LONDON, Dec. 6, 2022 /PRNewswire/ -- The increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts or underwrite policies. The rise in the number of hospitalization cases during the Covid-19 pandemic has led to the increase in insurance claims. According to a study by Digit Insurance, an India-based insurance company, health insurance claims surged over 3.5 times in 2021. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market during the forecast period.
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The global insurtech market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The insurtech market is expected to reach $29.75 billion in 2026 at a CAGR of 30%.
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Insurtech Market Trends - Use Of Artificial Intelligence
Artificial intelligence (AI) is increasingly being used in the insurtech market to detect frauds. AI can help insurers assess risk, detect fraud and reduce human error in the application process. For example, in March 2022, Équité Association, a Canada-based independent organization aimed at reducing and preventing insurance fraud and crime, partnered with Shift Technology, a France-based provider of AI-driven decision automation and optimization technology. This partnership between Équité and Shift aims to use AI to build a national fraud detection system across Canada.
DXC Technology Was The Largest Competitor In The Insurtech Market In 2021
As per the insurtech market research, DXC Technology was the largest competitor in the insurtech market in 2021, with a 4.71% share of the market. DXC Technology's growth strategy focuses on providing best-in-class technology products through strategic collaborations and partnerships. For instance, in August 2021, DXC partnered with Mosaic Insurance for the launch of an innovative technology platform for specialty insurance. The new platform, which includes blockchain-enabled access to real-time data, advanced automation, and artificial intelligence underwriting support will increase the speed at which specialty insurance can be underwritten, serviced and sold.
Major Players In The Insurtech Market
Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc, ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited.
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