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Insurtech Global Market Report 2022: Implementation of Machine Learning, Artificial Intelligence, and Robotic Process Automation Presents Opportunities

·3-min read
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Dublin, Aug. 31, 2022 (GLOBE NEWSWIRE) -- The "Insurtech Global Market Report 2022, By Product, Technology, Offering, Deployment, Application" report has been added to ResearchAndMarkets.com's offering.

The global insurtech service market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $29.75 billion in 2026 at a CAGR of 30%.

North America was the largest region in the insurtech service market in 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy.

Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.

In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech services acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services.

Scope
Markets Covered:
1) By Product: Health Insurance; Life Insurance; Travel Insurance; Car Insurance; Business Insurance; Home Insurance; Others
2) By Technology: Blockchain; Cloud Computing; IoT; Machine Learning; Robo Advisory; Others
3) By Offering: Solutions; Services
4) By Deployment: On-Premise; Cloud
5) By Application: Automotive Industry; Banking And Financial Services; Government Sector; Healthcare Industry; Manufacturing Industry; Retail Industry; Others

Key Topics Covered:

1. Executive Summary

2. Insurtech Market Characteristics

3. Insurtech Market Trends And Strategies

4. Impact Of COVID-19 On Insurtech

5. Insurtech Market Size And Growth

6. Insurtech Market Segmentation

7. Insurtech Market Regional And Country Analysis

8. Asia-Pacific Insurtech Market

9. China Insurtech Market

10. India Insurtech Market

11. Japan Insurtech Market

12. Australia Insurtech Market

13. Indonesia Insurtech Market

14. South Korea Insurtech Market

15. Western Europe Insurtech Market

16. UK Insurtech Market

17. Germany Insurtech Market

18. France Insurtech Market

19. Eastern Europe Insurtech Market

20. Russia Insurtech Market

21. North America Insurtech Market

22. USA Insurtech Market

23. South America Insurtech Market

24. Brazil Insurtech Market

25. Middle East Insurtech Market

26. Africa Insurtech Market

27. Insurtech Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Insurtech Market

29. Insurtech Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

  • Quantemplate Limited

  • Oscar Health

  • Shift Technologies Inc.

  • ZhongAn

  • Trov Inc.

  • Neos

  • Clover Health

  • Acko General Insurance

  • Lemonade Inc.

  • Metromile Inc.

  • Damco Group

  • DXC Technology

  • Insurance Technology Services

  • Majesco

  • Bauxy

  • Anorak Technologies

  • Moonshot-Internet

  • KFin Technologies Private Limited

For more information about this report visit https://www.researchandmarkets.com/r/4daghl

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900