A new research report identifies Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy as major vendors operating in the global Insurtech market. This report also provides a detailed analysis of the market by components (Software and Services), types (Retail Insurance and Commercial Insurance), by application (Health insurance, Property and casualty insurance, Life insurance, and Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
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The report predicts that the global InsurTech market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018–2023.
The insurance sector is set to adopt new technologies and attract new customers along with retaining the clients it already has.
According to the Insurtech market industry analysis, North America is witnessing the highest adoption of InsurTech. The Asia Pacific region is likely to witness excellent growth in InsurTech due to the presence of emerging countries and financial hubs in Hong Kong, Singapore, and India. Also, the insurers are focusing on providing cheap and affordable insurance premium plans in the diversely populated region.
Some of the key vendors in the InsurTech market are:
- Analyze Re
- Bought By Many
- Claim Di
The report contains an in-depth analysis of vendors profile, which includes overview, offerings, and competitive landscape. The emergence of technologies, such as AI and ML, is impacting the market growth and organizations are adopting InsurTech solutions for the online marketplace and easy claims processing among others.