Global Insurtech Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to - 2018-2023
Summary -
A new market
study, titled “Global Insurtech Market - Upcoming Trends,
Growth Drivers and Challenges – Forecast to - 2018-2023 ” has been featured on WiseGuy Reports.
Insurtech refers to
the use of technology innovations designed to squeeze out savings and
efficiency from the current insurance industry model. Insurtech is a portmanteau
of “insurance” and “technology” that was inspired by the term fintech. The
belief driving insurtech companies is that the insurance industry is ripe for
innovation and disruption. Insurtech is exploring avenues that large insurance
firms have less incentive to exploit, such as offering ultra-customized
policies, social insurance, and using new streams of data from internet-enabled
devices to dynamically price premiums according to observed behavior.
Traditionally, broad
actuarial tables are used to assign policy seekers to a risk category. The
group is then adjusted so enough people are lumped together to ensure that,
overall, the policies are profitable for the company. This approach does, of
course, result in some people paying more than they should based on the basic
level of data used to group people. Among other things, insurtech is looking to
tackle this data and analysis issue head on. Using inputs from all manners of
devices, including GPS tracking of cars to the activity trackers on our wrists,
these companies are building more finely delineated groupings of risk, allowing
products to be priced more competitively. In addition to better pricing models,
insurtech startups are testing the waters on a host of potential game changers.
These include using deep learning trained artificial intelligence (AI) to
handle the tasks of brokers and find the right mix of policies to complete an
individual’s coverage. There is also interest in the use of apps to pull
disparate policies into one platform for management and monitoring, creating
on-demand insurance for micro-events like borrowing a friend's car, and the
adoption of the peer-to-peer model to both create customized group coverage and
incentivize positive choices through group rebates.
Over the next five
years, LPI(LP Information) projects that Insurtech will register a xx% CAGR in
terms of revenue, reach US$ xx million by 2023, from US$ xx million in 2017.
This report presents
a comprehensive overview, market shares and growth opportunities of Insurtech
market by product type, application, key companies and key regions.
To calculate the
market size, LP Information considers value generated from the sales of the
following segments:
Segmentation by
product type:
Cloud Computing
Big data and
Analytics
Mobility
Block Chain
Artificial
Intelligence
IoT
Segmentation by
application:
Commercial P&C
insurance
Personal P&C
insurance
Health and medical
insurance
Life and accident
insurance
Insurance
administration and risk consulting
Annuities
We can also provide
the customized separate regional or country-level reports, for the following
regions:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
The report also
presents the market competition landscape and a corresponding detailed analysis
of the major players in the market. The key players covered in this report:
Friendsurance
Guevara
Oscars
Zhong An
Acculitx
Allay
Analyze Re
Array Health
BankBazaarcom
Bayzat
Bought By Many
Censio
Claim Di
Collective Health
Common Easy
CoverFox
CoverHound
Cuvva
Dynamis Software
EaseCentral
In addition, this
report discusses the key drivers influencing market growth, opportunities, the
challenges and the risks faced by key players and the market as a whole. It
also analyzes key emerging trends and their impact on present and future
development.
Research objectives
To study and analyze
the global Insurtech market size by key regions/countries, product type and
application.
To understand the
structure of Insurtech market by identifying its various subsegments.
Focuses on the key
global Insurtech players, to define, describe and analyze the value, market
share, market competition landscape, SWOT analysis and development plans in
next few years.
To analyze the
Insurtech with respect to individual growth trends, future prospects, and their
contribution to the total market.
To share detailed
information about the key factors influencing the growth of the market (growth
potential, opportunities, drivers, industry-specific challenges and risks).
To project the size
of Insurtech submarkets, with respect to key regions (along with their
respective key countries).
To analyze
competitive developments such as expansions, agreements, new product launches
and acquisitions in the market.
To strategically
profile the key players and comprehensively analyze their growth strategies.
FOR MORE DETAILS : https://www.wiseguyreports.com/reports/3427243-2018-2023-global-insurtech-market-report-status-and-outlook
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