About Insurance Technology
Insurance technology is a category of constantly changing technologies which are used in insurance industry. In other words, the technology used by an insurance company to increase the efficiency of its operations could be considered insurance technology. This technology can be new which is introduced to insurers' operations to save on costs or streamline processes. For instance, the industry uses chatbot and smartphone apps to streamline the backend process. Hence, the Insurance companies no longer need to hire customer service employees to respond to every customer's concern.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.7% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Insurance Technology market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Damco Group (United States), DXC Technology Company (United States), Majesco (United States), Oscar Insurance (United States), Quantemplate (United Kingdom), Shift Technology (United States), Trōv, Inc. (United States), Wipro Limited (India), Zhongan Insurance (China) and Banc Insurance Agency, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Clover Health (United States) and Earnix Ltd. (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Insurance Technology market by Type (Artificial Intelligence, Machine Learning, Internet of Things, Smart apps, Drones and Others) and Region.
On the basis of geography, the market of Insurance Technology 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). If we see Market by Services, the sub-segment i.e. Consulting will boost the Insurance Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Full-stack Insurers will boost the Insurance Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Automotive will boost the Insurance Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Technologies in Insurance Processes
Market Growth Drivers:
Increasing Complexity of Data and Process in Insurance Industry and Increasing Need for Quick Customer Service
Challenges:
Lack of Skilled Professionals
Restraints:
High Costs Associated with the Initial Investments and Increasing Security Threats by Cyber Attacks
Opportunities:
Growing Insurance Industry and Increasing Awareness About the Insurtech and Digitalization
Market Leaders and their expansionary development strategies
In November 2023, Allianz partnered with Microsoft to leverage Azure cloud computing and AI capabilities for faster product development and personalized customer experiences.
In October 2023, Metromile launched its pay-per-mile car insurance in California, expanding its personalized insurance model to a new state. If you're a low-mileage driver, it's definitely worth checking out Metromile to see if you can save money on your car insurance.
Key Target Audience
Insurance providers, Hardware Manufacturers, Government associations, Research organizations, Software vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.