Global Insurtech (Consulting, Support & Maintenance, Managed Services) Markets Report 2022-2030 – Focus on Automotive, Enterprise, Healthcare, Home, Specialty, Travel – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Insurtech Market Size, Share, and Trend Analysis Report by Type (Automotive, Enterprise, Healthcare, Home, Specialty, Travel), by Service (Consulting, Support & Maintenance, Managed Services), by technology, by end use, by region and Industry forecast, 2022-2030″ report has been added to from ResearchAndMarkets.com offer.

The global insurtech market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030

Rising awareness of the benefits of insurtech solutions to simplify the claims process, improve communication and implement automation is expected to drive the market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks with greater precision, speed and accuracy compared to humans is also one of the major drivers of market growth.

The market should benefit from the growing interest of global investors in insurtech companies. For example, in May 2021, Shift Technology, a provider of artificial intelligence SaaS tools for insurance companies, raised $220 million. The company would use the money to expand into the property and casualty insurance and healthcare markets.

Efforts by insurtech companies to improve their fraud detection procedures are also expected to create new opportunities for market growth. For example, in April 2021, the Insurance Fraud Bureau (IFB) announced its partnership with Shift Technology. The partnership aims to set up a new fraud detection system for the UK insurance industry.

The COVID-19 pandemic has had a favorable impact on the growth of the market in 2021. Insurers have increased the use of drones, mobile applications and catastrophe models amid pandemics, which has accentuated the growth of the Marlet. At the same time, preventive measures such as social distancing and remote working have also helped increase the rate of digitalization in the insurance industry, driving the growth of the market.

Highlights of the Insurance Technology Market Report

  • The healthcare segment dominated the market in 2021. The growth can be attributed to the growing awareness of healthy lifestyles across the world due to the pandemic, which is forcing healthcare insurance companies to invest more in improved technologies.

  • Managed services segment dominated the market in 2021. Rising use of intelligent machines and rise of automation in insurtech domain has increased the adoption of managed services across various end-use industries in 2021.

  • The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies require blockchain technology to increase sales, increase customer engagement, and gain competitive advantage.

  • The healthcare sector is expected to experience the fastest growth during the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent when it comes to pricing. Moreover, new approaches adopted by startups in the insurance industry are expected to drive the growth of the segment over the forecast period.

  • North America is seeing a growing demand for better communication, seamless data sharing, and high integration between insurers and service providers for better customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period.

Insurtech Market Value Chain Analysis

Supplier Landscape

Market Driver Analysis

  • The growing adoption of predictive analytics

  • Growing transition to cloud computing

Analysis of market constraints

  • Data security and privacy issues

Mapping penetration and growth prospects

Insurtech Market-Porter’s Five Forces Analysis

Analysis of the Insurtech-PESTEL market

Companies cited

  • Damco Group

  • DXC Technology Company

  • Insurance Technology Services

  • majesco

  • Oscar Insurance

  • Quantmodel

  • Shift Technology

  • Trov, Inc.

  • Wipro Limited

  • Zhongan Insurance

For more information on this report, visit https://www.researchandmarkets.com/r/3f05r4

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