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Insurtech Market Size to Reach USD 11940 Million by 2027 at CAGR 34.4% - Valuates Reports

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Valuates Reports

25 Jun, 2021, 14:00 GMT

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BANGALORE, India, June 25, 2021 /PRNewswire/ -- Insurtech Market is Segmented by Type (Products, Services), by Application (SMEs, Large Enterprises). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published on Valuates Reports in the Software Category.

The global Insurtech market size is projected to reach USD 11940 Million by 2027, from USD 1462.3 Million in 2020, at a CAGR of 34.4% during the forecast period 2021-2027.

Major factors driving the growth of Insurtech are:

  • The growing demand for insurance service digitization is projected to drive market expansion. Insurtech aids in the simplification of the insurance purchasing and claims processes.
  • Insurtech helps create new avenues that large insurance companies have less incentive to achieve, such as offering social insurance and ultra-customized policies. These solutions use new streams of information from internet-enabled devices to price premiums.
  • By lowering acquisition costs typically by providing customers with a digital interface and using a direct model Insurtech is much more cost-effective than the traditional model.
  • Improved efficiency compared to the existing insurance model.

Browse the full report with Table of Contents and List of figures at: https://reports.valuates.com/market-reports/QYRE-Auto-35M2175/global-insurtech

TRENDS INFLUENCING THE GROWTH OF THE INSURTECH MARKET

With digital brokerage and insurance marketplaces for clients, Insurtech businesses are working on reducing the gaps between customers and insurance providers. Because of the oversaturation of the insurance market and fierce competition among insurers, they have been pushed to incorporate digital technologies that focus on the client interface. Insurtech software products are intended to assist insurers in gaining additional clients through partnerships and improving claim processing. This simplification of the claims process enabled by Insurtech is expected to drive the Insurtech market

Many Insurtech firms are working on employing deep learning-capable artificial intelligence (AI) to help agents manage their responsibilities more quickly and discover the right mix of policies to complete an individual's coverage. Over the projected period, the rising use of applications to combine disparate policies into a single platform for monitoring and management is expected to drive Insurtech market expansion.

Request a pdf sample at: https://reports.valuates.com/request/sample/QYRE-Auto-35M2175/Global_Insurtech_Market           

INSURTECH MARKET SHARE ANALYSIS

North America is one of the largest contributors to the global InsurTech market with relatively high spending on insurance premiums by individuals. With insurers' online presence and digital technologies to track their insurance claims, the United States has seen considerable investments from InsurTech vendors and presents a vast potential market. Several start-ups have emerged in the United States, recognizing the potential for better customer-focused insurance service.

On the other hand, Asia Pacific is expected to grow at the highest rate because of the presence of a young age population in the region along with the increasing tech-savvy generation. 

Inquire for Regional Report: https://reports.valuates.com/request/regional/QYRE-Auto-35M2175/Global_Insurtech_Market

Major Players in the Insurtech Market

  • Quantemplate
  • Slice
  • Neos
  • Shift Technology
  • Lemonade
  • Oscar Health
  • Acko General Insurance
  • ZhongA
  • Others

Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-35M2175&lic=single-user

Buy Now for Enterprise License + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-35M2175&lic=enterprise-user

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SIMILAR REPORTS

- The global cyber insurance market size was valued at USD 4,852.19 Million in 2018 and is projected to reach USD 28,602.10 Million by 2026, growing at a CAGR of 24.9% from 2019 to 2026.

- The global Insurance Analytics Market size was valued at USD 7.91 billion in 2019 and is projected to reach USD 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.

- The global Regulatory Technology (RegTech) market size is projected to reach USD 12920 Million by 2026, from USD 2755.9 Million in 2019, at a CAGR of 24.7% during the forecast period 2021-2026.

- The global usage-based insurance market size was valued at USD 28.7 billion in 2019, and is projected to reach USD 149.2 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.

- The global Insurance Telematics market size is projected to reach USD 3556 Million by 2026, from USD 1574.2 Million in 2019, at a CAGR of 11.9% during the forecast period 2021-2026.

- The global Reinsurance market size is projected to reach USD 354540 million by 2026, from USD 282460 million in 2019, at a CAGR of 3.3% during 2021-2026.

- The global Health Insurance market size is projected to reach USD 108460 Million by 2026, from USD 22220 Million in 2019, at a CAGR of 25.4% during 2021-2026.

- Insurance Big Data Analytics Market by Product-Type (Service, Software), by Application (Pricing Premiums, Prevent and Reduce Fraud, Gain Customer Insight, Others)

- Digital Innovation in Insurance Market by Product-Type (Health Insurance, Motor Insurance, Home insurance, Travel Insurance, Commercial Insurance, Others) Application (Cloud Computing, Internet of Things (IoT), Advanced Analytics, Telematics, Others)

- IoT Insurance Market by Product-Type (P&C, Health, Life) Application (Automotive & Transportation, Home & Commercial Buildings, Life & Health)

To see the full list of related reports on the Insurance

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs. 

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources

CONTACT US:
Valuates Reports
sales@valuates.com 
For U.S. Toll-Free Call  +1-(315)-215-3225
For IST Call  +91-8040957137
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