InsureTech or insurance technology is a subdivision of fintech or financial technology. InsureTech narrates to the usage of technologies such as IoT, AI, cloud, and blockchain, which helps in simplifying and refining the efficiency of the insurance industry. These technologies provide assistance to insurance companies to offer interactive and enhanced services to its clients such as behavioral premium pricing, interactive chatbots, customized claims settlement, and risk and fraud identification and management, which helps the insurance providers to drive operational excellence, remain competitive in the market and boost growth.
The necessity among insurance service providers to provide personalized insurance services and automate the operational procedure by adopting digital technologies is increasing, which is considered as a major factor driving the growth of the InsureTech market. Moreover, insurance companies adopting advanced technologies are discovering new business models, which are also anticipated to boost the growth of the InsureTech market.
1. Amazon Web Services, Inc.
4. Intel Corporation
5. Microsoft Corporation
7. Shift Technology
8. Tractable Ltd
9. Untangl Limited
10. Wipro Limited
The global InsureTech market is segmented on the basis of component, deployment, technology, insurance type. On the basis of component, the market is segmented as software, services. On the basis of deployment, the market is segmented as on-cloud, on-premise. On the basis of technology, the market is segmented as cloud computing, blockchain, artificial intelligence, internet of things, others. On the basis of insurance type, the market is segmented as property and casualty insurance, health and life insurance, commercial insurance, others.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global InsureTech market based on various segments. It also provides market size and forecast estimates from year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The InsureTech market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting InsureTech market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the InsureTech market in these regions.