FinTech in Insurance Market Scope
FinTech in Insurance is a financial technology that is reshaping the provision of financial services, creating new opportunities, and posing new challenges for both the insurance industry and financial supervisors. Fintech innovations refer to the variety of emerging technologies and innovative business models for the potential to transform the insurance business. Geographically, North America is leading for adoption for fintech in insurance due to rising demand in various sectors such oil and gas, aviation, Manufacturing for insurance products and business lines, with concentrations in the P&C business, hence the market for fintech in insurance is triggering the growth of the market over the forecast period
The FinTech in Insurance market study is segmented and major geographies with country level break-up.
The market is expected to grow market in the manufacturing as well oil and gas industry. It has wide applications for property and casualty insurance which is driving the demand for the market. Several companies AIG, alliances, Next Insurance are operating in the market to provide customers with better offers with various features & unique offerings. The market is a highly fragmented market with the presence of several market players and local players. Which is triggering the market growth over the forecast period
Next Insurance (United States), Zipari (United States), MetroMile (United States), Corvus Insurance (United States), Kin Insurance (United States), Policygenius (United States), Clearcover (United States), Lemonade (United States), Circulo HealthArtivatic (United States), Mantra Labs (India), Pentation Analytics (United States), Toffee Insurance (India) and Others are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global FinTech in Insurance market by Type, Application and Region.
On the basis of geography, the market of FinTech in Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On September 2021 Peak Fintech has acquired the Heartbeat Insurance Platform.
On April 2021 N26 enters the insurance space with the launch of the new product. The aim for launching a new product so that customers are able to buy cover, manage plans, and initiate claims through digital banking experience., and On May 2021 Choice group has launched a fintech aggregator platform to address low insurance penetration
- Rising demand for blockchain technology for faster-claiming process and payment
- Fintech in insurance companies is minimizing inefficiencies by using artificial intelligence (AI) to automate much of this process.
- Customers need quick, convenient, and personalized service. Fintech in insurance can help to offer such a service
- Fintech in insurance has meets the demand for the digital-native generation, helping insurers appeal to a younger clientele
- The initial cost is very high for implementation
- Lack of trust over the digital claiming and payment process
Key Target AudienceLarge Enterprise, Factory, Warehouse, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End-Use Industry
Frequently Asked Questions (FAQ):
1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the FinTech in Insurance Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.