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.
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
Shift Technologies Inc.
Acko General Insurance
Insurance Technology Services
KFin Technologies Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/4daghl
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