Global Insurtech Market was valued at USD 5.48 billion in 2019 which is expected to reach USD 11.88 billion by 2027 at a CAGR 10.25%.

Insurtech is the use of technology innovations mainly designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is the combination of words insurance and technology.

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Increase in demand for digitalization in business processes is the key driving factor which is expected to boost the global insurtech market growth. Furthermore, continuous development of numerous payment processing technologies has made the transaction easier and it is expected to contribute market growth during this forecast period. Also, adoption of insurtech in insurance industry will have the positive impact on global insurtech market growth.

However, lack of digital literacy in underdeveloped countries is the major restraining factor which is expected to hamper the global insurtech market growth.

Market Key Players

Various key players are discussed in this report such as Acculitx, Zhong An, Oscars, Guevara, Friendsurance, Allay, Analyze Re, Array Health, Bayzat, BankBazaarcom, and EaseCentral

Market Taxonomy

By Type

• Cloud Computing
• Social Media
• Big Data and Analytics
• Mobility
• Block Chain
• Artificial Intelligence
• IoT

By Application

• Life and Accident Insurance
• Health and Medical Insurance
• Personal PandC Insurance
• Commercial PandC Insurance
• Insurance Administration and Risk Consulting
• Annuities

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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