Emerging technology players have emerged the insurance space over the past few years with the advent of FinTech companies. The FinTech ecosystem is formed majorly by the startups and the financial institutions that are foreseeing the advanced technologies in the financial industry to take a leap forth advantage in staying ahead of its competitors. InsurTech companies are technology driven software vendors that provide digital edge in serving insurance to the clients.
The InsurTech companies are funded by venture capitalists and the market is increasing rapidly. The US is in the forefront in InsurTech development and is home to most number of InsurTech companies, however UK and Germany are growing strongly in the InsurTech space. Most of the InsurTech companies are serving the retail insurance to retain most of the young tech savvy clients. The InsurTech companies are focusing on few emerging technologies such as blockchain, robo-advisory, gamification, IoT, usage-based insurance, and AI/ML.
According to Infoholic Research, the “InsurTech Market” is expected to grow at a CAGR of XX% during the forecast period 2018–2023.
The report provides details about the adoption of InsurTech market across the globe. The report also contains an in-depth analysis of vendor profiles, which include financial data, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are ACD, App Orchid, Applied Systems, Bridge Insurance Group, CHSI Technologies, CodeObjects, DOCUTRAX, DXC Technology, Edjuster, and FAST.
The study offers a comprehensive analysis of the “InsurTech” market bringing out the complete key insights of the industry, the report aims to provide an opportunity for the players in this space to understand the latest trends, current market scenario, government initiatives, and the technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.