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(MoneyNewsWire.Net, October 12, 2018 ) This report covers the present scenario (with the base year being 2017) and the growth prospects of Global Insurtech Market Report for 2018-2023.
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 base 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. 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.
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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
Segmentation by application:
Commercial P&C insurance
Personal P&C insurance
Health and medical insurance
We can also provide the customized separate regional or country-level reports, for the following regions:
Americas
United States
Canada
Mexico
Brazil
APAC
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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
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.
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Table of Content:
2018-2023 Global Insurtech Market Report (Status and Outlook)
1 Scope of the Report
1.1 Market Introduction
1.2 Research Objectives
1.3 Years Considered
1.4 Market Research Methodology
1.5 Economic Indicators
1.6 Currency Considered
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Insurtech Market Size 2018-2023
2.1.2 Insurtech Market Size CAGR by Region
2.2 Insurtech Segment by Type
2.2.1 Cloud Computing
2.2.2 Big data and Analytics
2.2.3 Social Media
2.2.4 Mobility
2.2.5 Block Chain
2.2.6 Artificial Intelligence
2.2.7 IoT
2.3 Insurtech Market Size by Type
2.3.1 Global Insurtech Market Size Market Share by Type (2018-2023)
2.3.2 Global Insurtech Market Size Growth Rate by Type (2018-2023)
2.4 Insurtech Segment by Application
2.4.1 Commercial P&C insurance
2.4.2 Personal P&C insurance
2.4.3 Health and medical insurance
2.4.4 Life and accident insurance
2.4.5 Insurance administration and risk consulting
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
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