Global Insurance Technology Market Report 2021-2029 –

Dublin, March 11, 2022 (GLOBE NEWSWIRE) — The “Insurance Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecast, 2021 to 2029” Report has been added to offering.

The global insurance technology market is growing competently, projected to grow at a CAGR of 36.7% over the forecast period 2021 to 2029, from US$1.28 billion in 2020.

“Increasing technology driven by new entrants coupled with increasing demand for digitization will drive the market”

Innovation through new technologies is a key driver of change in the financial sector that will further lead to immense gains in skill, with initial achievement out of doubt and uncertainty. In the coming years, innovations coupled with new technological developments are likely to drive demand for insurance technology globally, due to faster service delivery and lower transaction cost.

In addition, InsurTech has attracted large venture capital investments and financial trends have caused many startups to consider their investors on a large-scale, commercially viable basis. Additionally, new insurance companies such as Lemonade, Friendsurance, and Policygenius have absorbed large investments along with a better understanding and concept for business models and development.

In addition, the adoption of new innovations and technology will provide customers with improved financing structures, an advanced customer experience that supports existing operations. The self-governance model using blockchains for automated contract execution is likely to be harvested for risk transfer tools like catastrophe bonds to further explore the InsurTechs market.

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