“The global InsurTech Market revenue is valued at $532.7 million in 2019 and is expected to reach $1,119.8 million by 2027, growing at a CAGR of +16% during the forecast period 2020-2027.”
InsurTech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a combination of insurance and technology that was inspired by the term fintech. It is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies, social insurance, and using new streams of data from internet-enabled devices to dynamically price premiums according to observed behavior.
The InsurTech Market report is a unique business that helps prioritize local sales activities, define realistic sales goals, understand market share, track competitors’ activities, identify partnerships or merge possibilities, and compare customer segment performance. Global market analysis is provided to international markets including development trends, competitive landscape analysis and key regional development status. Development policies and plans as well as increasing demand for high-performance chips which reduce current leakage of the variety of applications is expected to boost the global market in future.
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The Major Players Reported In the Report Are: Friendsurance, Oscar, ZhongAn, Allay, Analyze RE, GetInsured, Bayzat, Bought By Many, Claim DI, Common Easy.
The report also includes the major prevailing trends, drawbacks that the industry is currently witnessing and the opportunities that the future holds for the investors and the shareholders. The market has also been examined in terms of its revenue. Dynamics such as market drivers, restraints and opportunities have been combined and displayed which helps in collecting the statistics on the future growth of the InsurTech market.
The Global InsurTech Market can be segmented on the basis of type such as:
The Global InsurTech Market can be segmented on the basis of application such as:
• Health Insurance
• Property and Casualty Insurance
• Life Insurance
Geographically, market can be split into:
• Europe (EU)
• Asia Pacific (APAC)
• Latin America (LA)
• South & Central America
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With the help of Porter’s Five Forces analysis, the report provides a detailed analysis of the various factors influencing the industry. The analysis also helps to understand the degree of competition prevalent in the market. Furthermore, the report analyzes the value chain and various drivers and restraints of the InsurTech Market.
Key questions answered in the report include:
• What will the market size and the growth rate be in 2027?
• What are the key factors driving the global InsurTech market?
• What are the key market trends impacting the growth of the global InsurTech market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global InsurTech market?
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