This analysts forecast the global insurtech market to grow at a CAGR of 10.41% during the period 2016-2020. The insurance technology or insurtech is an increasing phenomenon that has revamped the insurance industry to connect with a wider customer base consisting of High Net Worth individuals (HNWI), upper middle-income group, and lower middle-income group. The insurtech platforms have the potential to help insurance companies to improve their relevancy to the customers to rebuild their trust. This will help in customer engagement.
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The following companies are the key players in the global insurtech market: Friendsurance, Guevara, Oscars, and Zhong An. Other Prominent Vendors in the market are: Acculitx, Allay, Analyze Re, Array Health, BankBazaar.com, Bayzat, Bought By Many, Censio, Claim Di, Collective Health, Common Easy, CoverFox, CoverHound, Cuvva, Dynamis Software, EaseCentral, Eligible, EverQuote, FirstBest Systems, Gather, Gives range, GoHealth, Goji, Gravie, GroupHub, Haven Life, HealthCare.com, HealthSherpa, Hixme, InforcePRO, insPeer, insuremyrentalcar.com, Insurify, Jointly, Justworks, Ladder, Limelight Health, Lumity, Maxwell Health, Metromile, miEdge, Navera, Picwell, PlanSource, PokitDok, PolicyBazaar, PolicyGenius, Praedicat, QuanTemplate, RenewBuy, ROOT, Sherpaa, Shift Technology, SimplyInsured, Snapsheet, Spex, Stride Health, Sure, Sureify, Inspool, Zebra, TongJuBao, Trov, Tyche, Uvamo, Zenefits, Zest Health, and Zipari.
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Commenting on the report, an analyst said: “Many insurance companies are focusing on expense management in a bid to increase profit margins. This is possible only through the application of technology. Many insurers are shifting their focus from stand-alone technology projects to an environment where there is a continuous technological improvement. The top vendors are executing M&A and joint ventures to reduce costs.”
According to the report, many top banks and insurance companies are expected to enhance their offerings or develop strategic partnerships with financial technology innovators to provide innovative payment solutions to customers. The advances and innovations in technologies and different financial, technological platforms have also increased the customers’ need for better online experiences.
The report covers the present scenario and the growth prospects of the global insurtech market for 2016-2020. To calculate the market size, the report considers the investments made in insurtech platforms in the Americas, APAC, and EMEA.
The market is divided into the following segments based on geography:
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