According to a new report by UnivDatos, The Global Insurtech Market was valued at USD 7850 million in 2023 and is expected to grow at a strong CAGR of around 40.21% during the forecast period (2024-2032). The rising demand for Insurtech is due to the key factors that have contributed to the growth of the demand for digital services for efficiency increase improved customer grievances redressal, and reduced risk associated with insurance claims.

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Growing Demand:

Insurtech refers to Insurance Technology services designed to offer digital services to insurance providers. These digital services offer real-time information to the insurance providers assisting in product customization, real-time information, money and savings, improving competitiveness, and making insurance services more sustainable. As the vast information is collected through various user patterns, a better-suited insurance product is offered further improving the expansion of insurance services.

The Global Insurtech market was valued at USD 7850 million in 2023 and is expected to grow at a strong CAGR of around 40.21% during the forecast period (2024-2032). One of the key factors that has contributed to the growth of the Insurtech market is rising regulatory support by various governments across the globe. These insurance policy measures are targeted to improve the digitalization efforts as well as enable the insurance services providers to reduce the issues related to customer handling and claim disbursements. For instance, in 2024, the Insurance Regulatory Development Authority of India (IRDAI) approved eight principle-based regulations for insurance companies in India. These regulations target on adoption of standard procedures and best practices of insurance companies and distribution channels for grievance redressal risk management. The regulations also promote BIMA Sugam an online marketplace for facilitating insurance-related activities.

In another instance, in 2024, the Ministry of Business, Innovation & Employment New Zealand announced that it would modernize and improve insurance law so that consumers and businesses can effectively protect themselves against risk.

With the higher focus of governments across the globe towards the speedy digitalization in the insurance sector for easy customer query redressal and expansion of insurance services in different sectors the demand for the Insurtech market is anticipated to rise during 2024-2032

Applications:

Insurtech refers to insurance technology offered by IT companies to insurance companies to implement their digital solutions and cater to a wide number of customers with their different types of queries. Insurtech helps in creating digital platforms that simplify the purchase and management of insurance as well as offering personalized quotes to customers.

Additionally, Insurtech also assists in implementing IoT, blockchain technology, telematics, chatbots and virtual assistants, personalized insurance products, etc.

Insurtech technologies are helping in transforming the way insurance services are given and received. These services have also helped insurance companies to store a large amount of data to help it design insurance policies with different sets of customers.

Technological Innovation:

Implementation and usage of data analytics is one of the crucial developments for Insurtech services providers. Data analytics services offer improved speed, accuracy, and reliability of insurance forecasts. As predictive analytics offer various benefits such as risk assessment and underwriting, insurance pricing, insurance claim settlement, proactive prevention of claim cases, insurance product optimization, delivering a personalized experience, financial planning analysis, etc., insurance companies are moving towards integrating predictive analytics services to improve their optimal decision-making process.

With the rising need for improving the insurance companies working process and product offering along with the improvement of operational efficiency the demand for predictive analytics is further anticipated to rise during 2024-2032.

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Conclusion:

In conclusion, the Global Insurtech market is poised for continued growth and innovation driven by economic expansion, insurance services developments, technological advancements, and sustainable practices. The increasing demand for general and health insurance in the aviation industry underscores the pivotal role of Insurtech across the globe. As stakeholders navigate challenges such as cost management, regulatory compliance, and market competitiveness, collaborations, investments in Insurtech infrastructure, and rising demand for insurance sector digitalization would also play a vital role in shaping the future of the Global Insurtech market, ensuring its resilience and contribution to the global insurance industry.