Implementing Machine Learning, Artificial Intelligence, and Robotic Process Automation Presents Opportunities
Dublin, Aug. 31, 2022 (GLOBE NEWSWIRE) — The “Global Insurtech Market Report 2022, By Product, Technology, Offering, Deployment, Application” report has been added to from ResearchAndMarkets.com offer.
The global insurtech services market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The change in growth trend is mainly due to the companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $29.75 billion in 2026 with a CAGR of 30%.
North America was the largest region in the insurtech services market in 2020. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Insurtech is profitable, which contributes to the growth of the insurtech market. Insurtech is more profitable than traditional insurance companies because insurtech eliminates the need for an intermediary between the insurance provider and the customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps a customer takes during their onboarding and claims handling experience, reducing the overall cost of the insurance policy.
Insurtech companies are increasingly using hyper-automation to meet growing customer demands and offer competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that enables insurtech professionals to run their businesses faster, more efficiently, and more efficiently. completely safe. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024 as new technologies and evolving customer expectations are driving rapid transition in the industry.
In June 2021, MGA CorvusInsurTech, an American company providing insurtech services, acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they have embarked on an acquisition strategy and maintained organic growth by increasing their presence in the small and medium business sector and establishing the ability to white label their products and services. while taking a closer look at different product lines. Wingman Insurance is a US-based company that provides digital insurance services.
1) By product: Health insurance; Life insurance; Travel insurance; Car insurance; Commercial insurance; Home Insurance; Others
2) By technology: Blockchain; Cloud computing; IoT; machine learning; Robo Council; Others
3) By proposing: solutions; Services
4) By deployment: on-premises; Cloud
5) By application: automotive industry; Banking and financial services; Government sector; The health industry; Manufacturing industry; Retail business; Others
Main topics covered:
2. Characteristics of the Insurtech Market
3. Insurtech Market Trends and Strategies
4. Impact of COVID-19 on Insurtech
5. Insurance Market Size and Growth
6. Insurance Market Segmentation
7. Regional and Country Analysis of the Insurtech Market
8. Asia-Pacific Assurtech Market
9. Insurance market in China
10. Indian insurance market
11. Japan Technology Insurance Market
12. Insurance market in Australia
13. Insurtech Market in Indonesia
14. South Korea Insurtech Market
15. Technology Insurance Market in Western Europe
16. UK insurance market
17. Insurance market in Germany
18. The French Insurtech market
19. Eastern Europe Technology Insurance Market
20. Russian insurance market
21. North America Insurance Market
22. Insurance market in the United States
23. South America Insurance Market
24. Insurtech market in Brazil
25. Middle East Insurtech Market
26. Africa Technical Insurance Market
27. Insurtech Market Competitive Landscape and Company Profiles
28. Major Mergers and Acquisitions in the Insurtech Market
29. Insurtech Market Future Prospects and Potential Analysis
For more information on this report, visit https://www.researchandmarkets.com/r/4daghl
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