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Insurtech Market Worth USD 264.9 Billion, at a 53.50% CAGR – Market Research Future (MRFR)

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New York, USA, June 06, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Insurtech Market Information By Type, By Service, By Technology, By End Use, By Region – Market Forecast Till 2032”, the Insurtech Market thrives at a rate of 53.50% between 2023 and 2032. The market size will reach around USD 264.9 Billion by the end of the year 2032.

Market Synopsis:

The term “Insurtech” refers to the technological innovations developed and implemented to increase the efficiency of the insurance industry, encompassing the development, distribution, and management of insurance products and services.

The growing interest of venture capitalists in Insurtech indicates the willingness of the insurance industry to embrace disruptive and innovative technologies. The rise in insurance claims worldwide also contributes to the market’s expansion. In fact, the three most common types of insurance claims that people secure are auto, life, and home. A 2021 Insurance Barometer study revealed that 36% of American respondents intended to purchase life insurance that year.

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Market Competitive Landscape:

  • Damco Group
  • DXC Technology Company
  • Insurance Technology Services
  • Majesco
  • Oscar Insurance
  • Quantemplate
  • Shift Technology
  • Wipro Limited
  • ZhongAnInsurance

Scope of the Report – Insurtech Market:

Report Metrics Details
Market Size by 2032 USD 264.9 Billion
CAGR during 2023-2032 53.50%
Base Year 2022
Forecast 2023-2032
Key Market Opportunities Capabilities to implement automation
Key Market Dynamics The increasing number of insurance claims worldwide and the simplification of the claims process


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The insurtech market is segmented by technology, end-user, and region. By technology, the market is segmented into artificial intelligence (AI), blockchain, cloud computing, big data and business analytics, internet of things (IoT), and others. AI is expected to be the fastest-growing technology segment in the insurtech market, as it is being used to develop a variety of innovative insurance products and services, such as chatbots that can answer customer questions, predictive analytics tools that can help insurers assess risk, and fraud detection systems.

By end-user, the market is segmented into life and health insurance, and property and casualty (P&C) insurance. Life and health insurance is expected to be the largest end-user segment in the insurtech market, as there is a growing demand for personalized and customized insurance products and services in these areas.

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest market for insurtech, followed by Europe and Asia Pacific. The growth of the insurtech market in North America is being driven by the early adoption of digital technologies by consumers and businesses, the large number of startups in the insurtech space, and the presence of large insurance companies that are looking to invest in new technologies.

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Industry Trends

The insurtech industry is constantly evolving, with new trends emerging all the time. Some of the key trends in the insurtech market include:

  • Personalization: Insurtech companies are using data analytics and AI to personalize insurance products and services to meet the specific needs of individual customers.
  • Digitalization: Insurtech companies are leveraging digital technologies to streamline the insurance process, from underwriting to claims management.
  • Collaboration: Insurtech companies are partnering with traditional insurance companies to bring new products and services to market.
  • Cybersecurity: As the use of digital technologies in the insurance industry increases, so does the risk of cyber attacks. Insurtech companies are investing in cybersecurity measures to protect their customers’ data.

Regional Analysis

The global Insurtech market can be divided into several regions, including North America, Europe, Asia-Pacific, and the Rest of the World. Analyzing the market dynamics in these regions can provide valuable insights into the factors driving growth in each area.

North America

North America, comprising the United States and Canada, holds the largest market share for Insurtech. The region has experienced a surge in the adoption of Insurtech solutions due to rising consumer spending on insurance-related products and the availability of customizable health and property insurance policies. The growth of Insurtech companies in the region further drives its market progress.

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Europe

The Insurtech market in Europe, which consists of countries such as Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe, is expected to expand gradually over the coming years. The growth is attributed to the increasing demand for quick services, greater efficiency, and automated insurance operations. The well-established internet infrastructure in the region and the rising adoption of advanced technologies in the insurance sector also contribute to the flourishing Insurtech market in Europe.

Asia-Pacific

Asia-Pacific, including countries like China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific, is expected to witness the fastest growth rate in the Insurtech market during the forecast period. The region’s growth can be attributed to the presence of several emerging economies and financial hubs, such as Singapore, India, and Hong Kong. Rising consumer spending on insurance-related products also fuels the market growth in the Asia-Pacific region.

Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) on Insurtech Market-
https://www.marketresearchfuture.com/reports/insurtech-market-11712

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Rest of the World

The Insurtech market in the Rest of the World, comprising the Middle East, Africa, and Latin America, is poised for significant growth in the coming years. This growth is driven by a combination of technological advancements, changing customer expectations, and increased investment and competition in the insurance sector.

Competitive Analysis

The insurtech market is highly competitive, with a large number of startups and established players vying for market share. Some of the key players in the insurtech market include:

  • Lemonade
  • Oscar Health
  • Root Insurance
  • Hippo Insurance
  • Metromile
  • Policygenius
  • ZhongAn Online P&C Insurance

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  • Quantum Computing Market – Quantum Computing Market To Reach USD 4.85 Billion, Growing at a 31.3% CAGR by 2030
  • Metaverse Market – Metaverse Market Booms Exponentially as The Technology Engulfs Almost Every Sector – MRFR Report

Browse through more Information And Communications Technology Research Reports.

About Market Research Future:

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact Us:

Market Research Future (Part of Wantstats Research and Media Private Limited)
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New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
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Artificial Intelligence

Darwinbox named as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites Report for Enterprises with 1,000+ Employees

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DUBAI, UAE, June 17, 2024 /PRNewswire/ — Darwinbox, a global leader in cloud-based HCM solutions, today announced that it has been distinguished as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites for 1,000+ Employee Enterprises.

The Gartner® Peer Insights™ Customers’ Choice distinction is based on feedback and ratings from end-user professionals with experience using the product or service. As of 31 January 2024, Darwinbox received an overall rating of 4.8 out of 5 stars across 141 reviews.
“We believe this distinction, for the third consecutive year, reflects our unwavering commitment to our customers and their success, as well as our dedication to excellence and innovation in the HCM space,” says Jayant Paleti, co-founder, Darwinbox.
Darwinbox has been named a Customers’ Choice for both Large Enterprise (1B – 10B USD) and Midsize Enterprise (50M – 1B USD) segments, showcasing its robust capabilities in handling large-scale operations and its widespread appeal across various business sizes. This recognition underscores the platform’s popularity, driven by its powerful configurability, intuitive design, and agility. An impressive 98% of customers rated Darwinbox 4-stars or higher, highlighting the overwhelming satisfaction with the product.
Furthermore, Darwinbox is recognized as the most customer-friendly enterprise-grade HCM solution globally. The platform distinguishes itself through its ease of implementation and integration, prompt vendor responses, and exceptional technical support, demonstrating Darwinbox’s dedication to quick service and client satisfaction. Notably, 94% of its customers have expressed their willingness to recommend Darwinbox, demonstrating its significant impact and reliability in the enterprise tech landscape.
“What I love is when we need support, the customer service is top-notch – always responsive, solution makers, and always helpful,” HR Business Partner, Media Industry
“Darwinbox has been able to cater to our needs given our diverse business structures and differences in processes,” HR Lead, Manufacturing Sector
Read more reviews
About Darwinbox:
Darwinbox is a leading SaaS-based HR technology platform, empowering organisations to automate HR processes and elevate the employee experience. Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 900+ global enterprises with more than 2.5 million employees spread across 116+ countries.
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Artificial Intelligence

Find Your Perfect Domain with GoDaddy’s Innovative AI Technology

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Leverage Artificial Intelligence (AI) to easily find the perfect domain name for your business
ISLAMABAD, June 17, 2024 /PRNewswire/ — As you embark on your online journey, choosing the right domain name plays a vital role in establishing your web presence. It is often one of the earliest decisions you will make as an entrepreneur or small business owner.

