InsureTech or Insurance Technology is a subset of fintech or financial technology. InsureTech relates to the use of technologies such as AI, IoT, cloud, and blockchain which helps in simplifying and improving the efficiency of the insurance industry. These technologies help insurance companies to provide interactive and enhanced services to its clients such as interactive chatbots, behavioral premium pricing, customized claims settlement, and fraud and risk identification and management which helps the insurance providers to remain competitive in the market, drive operational excellence, and boost growth.
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The Global InsureTech Market is expected to grow in the coming years owing to the presence of numerous large players active in the respective regional markets. Microsoft Corporation (US), Amazon Web Services Inc. (US), IBM Corporation (US), Wipro Limited (India), Tractable (UK), Oracle Corporation (US), Google (US), Untangl Limited (UK), Quantemplate (UK), Intel Corporation (US), Baidu (China), BIMA (UK), Shift Technology (France), Pentation Analytics Pvt Ltd (India), and eWise (Switzerland) are the companies leading the InsureTech market globally.
Market Research Future (MRFR) has segmented the InsureTech Market on the basis of Component, Deployment, Technology, Insurance Type, and Region.
By component, the InsureTech market has been segmented into software and services. Among these, the software segment is expected to dominate the market during the forecast period owing to a number of interactive solutions offered to the clients such as behavioral premium pricing, customized claims settlement, and fraud and risk identification and management, and chatbots which help in boosting the sales and operational performance and ensure that the key players remain competitive in the market.
By deployment, the market has been segmented into on-cloud and on-premise segments. Among these, the on-cloud segment is projected to grow at the fastest CAGR owing to scalability, flexibility, mobility, increased collaboration, and cost-effective as features offered by the cloud platform, which increases the demand for cloud-based insurance solutions.
By technology, the market has been segmented into cloud computing, blockchain, artificial intelligence, internet of things, and others. Among these, the artificial intelligence technology segment is expected to register the highest CAGR due to the continuous advancements in machine learning and deep learning algorithms which increases the capabilities of the insurance platforms thereby catering to a wide range of application areas.
By insurance type, the market has been segmented into search property and casualty insurance, health and life insurance, commercial insurance, others. Among these, the health and life insurance segment is expected to dominate the market during the forecast period due to the growing demand for health and life insurance services, increasing the need for security of the platforms for claims registration and settlement process, among others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Spain, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, South Korea, and Australia. The rest of the world has been further classified as the Middle East and Africa and South America.