Market Research Report
Insurance Technology Market with COVID-19 Impact Analysis, By Insurance, By Technology, By Deployment Mode, and By Region - Size, Share, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||1003888|
|Published||Content info||266 Pages
Delivery time: 2-3 business days
|Insurance Technology Market with COVID-19 Impact Analysis, By Insurance, By Technology, By Deployment Mode, and By Region - Size, Share, & Forecast from 2021-2027|
|Published: May 1, 2021||Content info: 266 Pages||
Global Insurance Technology market was valued at USD 2.80 billion by 2019, growing with 40.3% CAGR during the forecast period, 2021-2027.
Insurance Technology is the use of innovative technologies designed to optimize, savings and enhance the efficiency of the current insurance industry model. Insurance Technology is coming from the words "insurance" and "technology. Thus implementation of new technology by the savvy players into the insurance sector for bringing innovative, disruptive, opportunity-laden power is expected to strengthen the Insurance Technology market growth.
Increasing demand for insurance for consulting projects with a surge in consumer awareness about the benefits of insurance, improved communication with the client, simplified claim process, and the capabilities for implementing automation have impelled the Insurance Technology market growth. It created a massive demand for the growth of the Insurance Technology market around the globe. For instance, according to the Insurance Information Institute Organization, the United State's insurance industry net premiums reached US$ 1.32 trillion in 2019 with most of the premiums recorded by property/casualty (P/C) insurers, life/annuity insurers. P/C insurance has primarily auto, homeowners, and commercial insurance which totaled US$ 637.7 billion in 2019. It created a massive demand for the Insurance Technology market growth around the globe.
The Insurance Technology market is segmented on the basis of insurance type, technology, deployment mode, and region.
In terms of the insurance type, the global Insurance Technology market is divided into property and casualty insurance, commercial insurance, and others. Among these, the commercial insurance segment has the highest share in 2020, this is primarily due to the growing adoption of insurance for avoiding the risks associated with commercial businesses.
Based on technology, the global Insurance Technology market is classified as the internet of things, big data & analytics, cloud computing, artificial intelligence, Blockchain, and others. Among these, big data & analytics has the largest share in 2020, this is primarily attributed to the increasing demand for handling a huge amount of data related to insurances due to the rising adoption of insurance for businesses and individuals across the globe.
Depending upon the deployment mode, the global Insurance Technology market is divided into on-premise, and Cloud-based. Among these, the cloud-based segment has the highest market share in 2020, this is primarily due to the rising launching of new cloud platforms for the financial institutes with the surge in demand.
Several leading Insurance Technology companies are adopting new technology such as AI, IoT, etc for optimizing the data and solutions related to the insurance may create ample opportunity for the growth of the market. For instance, in Nov 2017, Neos launched IoT-based home insurance across the UK. It was intended to launch with sensor tech and wireless connectivity for reducing home-related risks.
Major key players are adopting several strategies such as new product launching, mergers, acquisitions, and partnerships for entering into the market that is expected to strengthen the Insurance Technology market growth. For instance, in October 2020, Clover Health launched Medicare Advantage Plans by partnering with Walmart. The partnership consists of a high-quality zero-premium health insurance plan that will be available in 8 counties in Georgia.
Key features of the study:
This proposed research study on Insurance Technology market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2020-2027), considering 2019 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Insurance Technology market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Insurance Technology market
Impact of COVID-19 on Insurance Technology market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Insurance Technology market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Insurance Technology market, we have also included competitive landscape and key innovator analysis for the Insurance Technology market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and product attractiveness.
The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the Insurance Technology market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new product launch, research & development, regional expansion of major participants involved in the electric tooth brush market on global as well as regional level.
The global Insurance Technology market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL Insurance Technology MARKET KEY PLAYERS
Acko General Insurance Limited
Clover Health Insurance
Banc Insurance Agency Inc
Haven Life Insurance Agency LLC
Oscar Insurance Corp.
Quantemplate Technologies Inc.
ZhongAn Online Property & Casualty Insurance Co.
GLOBAL Insurance Technology MARKET, BY INSURANCE TYPE
Property And Casualty Insurance
GLOBAL Insurance Technology MARKET, BY TECHNOLOGY
Internet of Things
Big data & Analytics
GLOBAL Insurance Technology MARKET, BY DEPLOYMENT MODE
GLOBAL Insurance Technology MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA
List of Tables
List of Figures