Insurtech Market Size, Share, Scope, Analysis and Forecast Report to 2027

Global Insurtech Market was valued at USD 5.48 billion in 2019 which is expected to reach USD 11.88 billion by 2027 at a CAGR 10.25%.

Insurtech is the use of technology innovations mainly designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is the combination of words insurance and technology.

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Increase in demand for digitalization in business processes is the key driving factor which is expected to boost the global insurtech market growth. Furthermore, continuous development of numerous payment processing technologies has made the transaction easier and it is expected to contribute market growth during this forecast period. Also, adoption of insurtech in insurance industry will have the positive impact on global insurtech market growth.

Market Restraints

However, lack of digital literacy in underdeveloped countries is the major restraining factor which is expected to hamper the global insurtech market growth.

Market Key Players

Various key players are discussed in this report such as Acculitx, Zhong An, Oscars, Guevara, Friendsurance, Allay, Analyze Re, Array Health, Bayzat, BankBazaarcom, and EaseCentral

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Market Taxonomy

By Type

Cloud Computing
Social Media
Big Data and Analytics
Mobility
Block Chain
Artificial Intelligence
IoT

By Application

Life and Accident Insurance
Health and Medical Insurance
Personal PandC Insurance
Commercial PandC Insurance
Insurance Administration and Risk Consulting
Annuities

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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