RegTech in Insurance- Market Scope
RegTech refers to the management of regulatory processes and financial risk with the help of cutting-edge technologies like AI, ML, big data, etc. In the digital era, insurance companies are looking for technological solutions that help them to mitigate cybersecurity risk and to automate regulatory reporting. The application of RegTech also helps to improve risk management, eliminate compliance costs, and reduce human errors.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global RegTech in Insurance- market throughout the predicted period.
Ascent (United States), NetGuardians SA (Switzerland), Trunomi (United Kingdom), Symphony Ayasdi (United States), Suade (United Kingdom), ComplyAdvantage (United Kingdom), Trulioo (Canada), Acuant, Inc. (United States), ACTICO (Germany), Continuity (United States) and Chainalysis Inc. (United States) are some of the key players that are part of study coverage.
About Approach
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.
Segmentation Overview
The study have segmented the market of Global RegTech in Insurance- market , by Application (Risk Management, Regulatory Reporting, Compliance Management, Fraud Prevention and Others) and Region with country level break-up.
On the basis of geography, the market of RegTech in Insurance- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 Trend
- Increased Focus on the R&D and Innovation in AI and ML Technologies to Easily Analyze Big Data
Market Drivers
- Surging Demand for Cybersecurity Solutions to Protect System Against Financial Crime and Data Loss
- Rapid Adoption of RegTech in the Insurance to Automate Data Distribution and Stay Competitive in the Market
Opportunities
- Growing Awareness About RegTech and Growing Digital Transformation of Insurance Sector in the Developing Countries
Restraints
- Slow Adoption of the New Technologies in the SMEs and Startups Due to Inadequate IT Budget
Challenges
- Limitations of Software and Restrictions on Data Sharing Limit
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, RegTech in Insurance Solutions and Service Providers, IT Software and Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others