According toTechnavio, the market is expected to grow withover 40%per annum during the forecast period.InsurTechare platforms that are customer-centric inthe insurance sector.

📈 The fastest growing segment

The marketing and distribution segment ofInsurTechthe market is poised for significant growth in the coming years.Widespread use of smartphones and easy access to the Internet have boosted digital marketing and distribution of insurance policies through modern technology.

Regulations requiring certification of electronic promotion systems ensure security.Mobile points of sale in e-retail are gaining popularity, providing thethe insurance companiesopportunities to serve busy customers.

InsurTechplatforms offer chatbots to interact with customers live, enhancing the digital experience.Customer focus and high return on investment are driving the growth of the segment.

Insurance startups are disrupting traditional financial services with increased access, transparency and lower costs.Automation through pattern recognition algorithms and predictive coding reduces industry overhead and improves process efficiency.

Deregulation of crowdfunding and private startup funding is attracting investors, which is further driving market growth.

Market overview

InsurTechthe market is the use of technology to create, distribute and manage insurance products.Customer data is a key element, with machine learning and artificial intelligence being used to make predictions based on consumer needs and decision making.

Real-time tracking and monitoring information is essential for insured parties, and companies are using digital solutions for insurance planning.

The cloud, blockchain technologies, IoT and big data are transforming the industry, with vendors offering digital transformation through on-premise and cloud platforms.Chatbots and insurance companies are also part of this landscape, improving the customer experience and enabling efficient claims processing.

In general,InsurTechis at the forefront of the revolution in the insurance industry by providing innovative digital solutions for various business segments and niche customers.

Technaviois a leading global technology research and consulting company.

The InsurTech market will grow by USD 77 billion between 2024 and 2028.

Download the app

Insurance Inquiry

Download the app

Insurance Inquiry