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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.

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.

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

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:

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
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Email: [email protected]
Website: https://www.marketresearchfuture.com
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Artificial Intelligence

Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

 
 
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.” 
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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Robotics Market to Surpass USD 126.96 Billion by 2031 | SkyQuest Technology

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WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).

Download a detailed overview:
https://www.skyquestt.com/report/robotics-market
Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry 
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/robotics-market
Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific. 
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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