Competitive Analysis and Key Vendors
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.
Some of the key vendors in the InsurTech market are:
- Analyze Re
- Bought By Many
- Claim Di
Segmentation of components
In 2017, the software component occupied the largest share, but services component is expected to grow at the highest CAGR during the forecast period.
InsurTech market by Types
- Retail Insurance
- Commercial Insurance
In 2017, the retail insurance occupied the largest share, but commercial insurance is expected to grow at the highest CAGR during the forecast period.
InsurTech market by Application
- Health Insurance
- Property and casualty insurance
- Life insurance
In 2017, the property and casualty insurance occupied the largest share, but health insurance is expected to grow at the highest CAGR during the forecast period. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.
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The report contains an in-depth analysis of vendors profile, which includes overview, 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 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 in the global Insurtech market