Market Overview: Global InsurTech Market
MarkNtel Advisors, a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on the Global InsurTech Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
InsurTech Market Insights 2024-30
The Global InsurTech Market size is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2024-30.
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Top Players in the InsurTech Market:
Trov, Inc.
Oscar Insurance
Policy Bazaar
Quantemplate
Clover Health Insurance
Tractable
Anorak Technologies
Majesco
Cytora Ltd.
Zhongan Insurance
Segmentation Analysis of InsurTech Market
InsurTech Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
-By Application
Life and Accident Insurance
Health & Medical Insurance
P&C Insurance
Commercial Insurance
Insurance Administration and Risk Consulting
Annuities
The Health & Medical Insurance segment has acquired a substantial market share in recent years & is anticipated to continue in the same trend during the forecast period. It owes principally to the burgeoning health concerns among people and the increasing inclination of insurance companies toward digital platforms, propelling the demand for InsurTech to connect brokers, providers, & carriers in health insurance. Additionally, to streamline claim processing, understand customer requirements, and provide instant solutions to clients, several health insurance providers are actively utilizing Insurtech solutions and, in turn, promoting overall market growth.
Besides, multiple life & accident insurance providers are also rapidly adopting InsurTech solutions owing to the growing prevalence of smartphones & applications to monitor, manage, and maintain data across organizations & amplify the remedies for customers.
-By Technology
Block chain
Cloud Computing
Internet of Things (IoT)
Machine Learning (ML)
Artificial Intelligence (AI)
Drones
-By Deployment Mode
On-Premise
Cloud
A Comprehensive Geographical Analysis:
-By Region
North America
South America
Europe
Middle East & Africa
Asia-Pacific
North America dominated the market with the largest share in recent years and is anticipated to prevail in the same trend during the forecast period. It owes principally to the escalating adoption of InsurTech solutions to upgrade the entire insurance sector with the latest technological solutions, coupled with the rising customer inclination toward online platforms to avail of insurance services.
Additionally, benefits like liquidity, price transparency, etc., and innovations in insurance services for clients are also aiding in the adoption of InsurTech solutions across North America and fueling overall market growth. Besides, the extensive presence & active participation of prominent players in the region and the mounting demand for end-to-end digital solutions are other crucial aspects expected to drive market growth across North America in the coming years.
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
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