Home / Press Release / Global Insurance Technology Market Expected to Grow At a CAGR of 4.3% During the Forecast Period

Global Insurance Technology Market Expected to Grow At a CAGR of 4.3% During the Forecast Period

The latest market report published by Credence Research, Inc. “Insurance Technology Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the insurance technology market was valued at US$ 1.28 Bn in 2018 and expected to grow at a CAGR of 36.7% during the forecast period from 2019 to 2027.

Market Insights

"Increasing adoption towards strategic technologies along with rising digitization will upgrade the market growth during the forecast period"

Insurance establishments globally are investing in digitization in order to improve the functionality of insurance payment system and streamline the transaction process. In addition, growing adoption of insurance technologies has endorsed businesses to asses risks related market, improves customer engagements, counterparty credit, and faster services. Rising demand for digitalization will help the insurance companies in monitoring their customer data, simplifying the management and maintenance process. Moreover, improvements in various payment processing technologies will enhance the market for insurance sector. Growing adoption of insurtech and introduction of ultra-customized policies will help insurance enterprises to dynamically price premiums based on observed behavior of customers.

Furthermore, growing number of connected devices will allow insurance companies to track real-time information of the customers in order to offer the products and services globally. Development of advanced technologies such as Internet of Things (IoT), augmented analytics, quantum computing, and cloud computing will offer a lucrative opportunities, thereby boost the market for global insurance technology. However, concerns related to poor internet connectivity, data privacy and security, dependency on traditional transaction process are projected to hinder the growth of the market for insurtech.

Insurance Technology Market

Key Industry Development:

• In January 2020, Majesco, a cloud insurance solution provider have announced its expanded available capabilities of “Digital1st Insurance®” to accelerate its customers business and technology models in their digital transformation.
• In March 2020, Majesco have released “Insurance Digital Transformation”, a new core system with Next Gen Ecosystem and Technologies highlights how many insurance leaders are investing in these technologies to ensure that they remain or become leaders in the future of insurance.

Key Market Movements:

• Globally, the insurance technology market market is rising at a CAGR of 36.7% for the estimated period from 2019 to 2027.
• Asia Pacific is likely to grow at a faster rate for insurance technology market market over the forecast period. Moreover, rapidly changing demography, growing technology adoption rate, rising globalization and digitalization from emerging countries like China, Japan, and India will increase the market growth across the region.
• The North America will dominate the market for insurance technology with holding a highest market share of around 44% in 2018. The persistent growth towards end-to-end digital financing solutions, presence top financial institutions, customization & flexibility offered by numerous insurtech products will drive the market growth.
• However, increasing preference for digitization in business process, introduction of ultra-customized policies, and rising awareness for insurance analytics across the regions will drive the overall demand.

List of Companies Covered:

• Damco Group
• DXC Technology Company
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Tr?v, Inc.
• Wipro Limited
• Zhongan Insurance
• Friendsurance
• Allay
• Analyze Re
• GetInsured
• Bayzat
• Bought By Many
• Claim Di
• CommonEasy

Browse the full report at https://www.credenceresearch.com/report/insurance-technology-market

The Global Insurance Technology Market is Segmented into:

Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion

 By Type (2017–2027; US$ Bn)

 By Technology Type (2017–2027; US$ Bn)

 By Services (2017–2027; US$ Bn)

 By End-use (2017–2027; US$ Bn)

 By Geography (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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