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NEWARK, Del., May 01, 2022 (GLOBE NEWSWIRE) — The insurtech market is forecasted to reach a net worth of US$ 165.4 Bn in 2032 from a mere market value of US$ 12.5 Bn in 2021. It is predicted to with an impressive CAGR of 25.9% during the forecast period.
The growth of general awareness among common people about the benefits of insurance policies has created a huge demand for general insurance policies provided by several companies across the globe. Insurance companies have also increased their market presence by the application of digital insurtech or insurance technology infrastructure with the changing economic scenario.
Over the years of service and development of commercial insurance, insurtech companies have intensified in terms of offering customized policies to the customers. Adoption of such technology for collecting and analyzing customer data for insurtech life insurance companies has further boosted the business attraction of the global insurtech market.
The emergence of a number of small and regional players operating in various categories such as insurtech car insurance or home insurance insurtech companies have fragmented the market, making it highly competitive.
Most of the key players are strengthening their market by establishing partnerships and collaborations with the banking and financial institutions for introducing new specific commercial insurance insurtech solutions.
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“Rapid digitization of all major service sectors of economy has also shifted the business model of insurance providing companies across the globe. Addition of professional and consulting services to the potential customers over online platforms have necessitated the integration of insurance technology solutions further propelling the growth of global insurtech market.”
According to the market survey report of the EIS group for Insurance companies, almost 59% of the companies were found to…
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