Insurtech Market Outlook By Type, Service, Technology, End Use, Region And Forecast To 2025


 San Francisco, 30 Oct 2020: The Report Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Speciality, Travel), By Service (Consulting, Support & Maintenance), By Technology, By End Use, And Segment Forecasts, 2019 – 2025

 

The global insurtech market size is expected to reach USD 16.8 billion by 2025, registering a CAGR of 43.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing use of artificial intelligence (AI) along with Big Data by insurance companies to enhance customer targeting and to automate the decision-making processes is expected to drive the market over the forecast period. Additionally, integration of wearable devices into customer engagement metrics for insurance is further anticipated to keep the market growth prospects upbeat.

Insurance companies are heavily investing in digitizing their business processes, which will help them to simplify the transaction process and to improve the functionality of payment systems. The adoption of insurtech allow insurance companies to detect errors, prevent frauds, and access external data. Furthermore, technologies such as embedded analytics help insurance companies to understand market pattern, consumer behavior, and allow them to make informed business-related decisions. These benefits of digital technologies are creating a significant demand for the technology.

Rising demand for implementation of automation, improved communication between agents and clients, and better personalized offerings are expected to drive the market over the forecast period. The adoption of insurtech in various businesses has allowed insurance companies to minimize the risks associated with liquidity, operation, and counterparty credit. Additionally, increasing adoption of predictive analytics to identify risk of fraud, triaging claims, and to identify outlier claims is anticipated to propel market growth.

Access Research Report of Insurtech Market @ https://www.grandviewresearch.com/industry-analysis/insurtech-market

Further key findings from the report suggest:

  • The home segment is anticipated to exhibit the highest CAGR of 44.3% from 2019 to 2025. Home insurtech allow customers to easily process their claims for property monitoring or assistance in repairs
  • The managed services segment dominated the market in 2018 owing to the growing dependence of insurance companies on IT assets to improve their productivity
  • The blockchain segment is expected to witness the highest CAGR of 44.9% over the forecast period. The adoption of blockchain in insurtech helps in increasing transparency, operational speed, and minimizing the associated delays and costs
  • The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next six years. Insurtech in healthcare provide customers with custom insurance along with easy claim process
  • The North America region is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain by insurance companies in the region is contributing remarkably to the growth of the market
  • The key players in the insurtech market include DXC Technology Company; Damco Group; Majesco; Oscar Insurance; Wipro Limited; Trōv, Inc.; Quantemplate; Shift Technology; and Zhongan Insurance.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

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

Insurtech Type Outlook (Revenue, USD Million, 2014 - 2025)

  • Auto
  • Business
  • Health
  • Home
  • Speciality
  • Travel
  • Others

Insurtech Service Outlook (Revenue, USD Million, 2014 - 2025)

  • Consulting
  • Support & Maintenance
  • Managed Services

Insurtech Technology Outlook (Revenue, USD Million, 2014 - 2025)

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

Insurtech End-use Outlook (Revenue, USD Million, 2014 - 2025)

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

Insurtech Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Access Press Release of Insurtech Market @ https://www.grandviewresearch.com/press-release/global-insurtech-market

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.

For More Information:www.grandviewresearch.com

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