Insurtech Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Auto, Business, Health, Home, Specialty, Travel, and Others), By Material Type (AI & Machine learning, IoT, Blockchain, Cloud Computing, Machine Learning, Robo Advisory, and Others), By Services (Consulting, Support & Maintenance, and Managed Services), By End Users (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others) and Region  

Insurtech Market size was valued at US$ 9,415.28 million in 2023 and is poised to grow at a CAGR of 29.4% from 2024-2030. InsurTech or Insurance Technology denotes the usage of technology that involves the distribution, creation, and management of insurance services and products. Insurtech is determining solutions such as vigorously presenting ultra-customized policies, social insurance, and via the new flow of data from Internet-permitted devices to price payments. Insurtech helps insurers analyze and collect customer data, which can be precisely used to aim for the correct customers with a reasonable price quotation.

Moreover, using machine learning, cloud computing, and artificial intelligence, Insurtech helps better forecast consumer wants and purchase quantity and enhances decision-making and insurance planning. Technologies such as blockchain, artificial intelligence, cloud computing, and machine learning allow real-tracking of time and monitoring data concerning the movement of insured for specific business lines and streamline and update business operations which can lead the market growth. Moreover, due to altering business models, insurance companies are developing advanced digital solutions to grow their businesses and products based on the prerequisite of niche customers. These are some primary factors that can boost the market. However, some aspects, such as different regulations and standards for the insurance business and security and privacy concerns, can restrain the market growth. The integration of technologies, such as artificial intelligence, cloud computing, and blockchain, for enabling the prediction and prevention of losses, monitoring of risk, and streamlining claims processing can create an opportunity.

Key Developments

• In December 2021, Duck Creek Technologies announced that it selected Duck Creek Rating, Claims, Policy, Insights, and SECURA Insurance to update its property and casualty business.
• In November 2021, Amazon Web Services Inc. announced that American International Group, Inc. had carefully chosen it as a favored public cloud provider.