New Report Says Insurtech Market Set to Grow Significantly

Insurtech as a sector is increasingly difficult to define, isn’t all insurance underpinned by tech in some way now? But still, there is progress to be made in many areas and that means investment. The boom years might be behind us, but this report suggests that there is plenty to look forward to in terms of new partnerships, funding rounds and more.

The “InsurTech (Insurance Technology) Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.

The global InsurTech (insurance technology) market is poised for substantial growth, projected to increase from $10.53 billion in 2022 to $14.37 billion in 2023 at a compound annual growth rate (CAGR) of 36.52%. Furthermore, the market is expected to reach $49.78 billion by 2027, with a CAGR of 36.42%.

What is InsurTech?

InsurTech, or insurance technology, refers to the integration of technological advancements to enhance the insurance industry. It encompasses various solutions, platforms, and applications designed to improve efficiency, customer experience, and risk management in the insurance sector.

Key Players in the Market

The major players in the InsurTech market include Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Clover Health Insurance, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, and Amodo.

Market Region Insights

• North America dominated the InsurTech market in 2022.
• Asia-Pacific is projected to witness the fastest growth due to increasing adoption of technology and digitalization in the insurance sector.

Future Growth

The increasing demand for insurance services is expected to fuel the growth of the InsurTech market. Insurance companies are adopting technology solutions to enhance operations, improve customer experiences, and increase efficiency. The expanding global demand for insurance, particularly in sectors like health insurance, is driving the adoption of InsurTech.