The insurtech market in UK is expected to grow by USD 4.20 bn from 2021 to 2026, according to Technavio. The growth momentum of the market will accelerate at a CAGR of 43.74%. Moreover, the year-over-year growth rate of the market in 2022 will be 38.73%. The insurtech market in UK report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
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Drivers and Challenges
One of the key drivers supporting the insurtech market growth in the UK is the need to improve business efficiency. The number of disruptive startups is growing significantly, and these startups are pursuing new opportunities. As customers are becoming more digitized, the demand for better and easier access to insurance technology services has increased. Startups focus on innovative technologies that leverage low costs. They use mobile application platforms and cloud computing solutions. The use of insurtech, which includes risk-averting models and predictive mechanisms, helps businesses with a substantial amount of data to enhance their productivity. Thus, insurtech has become a strategic priority for several insurance organizations, which will drive market growth during the forecast period.
The insurtech market growth in the UK is hindered by factors such as data privacy and security concerns. Location-based services also come under privacy concerns, as these services require real-time geo-based information. The data collected using smartphone devices are processed and stored by vendors and can be misused. Smartphones are used in monetary transactions in real-time. However, data theft from these devices can lead to financial losses for customers. Hence, customers are reluctant to reveal their bank account details for online transactions because of security concerns. The possibility of unauthorized access to these data discourages users from adopting different insurtech platforms and can lead to falling off the market growth during the forecast period.
Some Companies Mentioned with their Offerings
- Charles Taylor Ltd. – The company offers insurtech that helps global insurance businesses drive change through the delivery of technology-enabled solutions.
- Cuvva Ltd. – The company offers flexible niche car insurance insurtech.
- DeadHappy Ltd. – The company offers innovative insurtech that provides life insurance, near-death insurance, and deathwishes for anyone aged 18-60 years old.
- Digital Fineprint Ltd. – The company offers a data-sourcing platform that provides insurers with the granular insights on SMEs.
- ExtraCover Ltd. – The company offers insurtech that combines advanced technology with multiple data sources to offer insurance products that save businesses time and money.