Global InsurTech Market Report 2021-2026 – Focus on improving customer experience

DUBLIN, November 03, 2021– (BUSINESS WIRE) – The report “Global InsurTech Market Research Report: Forecast (2021-2026)” has been added to ResearchAndMarkets.com offer.

InsurTech, that is, insurance technology, means using cutting edge technologies, such as AI, IoT, ML by insurance companies to increase customer engagement and improve efficiency of their operations by reducing costs or streamlining the process.

According to the report, the market may reach a CAGR of around 35% in 2021-2026. The increasing digitization of insurance services and the significant investments in insurance companies are the major factors driving the growth of the global insurance market.

In addition, paradigm shifts in insurance companies towards cloud computing integration, increasing adoption of predictive analytics, and increasing demand for improved customer services are driving increased demand for InsurTech. .

In addition, the growing trend to facilitate the transaction by improving the functionality of the payment processing technique as well as the snowballing use of advanced technologies to optimize the pricing mechanism, and the growing presence of InsurTech companies in Emerging regions such as Asia-Pacific and Middle East region are further contributing to the lucrative growth of the market during the forecast period.

Impact of COVID-19

The Covid-19 pandemic is having an optimistic impact on the InsurTech market due to the increasing adoption of mobile applications and online platforms among customers and the growing demand for modernization of technological infrastructure. However, the rise of digital innovation in the insurance industry has prompted InsurTech companies to reconsider their long-term strategies as they face considerable challenges in the short term.

Market segmentation

Blockchain recorded the fastest growing share

The market is categorized into Blockchain, Cloud Computing, IoT, Machine Learning and Artificial Intelligence, and Drones, based on the technology. Blockchain saw the fastest growth in the global InsurTech market in 2019. Blockchain technology adoption is high among InsurTechs as it increases transparency, reduces administration and subscription process costs, and identifies activities. fraudulent acts related to the high-value asset.

In addition, the growing need to improve the efficiency of complaints handling and registration of agreements, increasing the tendency to improve the customer experience by eliminating the lengthy process of third-party verification and submission of documents. The increasing incorporation of Blockchain technologies to improve operational efficiency is the factor which has a magnificent impact on the growth of the global insurance technology market during the forecast period, says the author in his research report. , Global InsurTech Market Analysis, 2021.

P&C insurance represents a considerable market share

In the application segment, P&C insurance accounted for a considerable market share in the global InsurTech market in 2019. The increasing adoption of the cloud to improve business agility and reduce operational costs, the increasing digital disruption of P&C insurance to open up new possibilities such as service delivery, fraud detection and customer acquisition are the factors that are expected to fuel the growth of the segment.

Apart from this, the growing trend to deploy intelligent automation such as AI, ML, IoT in property and casualty insurance to achieve better communication, optimize the experience of insurers and clients, assess levels of risk and reduce maintenance costs. Hence, this projects an optimistic influence on the growth of the segment during the forecast period.

Regional landscape

Asia-Pacific is likely to achieve highest CAGR

Asia-Pacific is expected to achieve the highest CAGR in the global insurance market during the forecast years. The growth is attributed to the increasing emergence of InsurTech companies in countries such as China and India due to the heavy use of online ecosystems, the snowballing speed of digitization and the technological advancement in various aspects of insurance such as customer service, complaints and underwriting.

In addition, the increasing adoption of cloud technologies and disruptive technologies such as advanced analytics, IoT, AI due to the growing demand for end-to-end digital financial solutions and the emerging collaboration between companies. Insurance and insurance are the factors promising lucrative market growth on schedule.

Market engine

Accentuate attention to improve the customer experience

The increasing mitigation of fraud, especially in the area of customer identification verification and the increasing focus of companies on increasing customer base, are strongly contributing to the growth of the market. In addition, the growing number of InsurTech companies and the increasing adoption of the digital approach due to growing customer needs are skyrocketing the demand for new insurance products.

In addition, the ongoing digitalization in the insurance industries due to the strengthening of internet users and the growing trend of insurers towards digital underwriting and claims processes are also critical factors accelerating the uptake of the Internet. market growth.

Competitive landscape

The main leading players in the global InsurTech market are