Technavio announces the release of its latest report on the InsurTech market. The market is segmented by value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others) and geography (North America, Europe, APAC, MEA, and South America). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Technavio has announced its latest market research report titled Global InsurTech Market 2020-2024 (Graphic: Business Wire)
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InsurTech Market: Key Findings
- InsurTech market value to grow by USD 21.72 billion at over 36% CAGR during 2020-2024
- 46% of market growth to originate from Europe during the forecast period
- Based on the value chain positioning, the marketing and distribution segment will offer maximum opportunities for vendors during the forecast period
- InsurTech market is expected to have a positive impact due to the spread of COVID-19
InsurTech Market: Growth Drivers
The influence of digitization is one of the prime factors driving the growth of the market. Insurance companies across the world are fully digitalizing their processes by adopting the latest technologies. This has increased the number of connected devices which has escalated the challenges associated with managing, monitoring, and maintenance of critical data in organizations. This is compelling organizations to invest in embedded analytics technologies such as InsurTech to transform unstructured and semi-structured data into structured and meaningful information. This helps in understanding consumer behavior, market patterns, and enhances the business-related decision-making process. All these factors are driving the growth of the market.
“Integration of Big Data and AI in InsurTech and the need to improve business efficiency will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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InsurTech Market: Major Vendors
Alan SA
Alan SA operates its business through the Unified segment. The company offers digital health insurance services for companies, hotels and restaurants, and individuals among others.
Clover Health
Clover Health operates its business through the Unified segment. The company offers digital health insurance plans that uses patient-centred analytics to improve the quality of life of members and physicians.
Cytora Ltd.
Cytora Ltd. operates its business through segments such as Underwriting and Data APIs. The company offers Underwriting Productivity Suite and Data APIs that automatically augment the data to reduce the time in assessing risk.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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