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Insurtech Market Trends, Forecast 2021-2027

The global Insurtech market was worth USD 5.3 billion in 2020 and is further projected to reach USD 10.7 billion by the year 2027, growing at a CAGR of 10.6% during the forecast period (2021-2027).

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Insurtech Market Trends, Forecast 2021-2027

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  1. Global Insurtech Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027

  2. Global Insurtech Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global Insurtech market was worth USD 5.3 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 10.7 billion by the end of 2027. The global Insurtech market is driven by the rapid digitization and growing adoption of advanced technologies, such as machine learning, the Internet of Things (IoT), cloud computing, etc. These technologies generate large volumes of data that help insurance companies track and analyze consumer behavior and remodel the insurance industry model to fill the scantiness of the market.

  3. Growth Drivers  Rapid Digitization and Adoption of Advanced Technologies The recent advancements in digital technologies, such as AI, quantum computing, blockchain, Robotic Process Automation (RPA), etc., and their rapid adoption in the insurance industry are giving a significant boost to the Insurtech market. For instance, Insurtech platform HealthCare.com has raised $180 million in funding for its artificial intelligence-powered tools that connect consumers with health plans. According to the National Association of Insurance Commissioners, United States, artificial intelligence (AI) is prominently being used in the insurance sector for claiming, processing, underwriting, fraud detection, and customer services. Its valuation now exceeds $1 billion. 

  4. Restraints  Concerns Over Data Privacy and Cyber Attacks Insurtech tracks and records huge volume of data to improve insurance industry model. However, the collected data raises serious concerns about customer privacy. Due to the increasing penetration of technologies such as AI and IoT, concerns about people's privacy are also increasing, which is being exploited by companies to sell them their products and services. Moreover, Insurtech data is vulnerable to cyberattacks. According to estimates, more than 100 million Americans have had their PII (Personal Identifiable Information) compromised by attackers through this sector. Such factors are acting as major restraints for market growth.

  5. Impact of COVID-19 The sudden COVID-19 outbreak proved to be a boon for the Insurtech market as it registered prolific growth during this period. The pandemic highlighted the gaps and weaknesses of the insurance industry and its model. As a result, the insurance companies started investing in the adoption of digital technologies such as cloud computing, machine learning, IoT, etc., to innovate their business model and improve their customer reach and engagement during this period. Furthermore, the adoption of innovative technologies also enabled insurance companies to improve their business operations through improving insurance distribution, customer service, and claims. Such factors are anticipated to influence the Insurtech market growth in the post-COVID-19 period as well.

  6. Regional Insights Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the Insurtech market due to the high awareness regarding the benefits of Insurtech as well as high level of consumer spending on insurance and its components. Furthermore, the high and rising number of Insurtech startups, such as Oscar, Slide, Root Insurance, Delos, etc., makes Insurtech services more accessible to policy seekers, which drives the overall market growth. Furthermore, the high and rising number of Insurtech companies and startups such as Oscar, Slide, Root Insurance, Delos, etc., also makes the Insurtech services accessible to policy seekers, which is driving the overall market growth.

  7. Competitive Landscape The leading players in the global Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players. Sample Copy: https://www.blueweaveconsulting.com/report/global-insurtech-market/report-sample

  8. Recent Development In December 2021, Insurance Samadhan, an Indian Insurtech platform, announced to have raised USD 5.5 crore (approx USD 720,000) in a pre-Series A funding round led by Equanimity, 9Unicorns, Venture Catalysts, and others. In December 2021, Coalition, a US-based commercial Insurtech provider, announced to be launching a new captive to manage risks from its cyber insurance programs, as well as oversee pricing, reserving, capital requirements, and regulatory compliance.

  9. Key Players Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcero, Sureify, Insurance Technology Services, and other prominent players.

  10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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