Global InsureTech Services Market – Introduction
- InsureTech services empower insurance companies to utilize technologies to squeeze out operation efficiency and savings from the existing insurance industry model. The acceptance of InsureTech services has enabled insurance companies to assess various risks related to the operations, market, liquidity, and counterparty credit.
- InsureTech services utilizes artificial intelligence (AI) or machine learning and Internet of Things to manage the tasks of insurance companies and discover the accurate mix of policies to complete an entity’s coverage. InsureTech services are categorized in two ways includes professional services and managed services.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Increasing digitalization in the insurance sector driving the global InsureTech services market
- The insurance sector is seeing increased digitalization and industry players are rapidly shifting toward InsureTech to utilize the innovative technological developments, including Internet of Things (IoT), advanced analytics, mobile technology, and artificial intelligence. Almost all of the North American and European insurers have launched initiatives to digitize individual services, address current pain points, enhance analytics capabilities, and set up customer portals. For instance, they utilize “lighthouse projects” to gain approval for digitization within the organization, and initiate the required cultural change, and attract digital talent.
- Additionally, various digital insurance platforms/software help these companies to digitalize all the processes within the organization. These platforms comprise various disparate systems & modules in the digital insurance ecosystem. These disparate systems & modules include claim management, policy implementation, billing & premium accounting, regulatory filing, and reinsurance management.
- Many companies providing digital insurance platforms majorly emphasize on providing custom-made digital insurance solutions coupled with third-party InsureTech services, and integration of business operations. Moreover, vendors are also providing Digital Insurance as a Service (DIaaS), which includes business process services, infrastructure, and major insurance applications to provide efficient and effective insurance solutions to clients. Hence, increasing digitalization in the insurance sector driving the global InsureTech services market worldwide.
Lack of awareness regarding technological advancement in the insurance sector expected to significantly hamper the InsureTech services market
- Many emerging economies are far behind in terms of novel technologies like adoption of digitalization, internet of things, machine learning etc in various industries includes automotive industries, banking & financial sector, healthcare etc. This is because of lack of proper infrastructure and low cost budgeting systems. Therefore, lack of awareness regarding technological advancements in the insurance sector is having a negative impact on the growth of the InsureTech services market.
Stuck in a neck-to-neck competition with other brands? Request a custom report
North America to hold major share of the global InsureTech services market
- In terms of region, the global InsureTech services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global InsureTech services market during the forecast period due to the presence of a large number of insurance technology providers specifically in the U.S. and Canada. Europe is estimated to be the second largest market for InsureTech services from 2019 to 2027, owing to rapid adoption of Big Data in the insurance sector, which is likely to help the growth of the InsureTech services market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global InsureTech services market during the forecast period owing to increasing investment in digitization to enhance operation efficiency in insurance organizations specifically in China, India, Singapore, etc., which is expected to increase the adoption of InsureTech services in the region.
Global InsureTech Services Market – Competitive Landscape
- In January 2019, Tokio Marine & Nichido Fire Insurance Co. Partnered with 3i Infotech to enhance its operations with the help of PREMIA 9. 3i Infotech’s PREMIA 9 is an end-to-end innovative solution that enhances insurance operations from claims processing & underwriting to financial accounting. The initiative would help the company to enhance its market presence and attract more customers in the InsureTech services market worldwide.
Key Players Operating in the Global Market
- 3i Infotech
- DXC Technology Company
- Duck Creek Technologies
Global InsureTech Services Market: Research Scope
Global InsureTech Services Market, by Services
- Professional Services
- Consulting Services
- Integration & Implementation Services
- Support Services
- Training & Education Services
- Managed Services
Global InsureTech Services Market, by End-user
- Insurer/ Insurance Carrier
Global InsureTech Services Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.