Newark, DL. , May 1, 2022 (GLOBE NEWSWIRE) – The indoor technology market is expected to reach $165.4 billion in 2032 from a mere market value of $12.5 billion in 2021. Impressive compound annual growth rate of 25.9% over the forecast period .
The growth of general awareness among the general public about the benefits of insurance policies has increased the demand for general insurance policies offered by many companies around the world. Insurance companies have also strengthened their presence in the market by implementing digital insurance technology or insurance technology infrastructure with the changing economic scenario.
Over the years of commercial insurance service and development, insurance technology companies have ramped up in terms of offering customized policies to clients. Adoption of such technology to collect and analyze customer data for life insurance companies for insurance technology has increased business attractiveness in the global insurance technology market.
The emergence of a number of small and regional companies operating in different categories such as auto insurance or home insurance companies has led to market segmentation, making it very competitive.
Most of the major players are strengthening their markets by establishing partnerships and collaborations with banking and financial institutions to provide new and specific commercial insurance solutions.
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“The rapid digitization of all major service sectors in the economy has changed the business model of insurance companies around the world. The addition of professional and advisory services to potential clients via online platforms has necessitated greater integration of insurance technology solutions to drive the growth of the global insurance technology market.”
According to the market survey report of the EIS group of insurance companies, it was found that nearly 59% of companies have increased their spending on creating digital infrastructure. This includes a record penetration of P&C Insurtech companies into the global market.
• According to the market analysis report, the absolute growth of the global insurance technology market size in terms of value is expected to be about 148.8 billion US dollars during the projected years from 2022 to 2032.
• With the expansion of the concept of insurance companies in the field of insurance technology to include new service areas, the solutions sector is growing at a faster rate than the service sector. The projected compound annual growth rate (CAGR) for the solutions sector is close to 25.8% for the next decade.
• On the basis of various technologies adopted by life insurance technology companies, cloud computing has emerged to be the most attractive segment in the current market. The estimated growth of this sector over the forecast years is estimated at 25.2%.
• The US market occupies the dominant position in the global market for having the largest amount of insurance capital, which is estimated to be worth about 6 billion US dollars in 2022. It is also the best performing country with a compound annual growth rate of 25.6% expected to reach the net worth The regional insurance technology market would have reached $58.6 billion by the end of this forecast period.
Major players operating in the global inland technology market include Damco Group, DXC Technology Company, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance, among others.
• Universal Fire & Casualty Insurance, one of the largest insurance companies in the United States, has announced the acceptance of cryptocurrency payments for insurance premiums, and the start of a new business model for home insurance companies in the US market. The integration of such advanced digital facilities and blockchain technologies is expected to further enhance the global indoor technology market.
• An auto insurance company called Metromile also announced in December 2021 that it will accept cryptocurrency from its customers to pay their premiums and claim payments. This new development is expected to open up some new opportunities in the field of auto insurance services for insurance technology in the coming days.
According to the publication form
- Artificial intelligence
- cloud computing
- Big Data and Business Analytics
- The Internet of things
by end user
- Life and health insurance
- Property and accident insurance
According to the application
- Product development and underwriting
- Sales and marketing
- Policy and Exchange Management Group
- Claims management
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1. Executive Summary
1.1 Global Market Outlook
1.2 Statistics summary
1.3 Main market characteristics and features
1.4 FMI analysis and recommendations
2. Market Overview
2.1. Market Coverage / Rating
2.2. Market Definition / Scope / Limitations
3. Assessment of market trends and risks
3.1 Risk Assessment
3.1.1. The COVID-19 Crisis and Its Impact on Demand for Insurtech
3.1.2. Measure the impact of COVID-19 with the previous crisis
3.1.3. Impact on Market Cap (US$ Million)
3.1.4. Rating by major countries
3.1.5. Assessment by key market segments
3.1.6. Action points and recommendations for suppliers
3.2 Main trends affecting the market
3.3 Formulation and Product Development Trends
4. Market background
4.1 Insurtech Market, by major countries
4.2 Assessment of Insurtech Market Opportunity (US$ Million)
4.2.1. Total Available Market
4.2.2. addressable marketplace
4.2.3. Obtainable market for the service
4.3 Market Scenario Forecast
4.3.1. Demand in an optimistic scenario
4.3.2. Demand in a possible scenario
4.3.3. Demand in the conservative scenario
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