Insurtech market expected to grow by $77.41 billion (2024-2028) as business efficiency needs and AI influence market trends

new york, December 11, 2024 /PRNewswire/ — Report on how AI is redefining the market landscape – The global insurtech market size is $77.41 billion According to Technavio, from 2024 to 2028. The market is estimated to grow at a CAGR of over 42.35% during the forecast period. The growing need to improve business efficiency is driving market growth, with investors increasingly partnering with insurtech companies. However, high investment costs are a challenge. Key market players include Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., F2X Group Ltd.

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market drivers

Insurtech, the fusion of insurance and technology, is making waves in the industry. This innovation is revolutionizing the creation, distribution and management of insurance products. From social insurance to life and health, auto, marine, liability, buildings and commercial buildings insurance, insurtechs are transforming business and product lines. Machine learning and artificial intelligence are driving personalized solutions for niche customers. Real-time tracking and monitoring information enables better risk monitoring and decision-making. Customer data is the new currency, and predictions are made based on purchase quantities and consumer needs. Cloud computing, blockchain, IoT, and digital solutions are the new normal. InsurTech is transforming insurance plans using big data, chatbots, and on-premises solutions. Insurers are embracing digital transformation and leveraging technology to streamline operations and improve the customer experience. The future of insurtech lies in continuous innovation and meeting evolving customer needs.

Investors are increasingly eager to partner with insurtech companies, as evidenced by a recent conference that brought together 1,500 investors, entrepreneurs, and insurance executives. The main objective of the event was to explore how technology is transforming the insurance industry. Advances in technology are having a significant impact on the insurance value chain, streamlining costing processes, improving consumer experience, increasing transparency, and reducing premiums. scam Simplify customer billing through data analytics. Insurtech companies are prioritizing growing consumer demand for customized insurance products and personalized services.

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market challenges

The insurtech market is revolutionizing the insurance industry by leveraging technology to create and sell innovative insurance products. Challenges in insurance creation and management are being solved through the use of machine learning and artificial intelligence. Social insurance and customer data analytics help insurance companies make accurate predictions and personalized decisions for insurance plans. Real-time tracking and monitoring information is critical for risk monitoring and customer satisfaction. Insurers are adopting digital solutions such as cloud computing, IoT, and blockchain to meet consumer needs. Business lines and product lines cater to niche customers with specific risk profiles. Machine learning algorithms help insurers evaluate purchase volumes and make informed decisions. Big data and chatbots streamline customer interactions and improve decision-making processes. The solution provider is leading the digital transformation of insurance, offering cloud-based and on-premises solutions for life, auto, marine, liability, buildings, and commercial buildings insurance. IoT devices provide real-time data for residential coverage, content coverage, and risk monitoring. The integration of technology in insurance is transformative, allowing insurers to offer customized solutions and improve the overall customer experience. Insurance companies are adopting the use of cutting-edge technology to sell products, known as insurtech. However, this new approach requires specialized training for insurance staff to effectively use technology and understand insurance services. Retraining is essential to ensure your employees are able to provide the right insurance solutions to your customers. Many companies are integrating technology with banking and intermediary services, but effectively managing these systems requires technical expertise, and some companies lack it. You may have done so. Therefore, investing in staff and broker trainers is essential for the successful implementation of insurtech solutions.

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Segment overview

This Insurtech market report extensively covers market segments such as:

Applications 1.1 Marketing and Distribution 1.2 IT Support 1.3 Billing Management 1.4 Policy Management and Administration 1.5 Other Deployment 2.1 On-Premise 2.2 Cloud Geography 3.1 North America
3.2 Europe
3.3 Asia Pacific 3.4 middle east and Africa
3.5 south america

1.1 Marketing and Distribution – The marketing and distribution segment of the Insurtech market is poised to witness significant growth during the forecast period. The proliferation of smartphones and easy access to the internet has facilitated digital marketing and distribution of insurance policies through advanced technology. Regulations requiring certification of electronic promotion systems ensure security. Mobile POS in e-retail is gaining acceptance and offers insurance companies the opportunity to serve busy customers. InsurTech platforms provide chatbots for live customer interaction and query resolution to enhance the digital experience. Customer centricity and high ROI are driving the segment’s growth. Insurtech startups disrupt traditional financial services by increasing access, transparency, and lowering costs. Automation through pattern recognition algorithms and predictive coding reduces industry overhead and increases process efficiency. Deregulation of equity crowdfunding and private startup investment will attract investors and further accelerate market growth.

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research analysis

Insurance technology (InsurTech) refers to the use of technology to create, distribute, and manage insurance products. This innovative field is revolutionizing the industry by enabling the creation of hyper-customized policies tailored to individual needs. Social insurance, life and health, motor vehicle, marine, liability, buildings and commercial buildings insurance are just some of the areas that will benefit from insurtechs. Machine learning and artificial intelligence are key technologies driving personalized services. Analyze customer data to provide accurate risk assessment and pricing. Cloud computing and deployment models enable flexible and scalable solutions. Blockchain ensures secure and transparent transactions. Business analytics and IoT devices provide real-time data for risk assessment and claims processing. InsurTechs are revolutionizing a variety of insurance sectors, including life, health, auto, marine, liability, buildings, and home insurance. Dwelling coverage and contents coverage are now delivered more accurately and efficiently. The future of insurance is technology-driven, offering customized insurance and an improved customer experience.

Market research overview

The insurtech market refers to the use of technology to create, distribute, and manage insurance products. This includes social insurance, life and health, auto, marine, liability, buildings, and commercial buildings insurance. Customer data is key, and machine learning and artificial intelligence are used to make predictions based on consumer needs, purchase volumes, and decisions. Real-time tracking and monitoring information is essential for insureds, and businesses are leveraging digital solutions to streamline insurance plans. Cloud computing, blockchain, IoT, and big data are transforming industries, and solution providers are delivering digital transformation through on-premises and cloud-based platforms. Chatbots and insurance companies are also part of this landscape, improving the customer experience and enabling efficient claims processing. Overall, insurtechs are revolutionizing the insurance industry by providing innovative digital solutions to various business sectors and niche customers.

table of contents:

1 Overview
2 Market scenery
3 Determining market size
4 Past market size
5 Five Forces Analysis
6 Market segmentation

Application Marketing and Distribution IT Support Complaint Management Policy Administration and Administration Other Deployment Regions

North America
Europe
APAC Middle East and Africa
south america

7 Customer situation
8 Geographic Landscape
9 drivers, challenges and trends
10 Company scenery
11 Company analysis
12 Appendix

About Technavio

Technavio is the world’s leading technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market position. Provide.

With over 500 expert analysts, Technavio’s report library consists of over 17,000 reports covering 800 technologies across 50 countries, and growing. The company’s customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify existing and potential market opportunities and gain a competitive advantage within the changing market scenario. is evaluating its status.

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Source Technavio

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