The Asia Pacific Region is Growing at the Highest Rate in the Insurance Technology (InsurTech) market
The global InsurTech market is expected to witness a CAGR of 16.0% during the forecast period 2018–2023 to reach revenue of $1,119.8 million by 2023
Bangalore, India, November 29, 2018: With its recently published study “InsurTech Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for InsurTech is expected to grow, owing to the increasing need to enhance the insurance claims processing experience for customers. InsurTech has reduced the requirement of brokers for insurers as both insurance holders and the insurers can be connected online. InsurTech helps the customers in procuring the right insurance and make the claims processing hassle free.
InsurTech finds significant interest from the insurers due to its marketplace offerings. The increased usage of digital and mobile applications by the customers is expected to steer the market growth, both in developed and developing countries. This trend is likely to continue during the forecast period 2018–2023, fueling the InsurTech market growth at a CAGR of 16.0% to reach revenue of $1,119.8 million by 2023.
North America is dominant in the InsurTech market, followed by Europe and Asia Pacific. North America is the largest contributor owing to the relatively high spending on insurance premiums by individuals. Asia Pacific is poised to grow at the highest CAGR as the region holds potential to improve with the adoption of insurances among the growing young age population in India and China.
The property and casualty segment is majorly contributing toward the InsurTech market. The next significant share for the InsurTech market is attributed to healthcare insurance that simplifies the healthcare experience for customers with custom insurance offerings and easy claim processes. On the other hand, the life insurance segment has relatively a smaller market share; although its adoption is expected to increase over the years, consequently generating more revenue for the InsurTech market.
“InsurTech vendors are creating new business models for insurers by offering digital marketplaces and providing a wide range of insurance options to choose from that fits their budget. It disrupts the entire ecosystem by reaching the customers through digital brokers. The analytics software offered by few InsurTech vendors helps insurers to get consumer insights that help in devising best insurance plans for customers.” said Swarup Bhowal, Research Analyst, Infoholic Research
Key insights of the report include
- Health Insurance
- Property and Casualty Insurance
- Life Insurance
- Industry outlook - Market trends, drivers, restraints, and opportunities