Insurtech Market Soars Forecasted to Surpass US$ 34.7 Billion by 2033

The global insurtech market is poised for substantial growth, projected to surge from its 2023 valuation of US$ 8.6 billion to a robust US$ 34.7 billion by the conclusion of 2033, exhibiting a remarkable compound annual growth rate (CAGR) of 15%. This impressive expansion is primarily attributed to the escalating volume of insurance claims worldwide.

Historically characterized by its conservative and traditional demeanor, the insurance technology industry is currently undergoing a profound transformation marked by the rise of insurtech. Insurtech, denoting the strategic application of technology to revolutionize and enhance various facets of the insurance value chain, has ushered in a wave of innovation. It is fundamentally reshaping the insurance landscape, challenging long-standing conventions, and instigating sweeping changes throughout the entirety of the insurance sector.

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Key Takeaways from Market Study

  • Sales of insurtech services are predicted to increase at a CAGR of 15% from 2023 to 2033.
  • The United Kingdom is a prominent insurtech market in the European region due to the introduction of value-added customer services.
  • With a high number of insurtech companies, Singapore leads the insurtech market in the Asia Pacific region.
  • Key market players and start-ups are reshaping the insurance sector in the United States.

“Blockchain technology is effective in simplifying claim process, and enhancing trust and security in the insurance value chain,” says a Fact.MR analyst.

Competitive Landscape:

Top insurtech companies are concentrating on tactics such as collaborations to support them in strengthening their market positions. Also, they are focusing on advancing insurtech software to help insurers form alliances and streamline claim procedures to improve their client base.

  • The property and casualty insurer Heritage Insurance Holdings Inc. announced in November 2021 that it had partnered with the insurtech P&C carrier Slide. The former company would use Slide’s skills through this agreement to enhance underwriting and rating choices.

Key Companies Profiled in This Report

  • Alan SA
  • Shift Technology
  • Clover Health
  • Cytora Ltd.
  • simplesurance GmbH
  • Haven Life Insurance Agency LLC
  • Quantemplate Technologies Inc.
  • Oscar Insurance Corp.
  • Trov Insurance Solutions LLC
  • ZhongAn Online P&C Insurance Co. Ltd.

Recent Market Developments

  • Florida’s Clover Health, a pioneer in developing innovative technologies, and ValueH, a well-known provider of value-based care, collaborated in August 2021 to provide value-based care and health equity for American seniors.
  • NEXT Insurance, a California-based insurtech, and LegalZoom collaborated in February 2023 to assist small company owners in building and securing their online presence.

Key Segments of Insurtech Industry Research

By Insurance Type :

  • Health
  • Life
  • Travel
  • Auto
  • Business
  • Home

  By Service :

  • Consulting
  • Support & Maintenance
  • Managed Services

By Technology :

  • Blockchain
  • Cloud Computing
  • IoT
  • Artificial Intelligence
  • Machine Learning
  • Robo Advisory
  • Big Data & Business Analytics

By End-use Industry :

  • Automotive
  • BFSI
  • Healthcare
  • Manufacturing
  • Retail
  • Transportation

By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

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Questionnaire answered in the Market Outlook Report of InsurTech include:

  • What is the key strategy deployed by large players to maximize InsurTech Market growth?
  • What are the main challenges faced by players in the InsurTech Market Demand?
  • With the advent of technological advancement, how will the InsurTech market landscape change over the forecast period?
  • What does player bring to the table, which is unique as a strategy, and is easy to emulate for new investors in the InsurTech market size?

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