Sudip Saha is the managing director and co-founder at Future Market Insights
The insurtech market is expected to rise from a paltry market value of US$ 16.6 billion in 2021 to a net worth of US$ 165.4 billion in 2032, according to Future Market Insights (FMI). A CAGR of 25.9% is predicted for the near future, which is impressive.
Because more people are becoming aware of the benefits of insurance policies, there is a high demand for the general insurance plans provided by different organisations around the world. By deploying digital insurtech or insurance technology infrastructure in response to the changing economic landscape, insurance companies have increased their market presence.
The ability of insurtech firms to provide customers with tailored plans has grown over the years of service and development of commercial insurance. The adoption of such technologies for consumer data collection and analysis by insurtech life insurance companies has increased the market’s appeal to businesses further.
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The market has become more fragmented and fiercely competitive as a result of the entry of numerous small, regional firms operating in various categories, such as insurtech vehicle insurance or insurtech house insurance companies.
The majority of the major providers are expanding their market by forming alliances and working together with banks and other financial institutions to launch new, specialised insurtech solutions for commercial insurance.
“Global insurance providers’ business models have changed as a result of the quick digitization of all significant service sectors of the economy. The addition of professional and consulting services to the available to potential clients through online platforms has required the integration of insurance technology solutions, further boosting the growth of the global insurtech market.
Insurers were found to have boosted their spending on building digital infrastructure in approximately 59% of the companies, according to the EIS group’s market survey report. This includes a record number of P&C insurtech businesses popping up on the international market.
Key Takeaways
Competitive Landscape
The major players operating in the global insurtech market include
One of the top insurance companies in the USA named, Universal Fire & Casualty Insurance Company, announced to accept cryptocurrency payments for premiums, starting a new business model for home insurance insurtech companies in the US market. Integration of such advanced digital facilities and blockchain technologies is expected to further boost the global insurtech market.
An automobile insurance company named Metromile also announced in December 2021 to accept cryptocurrency from its customers to pay their premiums and claim payments. This new development is anticipated to give way to some new opportunities in the domain of insurtech car insurance services in the coming days.
Key Segments
By Offering
By Deployment Model
By Technology
By End User
By Application
By Region
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