The Global InsurTech Market is projected to grow at a CAGR of 35% in the forecast period of 2021-26, reveals MarkNtel Advisors in their research report. The market is driven primarily by the swiftly increasing inclination toward digital transformation across the insurance sector to bring efficiencies in its operations, like instant claim processing using a mobile application & enabling insurers to reduce the time in policy writing, among others. These operations can be performed quickly & efficiently using advanced technologies like Artificial Intelligence (AI), Machine Learning & predictive analysis, etc.
Additionally, several insurance companies are actively working on improving their communication capabilities with their clients to implement automation in processes and increasingly utilizing InsurTech solutions to enhance the existing industry model, thereby discovering avenues with fewer incentives to achieve. These perks are offering social insurance & ultra-customized policies to several insurance companies and, in turn, driving the InsurTech market worldwide, further states the research report, “Global InsurTech Market Analysis, 2021.”
Integration of Block Chain Technology into the Insurance Sector for Better Coverage & Threat Analysis Boosts the Market
Of all technologies used in the insurance sector, the demand for Blockchain is anticipated to display the fastest growth during the forecast period. It owes principally to its capabilities that help reduce the operational costs & enhance the efficiency of insurance companies using consensus algorithms that offer provenance, immutability, & auditability, which makes it easier for companies to generate smart contracts.
Besides, the integration of Blockchain with Artificial Intelligence is swiftly gaining momentum owing to its ability to expand the insurance coverage efficacy and offer tailored coverage with reliable & accurate threat analysis to improve the overall customer experience. Hence, all these factors are infusing the demand for using Blockchain in InsurTech and, in turn, boosting the global market.
With Rising Customer Preferences toward Digital Insurance Services, North America to Continue Dominating the InsurTech Market through 2026
Of all regions globally, North America dominates the InsurTech Market with the largest share in recent years & the same trend is likely to be followed in the coming years. It owes principally to the rapid adoption of InsurTech solutions to bring digital transformation across the entire insurance sector in the region entwined with an expanding customer preference toward online channels for insurance services.
Additionally, with a rising prevalence of digital brokerage & insurance marketplace for clients, the demand for InsurTech solutions is booming substantially to offer instant access to all kinds of protection products by the insurance companies. Besides, benefits like liquidity, price transparency, & innovation in insurance services for the clients are other crucial aspects propelling the demand for InsurTech solutions in North America and driving the regional market, reveals MarkNtel Advisors in their research report, "Global InsurTech Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global InsurTech Market are Trov, Inc., Oscar Insurance, Policy Bazaar, Quantemplate, Clover Health Insurance, Tractable, Anorak Technologies, Majesco, Cytora Ltd., Zhongan Insurance.
Key Questions Answered in the Study