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Insurtech Market Report


Company Analysis, History and Future Overview, Global Sales Trends by 2025


Published Date: 2020-02-10   |   Pages: Ongoing   |   Tables: Ongoing   |  Report ID: 8309 |  Industry: Miscellaneous  |   Format : pdf word ppt excel



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The global insurtech market is expected to benefit from the rising demand for cloud-based insurance software and growing use of internet-connected devices in the insurance industry. The increasing need to evaluate market and other risks, provide faster services, and manage and monitor increasing customer data could create a surge in the demand for insurtech solutions in the insurance industry.

Robust Growth and Digitalization of Insurance Industry Expected to Improve Demand

The global insurtech market is anticipated to take advantage of the implementation of tight government policies related to vehicle and health insurances. Some countries require vehicle owners to have mandatory auto insurance and citizens to have compulsory medical insurance. Thus, with the continuous expansion of the insurance industry, the demand for insurtech solutions is expected to grow strong in the coming years. Insurance companies use insurtech solutions to increase profits, reduce costs, save operational time, easily identify money laundering and other frauds, and streamline transaction processes.

The need for advanced data analytics, proper structuring of data, better payment processing technologies, and digitalization in the insurance industry could create more demand for insurtech in future. Insurtech plays a crucial role in helping insurance firms to launch ultra-customized policies, increase customer engagement, and improve their payment systems.

Market Segments

By Technology

 Blockchain

 Robo Advisory

 Cloud Computing

 Machine Learning

 IoT

 Others

By Service

 Consulting

  Managed Services

 Support and Maintenance

By Type

 Auto

   Travel

 Business

   Specialty

 Health

 Home

 Others

By End Use

  Automotive

 Transportation

 BFSI

 Retail

 Government

 Manufacturing

   Healthcare

 Others

The BFSI industry is likely to significantly contribute to the growth of the global insurtech market. This could be due to high relevance of insurtech products to BFSI applications and the implementation of government initiatives encouraging the adoption of insurtech solutions. Among technology segments, cloud computing is expected to account for a substantial share of the global insurtech market because of the increasing use of cloud technology in insurance companies to reduce fraud risks. Insurance companies use cloud technology for integrating all kinds of risk data, including key risk indicators, risk and control assessments, and loss events, within a single environment.

Among service segments, managed services are anticipated to attract strong growth in the global insurtech market mainly on the back of the need of insurance companies to manage risks, identify growth opportunities, and improve and personalize services for customers. With health insurance companies increasing the demand for digital solutions, IoT, machine learning, and AI for process automation and providing better customer experience, the health segment could exhibit high growth in the global insurtech market.

By Region

world_regions

North America is prophesied to secure a commanding share of the global insurtech market as it rides on the increasing demand for digital products and services in the financial sector. Strong adoption of modern technological solutions used in BFSI industry, the presence of key players, and growing need for end-to-end digital financial solutions could help strengthen the growth of the insurtech market in North America. Asia Pacific could be another region with high growth in the insurtech market. The increasing requirement for advanced banking platforms and tools, cloud technologies, and insurance services is predicted to benefit the Asia pacific insurtech market.

Insurtech Companies to Focus on Product Innovation to Offer Better Features

The report covers the competitive landscape and key players operating in the global insurtech market, including Damco Group, ZhongAn Insurance, DXC Technology Company, Wipro Limited, Majesco, Tr?v, Inc., Oscar Insurance, Shift Technology, Insurance Technology Services, and Quantemplate. Insurtech companies are anticipated to attract new customers by launching new and innovative solutions that can help strengthen their decision-making and automation capabilities and enhance their operational efficiency. Investment in product upgrades and research and development projects could be another strategy adopted by players competing in the global insurtech market. Early in 2020, Laka, a London-based insurtech, announced that it secured €4.2 million in an investment round. The company will use the funds for the ongoing development and expansion of its bicycle insurance platform.

Agriculture


Agriculture is expected to be an important sector of the global business in the coming years. At QYR Consulting we make sincere efforts to help you improve your performance and transform your business by seizing the opportunities. Our research reports include an assessment of the shifting agricultural trends, evolving energy needs, and introduction of disruptive technologies. We offer market outlooks after through research, which is conducted using primary and secondary research methodologies.

Our reports highlight the best investment opportunities by evaluating the risk factors. Over a period of time, we have built a valuable network of market experts, which makes its own, invaluable contribution in writing these business reports. With our understanding of the promising markets, we present to you a heuristic approach towards discovering the future of energy and agriculture sector.


Energy and Power


Energy and power systems across the globe have undergone massive changes in recent years. The surging demand for power consumption has drastically impacted generation and distribution of energy through the years. The changing landscape, with innovation in automotive, housing, and industrial sectors, has pushed energy and power companies to not just boost production but also look for alternatives for sustainability. The sector is challenged by issues of soaring demand and rising CO2 emissions.

The research reports shed light on the energy and power needs of the future. They predict the rise and fall from conventional energy consumption to renewable power production. Analysts have discussed the benefits and hurdles that energy mixes are expected to bring. Wind, solar, and other renewable and less harmful energy sources have been extensively researched and written about in these research reports.


Service and Software


The software industry has reinvented the future of business over the years. From providing top-notch solutions to customizing them for specific needs, the software industry offers myriad services. Shifting trends and needs of the global citizens has drastically helped the service and software industry as devised applications that were unheard of. We understand your changing needs that demand unique vision and strategy.


The software industry has reinvented the future of business over the years. From providing top-notch solutions to customizing them for specific needs, the software industry offers myriad services. Shifting trends and needs of the global citizens has drastically helped the service and software industry to devise applications that were unheard of. We understand your changing needs that demand unique vision and strategy.

The research reports have been collated by an expert team of analysts who aim to be your guiding hand through the coming years. The thoughtful evaluation of the service and software industry attempts to provide a detailed picture of the changing competitive landscape. Analysts have discussed products and evaluated the way they must progress to stay ahead of the game.

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Why QYR Consulting?


We are committed to delivering the best solutions and we offer a 24*7 helpline.


We promise superior quality of authenticated data.


We offer help and advice across varying time zones.


We boast a strong team of experienced analysts.


We have an exhaustive repository of published reports.


Read More

Contact us Directly

USA
 +1 626 428 8800

India
  +91 20 67104444

Beijing
  +86 108 294 5717

For Enquiry : sales@qyrconsulting.com

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  You must accept our privacy policies before submit your requirement




Why QYR Consulting?


We are committed to delivering the best solutions and we offer a 24*7 helpline.


We promise superior quality of authenticated data.


We offer help and advice across varying time zones.


We boast a strong team of experienced analysts.


We have an exhaustive repository of published reports.


Read More

Contact us Directly

USA
 +1 626 428 8800

India
  +91 20 67104444

Beijing
  +86 108 294 5717

For Enquiry : sales@qyrconsulting.com

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NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.



Insurtech Market Report