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Global InsurTech Market Is Expected To Reach US$ 34.7 Billion by 2033 | Fact.MR Report

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Rockville , April 25, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global insurtech market is valued at US$ 8.6 billion in 2023 and is projected to reach US$ 34.7 billion by the end of 2033.

The insurance industry, known for its traditional and conservative nature, is undergoing significant transformation with the emergence of insurtech. Insurtech refers to the use of innovative technologies, such as artificial intelligence (AI), data analytics, and automation, to upgrade and optimize various processes in the insurance value chain. This wave of technological innovation is empowering start-up companies to challenge incumbents and revolutionize the insurance market.

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One of the key drivers of the insurtech market is changing consumer expectations. Today’s consumers demand seamless and convenient experiences and they expect the same from their insurance providers. Insurtech companies are using digital channels to offer online information, purchase policies, and manage claims, making insurance more accessible and convenient for customers.

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The Internet of Things (IoT) is also driving the growth of the insurtech market. Connected devices such as wearables, telematics devices, and smart home devices, are generating vast amounts of data that can be used to assess risks, prevent losses, and offer personalized insurance solutions. Insurtech service providers are harnessing this data to create usage-based insurance, pay-as-you-go policies, and preventive insurance, resulting in more accurate pricing and customized coverage.

Key Takeaways from Market Study

  • Sales of insurtech services are predicted to increase at a CAGR of 15% from 2023 to 2033.
  • The United Kingdom is a prominent insurtech market in the European region due to the introduction of value-added customer services.
  • With a high number of insurtech companies, Singapore leads the insurtech market in the Asia Pacific region.
  • Key market players and start-ups are reshaping the insurance sector in the United States.

“Blockchain technology is effective in simplifying claim process, and enhancing trust and security in the insurance value chain, says a Fact.MR analyst.

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Key Companies Profiled in This Report

  • Alan SA
  • Shift Technology
  • Clover Health
  • Cytora Ltd.
  • simplesurance GmbH
  • Haven Life Insurance Agency LLC
  • Quantemplate Technologies Inc.
  • Oscar Insurance Corp.
  • Trov Insurance Solutions LLC
  • ZhongAn Online P&C Insurance Co. Ltd.
  • Damco Group
  • Amodo

Recent Market Developments

  • Florida’s Clover Health, a pioneer in developing innovative technologies, and ValueH, a well-known provider of value-based care, collaborated in August 2021 to provide value-based care and health equity for American seniors.
  • NEXT Insurance, a California-based insurtech, and LegalZoom collaborated in February 2023 to assist small company owners in building and securing their online presence.

Key Segments of Insurtech Industry Research

  • By Insurance Type :
    • Health
    • Life
    • Travel
    • Auto
    • Business
    • Home
  • By Service :
    • Consulting
    • Support & Maintenance
    • Managed Services
  • By Technology :
    • Blockchain
    • Cloud Computing
    • IoT
    • Artificial Intelligence
    • Machine Learning
    • Robo Advisory
    • Big Data & Business Analytics
  • By End-use Industry :
    • Automotive
    • BFSI
    • Healthcare
    • Manufacturing
    • Retail
    • Transportation
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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More Valuable Insights on Offer

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Fact.MR, in its new offering, presents an unbiased analysis of the global insurtech market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the market based on insurance type (health, life, travel, auto, business, home), service (consulting, support & maintenance, managed services), technology (blockchain, cloud computing, IoT, artificial intelligence, machine learning, robo advisory, big data & business analytics), and end-use industry (automotive, BFSI, healthcare, manufacturing, retail, transportation), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

Explore More Related Studies Published by Fact.MR Research: 

Big Data Technology and Services Market Share: The global big data technology and services market is estimated to propel at a CAGR of 18% from 2023 to 2033. The market is valued at US$ 40 billion in 2023 and is thus expected to jump to a valuation of US$ 210 billion by 2033-end.

Blue Prism Technology Services Market Demand: The global blue prism technology services market is estimated at USD 362 Million in 2022 and is projected to reach USD 7,688 Million by 2032, growing at an exciting CAGR of 35.7% from 2022-2032.

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Blockchain Technology Market Outlook: Blockchain technology is anticipated to flourish at a CAGR of 84% to reach a value of USD 3,273.83 Billion by the end of 2032.

Fintech-as-a-Service Market Outlook : The Fintech-as-a-Service is projected to grow at a CAGR of 17% between 2022 and 2032, totaling around US$ 1,300 Billion by 2032. 

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Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.

The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development. 
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference. 
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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CGTN: China honors individuals with highest awards in celebration of 75th National Day

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.

The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
 

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Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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