Insurtech Market to be Fueled by Life Insurance Type through 2028
The rising number of
startups in insurtech, presence of multiple insurance plans and growing support
through different technologies is expected to drive the global Insurtech market
during the forecast period.
According to TechSci Research report, “Insurtech Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028F”, The increased use of
technology in the insurance sector has led to tremendous growth in the global
insurtech market in recent years. The term "Insurtech" describes the
application of technology to the insurance sector, including underwriting,
claims processing, customer support, and distribution, to offer creative and
effective solutions.
A number of variables, such
as the development of digital technology, shifting customer preferences, and
the demand for more specialized insurance products, have fueled the industry.
Artificial intelligence, big data analytics, and machine learning are being
used by insurtech businesses to develop more effective and affordable insurance
products and services.
Emerging markets such as
Asia-Pacific, which is expected to see the highest CAGR throughout the forecast
period, as the insurance sector is expected to experience a considerable
expansion during the forecast years. This is owing to factors such
as rising awareness for the benefits of insurance, increased smartphone
and internet usage, and the requirement for reasonably priced insurance
options.
Owing to the rigid
regulatory environment, the Insurtech firms are required to comply with the
rules and regulations as per the governmental guidelines within different
countries. However, due several regulations to act as one of the main hurdles in
the market as the customers may not completely understand and trust insurtech
products and services, which might reduce its adoption rates.
The increasing
acceptance of digital technologies and shifting consumer behavior is expected
to fuel the significant expansion of the global insurtech industry in the
upcoming years. The potential advantages of insurtech, such as increased
effectiveness, cost savings, and individualized insurance solutions, make it an
interesting and promising market for investors.
The demand for more
customized insurance solutions is one of the key factors driving the global
insurtech market. Technology is being used by insurtech businesses to produce
more specialized insurance solutions that address unique demands and
preferences. Usage-based insurance (UBI), for instance, enables insurers to customize
insurance policies based on a person's driving activity, leading to more
precise pricing and coverage.
The rising need for
digital insurance solutions is another element boosting the insurtech market's
expansion. To acquire insurance, submit claims, and manage policies, consumers
are increasingly shifting toward digital platforms. To offer client experience,
insurtech companies are utilizing digital technologies such as chatbots, mobile
apps, and artificial intelligence.
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The global Insurtech
market is segmented on the basis of type and premium range. Based on type, the
market is further segmented into life insurance, health insurance, travel
insurance, home insurance, property insurance, auto insurance and others
include theft insurance, corporate insurance. Based on premium range, the
market is further divided into up to USD500, 501-2000, 2001-5000, above 5000.
The increase in number
of vehicles on the road is one of the primary causes for the high demand for auto
insurance as more individuals are buying insurance to protect their cars against
accidents and property damage. The increased understanding of the significance
of insurance coverage is another element influencing the rise in demand for
auto insurance. Many nations mandate that drivers have liability insurance at
the very least, and people are beginning to understand the advantages of
obtaining complete coverage for their cars.
The capability of
purchasing auto insurance online or through mobile apps has also been
facilitated by technological improvements, enhancing accessibility and
convenience. Technology is also being used by insurers to provide more individualized
and data-driven pricing, which may encourage customers to get insurance.
The demand for auto
insurance is rising overall as a result of a number of causes, including an
increase in the number of vehicles on the road, increased knowledge of the
value of insurance protection, and technological improvements.
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“The global Insurtech
market is witnessing high demand and is expected to grow at a significant rate during
the forecast period owing to the rising number of startups in the insurtech
market in different countries. Moreover, companies are providing faster
insurance claims and less paperwork with the use of mobile applications and
artificial intelligence. Companies are targeting and offering consumer
insurance on the basis of their need which is significantly contributing to the
growth of global Insurtech market,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
Global Insurtech Market, By
Type (Life Insurance, Health Insurance, Travel Insurance, Home Insurance,
Property Insurance, Auto Insurance, Others (Theft Insurance, Corporate
Insurance)), By Premium Range (Up to USD500, 501-2000, 2001-5000, Above 5000),
By Region, Competition, Forecast & Opportunities, 2018-2028F, has evaluated the future
growth potential of global Insurtech market and provides statistics &
information on market size, structure, and future market growth. the report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the insurtech market globally.
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