GoDaddy is harnessing the power of AI to help entrepreneurs and small business owners find the right domain name for their business, themselves, or their organization. GoDaddy AI Domain Search tool is designed to deliver personalized domain suggestions tailored to each user’s unique needs. Having a catchy and memorable domain name for your business helps to enhance branding and provides increased visibility for a business on the internet.
By simply entering a business description or keywords, users receive creative and unique domain name choices that can align with their brand identity and vision. GoDaddy uses generative AI to provide users with personalized and brandable domain name suggestions based on their business description, idea, product, or service.
GoDaddy AI Domain Search can simplify the process of finding the perfect domain name for a business. When a user enters information describing their business, project, or idea, including such details as business name if already chosen, location or industry, within seconds the AI tool makes suggestions by creating a list of available domain names with different variations and domain name extensions tailored to your needs.
Finding a domain name for a business idea is important as the name chosen will be reflective of your brand for many years to come. Here are some tips for finding available domain names:
Use specific keywords that describe your business, your products and services, your location, and your industry.Use keywords that people would enter when searching for your products or services.Try using variations of a word you want in your domain name to get more options.Mix up keyword combinations that can describe your business.Your aim is to create a name that is memorable, easy to pronounce, and stands out in your industry.In a world driven by AI, GoDaddy AI Domain Search tool simplifies the process of finding the perfect domain name, enabling you to effortlessly brainstorm and explore creative ideas that align with your vision. Within seconds, you can receive a selection of available domains, empowering you to bring your idea to life.
To experience the power of GoDaddy AI Domain Search visit: www.godaddy.com/en-ph/domains/domain-name-generator
About GoDaddy
GoDaddy helps millions of entrepreneurs around the world start, grow and expand their businesses. People turn to GoDaddy to name their idea, create a professional Web site, attract customers, sell their products and services, and accept online payments. GoDaddy’s easy-to-use tools help micro-entrepreneurs manage everything in one place, and its experts are available to provide 24/7 assistance. For more information about the company, visit www.GoDaddy.com.
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Artificial Intelligence

Metz, in Partnership with AI TECH, Introduces Advanced Interactive Flat Panel to Middle East Market

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SHENZHEN, China, June 17, 2024 /PRNewswire/ — METZ Display, a sub-brand of SKYWORTH and a provider of innovative interactive displays for education and business. The announcement of Artificial Intelligence Technologies LLC Dubai as the authorized exclusive distributor for the UAE market as well as the Oman, Qatar, and Bahrain markets marks a significant expansion for METZ Display. By partnering with a trusted distributor like Artificial Intelligence Technologies, METZ is strategically positioning itself to deliver its full range of smart education and smart conference room applications across these regions. This move not only strengthens METZ’s presence in the Middle East but also underscores its commitment to providing innovative interactive displays tailored for both educational and business environments.

Based on the 16 years of R&D and business experience in the IFPD market from SKYWORTH, METZ Display fully inherited its technology and has introduced several interactive displays in the education and business sectors that provide a highly immersive environment and user-friendly experience since 2022, such as the all-in-one LCD.
Mr. Summer Deng METZ  Sales & Marketing Head of MEA, said: ” The IFPD market in MEA is expected to see rapid growth over the next couple of years. The partnership with Artificial Intelligence Technologies LLC, a business entity to promote AI & AV Products, Tools, and services in the United Arab Emirates & Middle East Region will take METZ Display to another new level. We are confident to further develop our quality products and service!”
METZ Display is expanding its reach into the UAE market through Artificial Intelligence Technologies LLC Dubai as its authorized distributor.
The introduction of the METZ K Pro Series, particularly the EDLA Certified collaborative display, in the MEA Region highlights their commitment to providing innovative interactive display solutions for both education and business sectors. This move could potentially enhance learning and collaboration experiences in the region.
Mr. Harold Fernandes, the Managing Director of Artificial Intelligence Technologies, seems quite enthusiastic about the partnership with METZ Display. His emphasis on the versatility of METZ’s portfolio, applicable across various sectors such as education and business, reflects a keen understanding of the market’s needs. By highlighting the engaging experiences offered by METZ Display products, he’s underlining the potential benefits for resellers and end-users alike. This partnership seems poised to bring innovative solutions to the UAE market.
About METZ Display
With Skyworth, one of the world’s largest TV companies, and Metz, one of the oldest German manufacturers, METZ Display creates high-quality educational and business applications that make state-of-the-art screen technology available to everyone by combining their strengths and 80 years of experience.
About Artificial Intelligence Technologies LLC
Artificial Intelligence Technologies LLC, Is established as a business entity to promote AI & AV Products, and complete AV Solution, Tools & Services in the United Arab Emirates & Middle East Region. Visit the website at https://ai-tech.ai/ 
Phone: +971 4299 0544Email: [email protected]: www.ai-tech.ai
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