This report covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies

PUNE, INDIA, November 21, 2019 /EINPresswire.com/ -- Insurtech is short form for Insurance Technology. It is broadly used for technology that is used in Insurance Industries. It is a division of Fintech i.e. Financial Technology. It is transforming the way Insurance Industries use to work. Until recently, the insurers used to work with Insurtech behind the scenes, but now the beneficiaries have also started getting benefit of Insurtech. The basic objective of using these tools is to improve communication between the insurer and the insured.

IOS, Android Application, Wearable, claim processing tools, online policy handling, automated processing of policies are all features and advantages of Insurtech. These Insurtech can provide an insurance even for an hour or one day or a week. Assume anyone borrowing some friend's car for a day, or someone going for an adventure trip for 2 days, all such things can be covered in Insurtech. There remains no hassles to do the procedures manually. Major Investment for Insurtech has been done in Artificial Intelligence, Big Data and Internet of Things. With the help of Robotics, many insurance processes can be automated. Big data will help the insurers to help in analysis of decision and also improve their credit score. These devices with the help of data analysis can help insurers to predict the growth and forecasts.

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Insurtech is the result of influence of digitalization. Insurtech has revamped the Industry by bringing in simpler and consumer friendly products. This has helped people in business to shop multiple insurance at one site or application. This saves time and is user friendly. Big Data and AI Integration has raised demand for Insurtech tools. Increasing number of devices have made it difficult for organizations to scrutinize, manage and maintain data. Thus, various organizations and vendors are using Insurtech to scrutinize, manage and maintain data. The vendors can also see useful improvements in business with Insurtech.

The key players covered in this report:

Friendsurance
Guevara
Oscars
Zhong An
Acculitx
Allay
Analyze Re
Array Health
BankBazaarcom
Bayzat
Bought By Many
Censio
Claim Di
Collective Health
Common Easy
CoverFox
CoverHound
Cuvva
Dynamis Software
EaseCentral

Market Segmentation:

Insurtech Market can be bifurcated on the basis of Product Type and Application. Based on the product type, Insurtech is available in the form of Big Data and Analysis, Artificial Intelligence, Cloud Computing, Block Chain, Mobility and Internet of Things. Insurtech has catered to varied Industries and is applicable in Commercial P & C Insurance, Personal P & C Insurance, Health Insurance, Medical Insurance, Life Insurance, Accident Insurance, Insurance Administration, Risk Consulting and Annuities.

Regional Analysis:

Regionally Insurtech market prevails in regions such as North America, Europe, Asia Pacific, South Africa, Middle East and Africa. The Key countries within these regions include United States, Mexico and Canada in North America; Germany, UK, Italy, France, Russia and Turkey in Europe; China, Japan, India, Australia, Korea, South East Asia, Indonesia, Vietnam, Thailand, Philippines and Malaysia in Asia Pacific region; Brazil in South America; North Africa and GCC countries in Middle East and Africa region.

Industry News:

The Global Insurtech Market is expected to reach to USD 15.63 billion by 2023. The forecast period ranges from 2019 to 2023. Integration of Big Data and Artificial Intelligence will influence the market towards growth.

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NORAH TRENT
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