InsurTech Market 2021-2030: Growth Strategy of Capacity, Production, Market share, Price, Revenue, Cost, Gross margin, Consumption

In a recent published report, Kenneth Research has updated the market report for InsurTech Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for InsurTech Market products.

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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The InsurTech Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2023, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

Insurance Technology (InsurTech) Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
The banks and financial institutions are witnessing transformation with the emergence of FinTech vendors, thereby disrupting the traditional model of operations and processes. Insurers face stiff competition, and the insurance market is considered mature in most of the countries. The digital and analytical tools have opened new revenue model and value chain through digital brokers. The FinTech industry, over the last couple of years, has realized the need and opportunity of InsurTech software. The InsurTech vendors offer software that simplifies the decision-making process for the customers, and the analytics software helps insurers to understand the current need and demand in the market.

Market Revenue and Segmentation Analysis:
The global InsurTech market revenue is valued at 532.7 million in 2018 and is expected to reach 1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018–2023. The insurance sector is all set to adopt new technologies and attract new customers along with retaining the clients delighting with services. It is of utmost importance to embrace digital technologies for insurers and enhance their presence in the marketplace to gain market share with increased customer base and custom offerings.

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North America is witnessing the highest adoption of InsurTech owing to the spend on insurances by customers in the region. The offering of flexible and customized insurance for health, property, and others is encouraging people to choose among the insurance plans that suit them the best. Asia Pacific holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018–2023. The Asia Pacific region is likely to witness growth in InsurTech due to the presence of few emerging countries and financial hubs in Hong Kong, Singapore, and India. Also, the insurers are focusing on providing cheap and affordable insurance premium plans in the diversely populated region.

The applications include health insurance, property and casualty insurance, life insurance, and others. The property and casualty insurance segment is estimated to hold the significant market share in 2018, however, the health insurance segment is anticipated to grow at a higher CAGR. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.

Regions Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The report includes the primary drivers and factors fostering the growth of InsurTech across regions.
Benefits and Vendors
The report contains an in-depth analysis of vendors profile, which includes overview and offerings; and competitive landscape. The emergence of technologies, such as AI and ML, is impacting the market growth and organizations are adopting InsurTech solutions for the online marketplace and easy claims processing among others. The companies profiled in the report are Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy.
The study offers a comprehensive analysis of the “InsurTech” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

Download Sample of This Strategic Report-https://www.kennethresearch.com/sample-request-10084925

About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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