector – The rapidly changing business models, constant technological advancements in services & solutions, and increasing support from the governments of different countries are promoting digital transformation in the insurance industry. All these factors are propelling the demand for InsurTech solutions substantially and globally. It, in turn, is displaying an increasing adoption of these solutions among insurance companies to leverage their offerings & expand reachability across different regions worldwide, thereby driving the Global Insurtech Market in the coming years.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Technology
-Block chain
-Cloud Computing
-Internet of Things (IoT)
-Machine Learning (ML)
-Artificial Intelligence (AI)
-Drones
By Deployment Mode
-On-Premise
-Cloud
By Application
-Life and Accident Insurance
-Health and Medical Insurance
-P&C Insurance
-Commercial Insurance
-Insurance Administration and Risk Consulting
-Annuities.
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Global InsurTech Market Geographic Reach:
The Geographic Reach of the Global InsurTech Market evaluates the spread and significance of Global InsurTech market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
- North America: USA, Canada, Mexico
- South America: Brazil, Others
- Europe: Germany, UK, France, Italy, Spain, and Others
- Asia-Pacific: China, India, Japan, South East Asia, Australia
- Middle East & Africa: GCC countries, South Africa and Others.
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