Global insurtech industry to reach $3.4T by 2023

reogma|Global insurtech industry to reach $3.4T by 2023

The global InsurTech market revenue was valued at $532.7 billion in 2018 and is expected to reach $ 3.4 trillion by 2023, growing at a CAGR of 45.6% during the forecast period 2019–2023.

  • Definition / Scope
  • Market Overview
  • Top Market Opportunities
  • Market Drivers
  • Market Restraints
  • Industry Challenges
  • Technology Trends
  • Pricing Trends
  • Market Size and Forecast
  • Market Outlook
  • Technology Roadmap
  • Competitive Landscape
  • Competitive Factors
  • Key Market Players
  • Strategic Conclusion
  • References

Definition / Scope

InsurTech term means "technologies that have potential to bring innovation to insurance industry and create impact in value chain of insurance market and its practices."

Insurtech similar to Fintech is however, more service based and are focused on service improvements rather than businesses themselves. The players in the Insurtech sector incorporate application or technology in all stages of insurance supply chain.

These insurtech models/businesses are enabling insurers product ranges to be expanded, creating alternative sales channels and reaching to new group of clients through various evolving technologies.

The Insurtech market can simply be segmented on the basis of component, type and application.

Based on component it can be segmented into software and services.

By type into retail and commercial and by application into health, Property& Casualty (P&C), Life and others.

On the application segment front, P&C segment was ruling however since 2018, the growth is expected to divert to the health segment with more insurtech applications being developed in this segment.

The insurtech market attributed to healthcare insurance basically caters healthcare experience for customers with custom insurance offerings and easy claim processes. 

According to region, North America is witnessing accelerated growth in insurtech. There is high rate of adoption in countries such as Canada and US whereas Mexico is a bit slow to adopt, in addition, the insurtech in these countries is also further driven by high consumer spending in insurance.

Similarly, the market in APAC region is also expected to grow significantly since 2019 especially in economies such as China, India, Singapore and Japan. In addition, these countries are also increasing adoption of mobile and cloud technologies which in turn is encouraging insurtech companies to adopt digital insurance platforms. 


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The global InsurTech market revenue was valued at $532.7 billion in 2018 and is expected to reach $ 3.4 trillion by 2023, growing at a CAGR of 45.6% during the forecast period 2019–2023. Definition / Scope Market Overview Top Market Opportunities Market Drivers Market Restraints Industry Challenges Technology Trends Pricing […]
reogma|Global insurtech industry to reach $3.4T by 2023reogma|Global insurtech industry to reach $3.4T by 2023

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