Global Insuretech Market
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- Published date: July 30, 2021
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- Pune, Akkayapalle, Andhra Pradesh, India
Global Insuretech Market was valued US$ 1.80 Bn in 2019 and is expected to reach US$ 22.10 Bn by 2027, at a CAGR of 43.08 % during a forecast period.
Global Insuretech Market
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The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Insurance technology has also known as Insurtech. It is a rapidly growing industry, which helps to deliver disrupt traditional insurance provision in advanced and emerging economies for incumbents, start-ups, and investors. Insurers have a unique opportunity to influence multiple data sources to create deeper customer relationships. Despite the indicators of stability, the sector operates in a macroeconomic and financial environment which is characterized by global debt levels, inflation rates and low interest rates.
Global Insuretech Market, Dynamics:
Currently, technology is at the core of every insurer’s strategic imperatives. An introduction of the innovative technology are transforming the insurance landscape as they are offering new methods of assessing and controlling risk, enhancing efficiency, engaging with customers, preventing fraud, personalizing coverage and delivering products. Innovation through new technologies is a key driver, which transform the in the financial sector and helps to increase the immeasurable efficiency gains. The technologies have the potential to affect the franchise value of insurance providers with supplementary competition policy considerations. Some of the many insurers are recognizing that new technologies like IoT, advanced analytics, AI and Big Data are expected to drive new offerings in the market that helps to improve customer experience to keep pace with other industries. However, with the slowdown in world economic growth the Insurtech industry has expected to suffer a certain impact that can be limit the global insuretech market growth.
Global Insuretech Market, Segment Analysis:
The BFSI segment is expected to contribute XX% share in the global insuretech market. An increase in the deployment of digital platform to enable enhanced client experience and to offer advantages like constant access to client database and secure transactions are some of the prominent drivers behind the segment growth. The government initiatives and financial regulations across the globe have encouraged BFSI to opt for insurtech-based solutions to offer enhanced customer experience. An increase in the digitization to improve front-end customer experience is also expected to increase the demand for insurtech in BFSI.
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