LONDON, December 6, 2022 /PRNewswire/ — Rising insurance claims are expected to drive insurtech market growth going forward. Insurtech is used to more efficiently handle claims, assess risk, process contracts or underwrite policies. The increase in the number of hospitalization cases during the Covid-19 pandemic has led to the increase in insurance claims. According to a study by Insurance figuresa Indiainsurance company, health insurance claims increased 3.5 times in 2021. Hence, the increase in insurance claims is expected to drive the growth of the insurtech market over the forecast period.
The global insurtech market should go from $8.07 billion in 2021 for $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The Russia–Ukraine the war has disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, a spike in commodity prices and supply chain disruptions, affecting many markets around the world. The insurtech market is expected to reach $29.75 billion in 2026 at a CAGR of 30%.
Insurtech Market Trends – Use of Artificial Intelligence
Artificial intelligence (AI) is increasingly used in the insurtech market to detect fraud. AI can help insurers assess risk, detect fraud, and reduce human error in the claims process. For example, in March 2022Equity Association, a CanadaBrussels-based independent organization aimed at reducing and preventing insurance fraud and crime, in partnership with Shift Technology, a Franceprovider of AI-powered decision automation and optimization technologies. This partnership between Equity and Shift aims to use AI to build a national fraud detection system across Canada.
DXC technology was the biggest competitor in the Insurtech market in 2021
According to insurtech market research, DXC Technology was the biggest competitor in the insurtech market in 2021, with a market share of 4.71%. DXC Technology’s growth strategy focuses on delivering cutting-edge technology products through strategic collaborations and partnerships. For example, in August 2021DXC has partnered with Mosaic Insurance for the launch of an innovative technological platform for specialized insurance. The new platform, which features blockchain-enabled access to real-time data, advanced automation and artificial intelligence underwriting support, will increase the speed at which specialty insurance can be underwritten, serviced and sold.
Major Insurtech Market Players
The major players in the insurtech market are Quant model limitedOscar Health, Shift Technologies Inc, ZhongAn, Trov inc.Neos, Clover Health, Acko General InsuranceLemonade Inc., Metromile Inc., Damco GroupDXC Technology, Insurance Technology Services, majescoBauxy, Anorak Technologies, Moonshot Internet and KFin Technologies Private Limited.
Interested to know more about The Business Research Society?
The Business Research Society is a business information company that excels in business, market and consumer research. With locations around the world, it has strategic enablement specialists across a wide range of industries, including manufacturing, healthcare, financial services, chemicals and technology.
The most comprehensive database in the world
The Business Research Society flagship product, Global market model, is a market information platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess gaps between supply and demand.
Show original content:https://www.prnewswire.com/news-releases/the-insurtech-market-is-expected-to-grow-at-a-30-rate-with-the-rise-in-insurance-claims–by -the-commercial-research-society-301695724.html