Insurtech Market Overview, Analysis And Forecast To 2028: Grand View Research Inc.

 Insurtech Market Growth & Trends

The global insurtech market size is expected to reach USD 60.98 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 48.8% from 2021 to 2028. The market growth can be attributed to the increasing need to understand the behavior of policyholders. The insurtech solutions and services are widely used by insurance companies to build the with insureds.

The increasing adoption of predictive analytics and data analytics to provide effective customer experiences is expected to fuel the market growth. Numerous insurance companies are adopting these analytics services in various areas, such as fraud identification and claim triage. These services enable insurance companies to prioritize claim management applications.

Artificial Intelligence (AI)-driven analytics services are helping insurers to process their claims in a very short time. These services are acting as a preventative measure against human errors, delays, and consumer dissatisfaction. Moreover, insurers are using external data sources and adding specifics about a claimant from images and social media channels.

The outbreak of the COVID-19 pandemic is expected to favorably impact the market. The pandemic has driven the sense of urgency for insurance companies of all sizes to hasten their digital transformation operations and collaborate with their partners who were their former competitors. The digital transformation is expected to help insurance companies in reducing operating costs, shielding themselves from forthcoming crisis disruption, and serving customers seamlessly.

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Insurtech Market Report Highlights

• The increasing awareness about healthy lifestyle habits across the globe is expected to create growth opportunities for insurance companies in the health domain
• Increasing usage of intelligent machines and the rise of automation in the field of insurtech are expected to propel the adoption of managed services in various end-use industries
• The blockchain technology segment is expected to witness significant growth over the forecast period. The segment growth can be attributed to the rising adoption of this technology to reduce fraudulent claims in the insurance industry. This technology also helps insurance companies reduce operational costs of reinsurers and allows them to collect verified real-time data from insurers
• Political and consumer trends are forcing the healthcare industry to become more transparent about pricing, and with startups pioneering new approaches in the insurance category is expected to drive the segment growth over the forecast period
• The North American region is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement

Insurtech Market Segmentation

Grand View Research has segmented the global insurtech market based on type, service, technology, end-use, and region:

Insurtech Type Outlook (Revenue, USD Million, 2016 - 2028)

• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

Insurtech Service Outlook (Revenue, USD Million, 2016 - 2028)

• Consulting
• Support & Maintenance
• Managed Services

Insurtech Technology Outlook (Revenue, USD Million, 2016 - 2028)

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others

Insurtech End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
• Others

Insurtech Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa

List of Key Players of Insurtech Market

• Damco Group
• DXC Technology Company
• Insurance Technology Services
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Trōv, Inc.
• Wipro Limited
• Zhongan Insurance

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.