What is Insurance Technology Market?
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.
The market study is being classified by Type (Artificial Intelligence, Machine Learning, Internet of Things, Smart apps, Drones and Others) and major geographies with country level break-up.
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 profiled in the study. Additionally, the Players which are also part of the research are Clover Health (United States) and Earnix Ltd. (United Kingdom).
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. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Insurance Technology market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Insurance Technology market by Type, Application 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Complexity of Data and Process in Insurance Industry
- Increasing Need for Quick Customer Service
- Adoption of Technologies in Insurance Processes
- High Costs Associated with the Initial Investments
- Increasing Security Threats by Cyber Attacks
- Growing Insurance Industry
- Increasing Awareness About the Insurtech and Digitalization
- Lack of Skilled Professionals
Market Leaders and some development strategies
On August 2020, One Inc, a provider of digital payment platforms for the insurance sector, recently revealed that it has acquired Invenger Technologies, Inc., which includes its online claims payment product, Invenger-InsurPay. The company aims to firmly establish its presence as a leader in premiums and claims payment processing.
Key Target AudienceInsurance providers, Hardware Manufacturers, Government associations, Research organizations, Software vendors and Others
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