NEW YORK, Jan. 16, 2025 /PRNewswire/ -- The global insurtech market size is estimated to grow by USD 77.41 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.35% during the forecast period. The report provides a comprehensive forecast of key segments below-
Segmentation Overview
-
Application
-
1.1 Marketing and distribution
-
1.2 IT support
-
1.3 Claim management
-
1.4 Policy administration and management
-
1.5 Others
Deployment
-
2.1 On-premises
-
2.2 Cloud
Geography
-
3.1 North America
-
3.2 Europe
-
3.3 APAC
-
3.4 Middle East and Africa
-
3.5 South America
Country
US, China, India, UK, and France
Get a glance at the market contribution of rest of the segments - Download a FREE Sample Report in minutes!
1.1 Fastest growing segment:
The InsurTech market's marketing and distribution segment is poised for significant growth during the forecast period. The widespread use of smartphones and easy internet access have fueled digital marketing and distribution of insurance policies through advanced technologies. Regulations mandating electronic promotion system certifications ensure security. Mobile point-of-sales in e-retail is gaining acceptance, providing insurance companies with opportunities to cater to busy customers. InsurTech platforms offer chatbots for live customer interaction and resolution of queries, enhancing the digital experience. Customer-centricity and high ROI are driving segment growth. InsurTech startups disrupt traditional financial services with increased access, transparency, and lower costs. Automation through pattern recognition algorithms and predictive coding reduce industry overheads and improve process efficiency. Deregulation of equity crowdfunding and private startup investments attract investors, further fueling market growth.
Analyst Review
Insurance Technology, or InsurTech, refers to the use of technology to create, distribute, and administer insurance products. This innovative sector is revolutionizing the industry by enabling the creation of ultra-customized policies tailored to individual needs. Social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance are just a few areas benefiting from InsurTech. Machine learning and artificial intelligence are key technologies driving personalized offerings. Customer data is analyzed to provide accurate risk assessments and pricing. Cloud computing and deployment models allow for flexible and scalable solutions. Blockchain ensures secure and transparent transactions. Business analytics and IoT devices provide real-time data for risk assessment and claims processing. InsurTech is transforming various insurance sectors, including life & health, auto, marine, liability, buildings, and home insurance. Dwelling coverage and contents coverage are now offered with greater precision and efficiency. The future of insurance is technology-driven, offering customized policies and improved customer experiences.