The global insurtech market size 2020 is estimated to be valued at $7,841.0, growing at a CAGR of 29.1% and is expected to reach $57,934.0 million by 2028.

COVID-19 Impact on the Insurtech Market
The global insurtech market trend is projected to be positively impacted by the COVID-19 outbreak. Businesses all across the world are attempting to increase their competitiveness and market worth in order to prepare for the pandemic. Businesses and customers avoid personal touch to prevent the spread of infections. These actions will benefit artificial intelligence, blockchain, and other user-friendly insurance technology. As a result, the need for insurtech startups and solutions has increased considerably during the corona virus pandemic.

Request Exclusive Sample Report here @ https://www.researchdive.com/download-sample/8506

Global Insurtech Market Analysis
Market growth is expected to be fueled by rising demand for insurance service digitization. The simplification of claims processes is likely to drive growth of insurtech gateways and fintech insurtechs. Insurance companies are focusing their efforts on improving client interactions and automating operations. They're also concentrating on these solutions because they're utilizing technological advancements designed to improve the effectiveness of the current insurance sector paradigm. These technologies are assisting businesses in discovering prospects such as social insurance and ultra-customized coverage that large insurance companies are less interested in pursuing. These systems price premiums based on observed behavior using new streams of data from internet-enabled devices.

Various laws establish varied norms and regulations across countries, with financial centers taking a more united approach to regulation. This becomes a critical issue for insurtech businesses to develop solutions across several regulations such as MiFID II, GDPR, and others, which causes inter-regulation conflict and, as a result, stifles the insurtech market's growth. For example, in the United States, the National Association of Insurance Commissioners (NAIC) oversees and regulates the insurance business, whereas in Europe, MiFID II requirements apply to insurance companies under its jurisdiction. This is one of the key constraints to market expansion.

Connect with our expert analyst to get more details@ https://www.researchdive.com/connect-to-analyst/8506

The insurtech market is set to reach new heights as the number of small businesses grows and technology improves in the insurance industry. Several commercial insurers employ predictive analytics to acquire a lot of information in order to properly understand and forecast organizational risks and losses. The use of technologies is aimed at improving customers' trust and improve the company's value by providing advanced facilities, such as easy and effective insurance policies with reduced premium rates. Furthermore, due to government regulation mandating insurtech, the insurtech market is expected to provide varied opportunities during the forecast period.

Global Insurtech Market, Segmentation
The global insurtech market is segmented based on technology, product, distribution channel, and region.

Technology:

The technology sub-segment is further classified into AI & machine learning, IoT, blockchain, and others of which the AI & machine learning sub-segment is projected to generate the maximum revenue during the forecast period. The AI & machine learning sub-segment is predicted to register a revenue of $26,481.8 million during the forecast period.

AI enables insurers to create these one-of-a-kind experiences while still meeting current consumers' high-speed demands. The goal is to use AI's abilities to tap into the massive amounts of consumer data available in order to create personalized experiences based on a person's interests and habits. Furthermore, machine learning has the potential to not only improve but also automate the claims processing process. When files are digital and accessible via the cloud, pre-programmed algorithms can be used to assess them, resulting in faster and more accurate processing.

Product:

The product segment is further divided into life insurance and property & casualty insurance sub-segments of which the property & casualty insurance sub-segment is projected to generate highest revenue during the forecast period. It is predicted that the market shall generate a revenue of $32,859.4 million by 2028, growing from $4,667.2 million in 2020, with a CAGR of 28.3%.

A number of variables are driving the market's expansion. The rising frequency of severe natural catastrophes is one element that needs a more thorough risk assessment. Many new and emerging risks, including cyber, climate change, pandemics, and intangible assets, are underfunded, while others are slowly being handed over to governments to manage. This decision leaves significant gaps in insurance coverage.

Distribution Channel:

The distribution channel segment is further bifurcated into full stack insurers, agents, and brokers. Among these, brokers sub-segment is expected to generate highest revenue. It is predicted that the market shall generate a revenue of $24,737.1 million by 2028, growing from $3,430.0 million in 2020, with a CAGR of 28.7%.

There has been a surge in demand for goods such as life insurance, vehicle insurance, house insurance, and health insurance, among others, in the insurance sector. This rise in demand is mostly due to greater consumer knowledge of insurance policies, as well as education on the necessity of insurance policies and the numerous benefits they provide policyholders. As policyholders seek the assistance of a broker in finding a policy that suits their needs and preferences, the market has risen as a result of increased demand for insurance policies.

Region:

Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $13,689.8 million by 2028, with a CAGR of 30.2%.

The Asia-Pacific regional market is predicted to increase significantly throughout the forecast period due to the presence of various emerging economies and financial centers such as Singapore, India, and Hong Kong. Insurance firms in the region are aiming to give low-cost insurance premium options. As cloud technologies become more widely used and internet users become more frequent, the region's insurance companies are increasingly moving to digital insurance platforms.

Top 10 Major Key Players in the Global Insurtech Market are -
• American Well Corporation
• Acko general insurance
• Clover Health
• Damco Group
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Trov Insurance Solutions, LLC
• Zhongan Insurance

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Insurtech Market:
Bargaining Power of Suppliers: Insurtech market contains huge concentration of distributors and suppliers and hence, the distributors and supplier’s control is expected to be moderate, resulting in moderate bargaining power of dealers.Hence, the bargaining power of the supplier is moderate.
Bargaining Power of Buyers: Buyers will have high bargaining power, significantly because of high players operating in the insurtech market.Hence, the bargaining power of the buyer is high.
Threat of New Entrants: In the modern world, new entrants may face multiple new barriers, like legal and government policies.Hence, the threat of the new entrants is moderate.
Threat of Substitutes: There are few alternate products for insurtech.Thus, the threat of substitutes is moderate.
Competitive Rivalry in the Market: Robust presence of key players such as Zhongan insurance, Shift technology, and Oscar insurance is creating massive rivalry in the local as well as international market. Also, high spending on business expansion and strategic tie-ups are some of the main factors rising competitive rivalry among the companies.Thus, the competitive rivalry in the market is high.

Request for this Report Customization & Get a 10% Discount on this Report@ https://www.researchdive.com/request-for-customization/8506

Related Reports:
Contactless Payment Market
IoT Insurance Market
Home Insurance Market

About Us:
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.

Contact Us:
Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
+1 (917) 444-1262 (US) Toll
Free: +1 -888-961-4454
Email: [email protected]
LinkedIn: https://www.linkedin.com/company/research-dive
Twitter: https://twitter.com/ResearchDive
Facebook: https://www.facebook.com/Research-Dive