Artificial Intelligence
Global Insurtech Market Size is Anticipated to Acquire USD 146.43 Billion by 2030 With a CAGR of 50.78%
SAN FRANCISCO, U.S., Aug. 09, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Insurtech Market By Type (Health, Business, Auto, Home, Specialty, Travel, And Others), By Services (Consulting, Support & Maintenance, And Managed Services), By Technology (Cloud Computing, Blockchain, IoT, Robo Advisory, Machine Learning, And Others), And By Region: Global Industry Analysis, Size, Share, Price, Trends, And Forecast, 2023 – 2030” in its research database.
“According to the report published by Zion Market Research, the global Insurtech Market size was valued at USD 5.48 billion in 2023 and is predicted to reach USD 146.43 billion by the end of 2030. The market is expected to grow with a CAGR of 50.78% during the forecast period.”
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Insurtech Market Overview:
In the past few years, insurtechs have emerged in the insurance industry. Insurtech is a novel insurance technology that boosts competition, simplifies policy administration, and enhances the customer experience. The insurance industry makes use of a wide variety of technologies. Insurtech is a subset of fintech that has simplified and streamlined the purchasing of all forms of insurance, from consumer products to small business insurance.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 5.48 Billion |
| Market Forecast in 2030 | USD 146.43 Billion |
| Growth Rate | CAGR of 50.78% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | DXC Technology Company, Damco Group, Majesco, Insurance Technology Services, Oscar Insurance, Quantemplate, Trov Inc., Shift Technology, Zhongan Insurance, and Wipro Limited among the others |
| Segments Covered | By Type, By Services, By Technology, And By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Key Insights from Primary Research
- Continuous advancement in the technologies in insurance industry including blockchain, machine learning, and artificial intelligence will result in beneficial opportunities for the growth of the global insurtech market over the forecast period.
- High initial cost required for insurtech may hinder the growth of the global insurtech market.
- Factors such as increasing awareness regarding the importance of insurance in health and business sectors, coupled with large number of insurance providers are propelling the growth of the market.
- On the basis of region, the “North America” will likely overtake the global market.
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Global Insurtech Market: Growth Factors
The major factors that are spurring the growth of the global insurtech market include rapid digital transformation in the insurance industry, growing use of smartphones & tablets, and growing distribution & marketing of insurance policies through digital technologies. Further, consumer empowerment, convenience, efficiency, and reduced costs are some of the benefits that the consumer can avail of insurtech. Additionally, there is a rise in adoption of insurtech from small and mid-sized enterprises.
This is because SMEs demand new & personalized products and insurtech provide them the required solutions with the help of artificial intelligence and easy access to open data. All such factors and the growing adoption of insurtech in the retail sector are fostering the growth of the global insurtech market. In addition to this, increase in the number of insurtech startups, strong presence of key vendors and financial sectors are also some of the factors that are propelling the growth of the global market. Moreover, rise in the emergence of insurtech across the lines of business & value chain with a concentration in distribution is also majorly contributing to the overall market growth.
In addition to this, advancement in the insurance sectors such as online or app-based insurance purchase and improved health insurance plans are expected to boost the market growth over the forecast period.
Insurtech Market: Segmentation Analysis
The global Insurtech market is bifurcated based on type, services, technology, and region.
Based on type, the insurtech market is categorized into health, business, auto, home, specialty, travel, and others. Different services such as consulting, support & maintenance, and managed services are considered in the report. Based on technology, the global Insurtech market is divided into cloud computing, blockchain, IoT, Robo advisory, machine learning, and others.
Browse the full “Insurtech Market :- By Type (Health, Business, Auto, Home, Specialty, Travel, And Others), By Services (Consulting, Support & Maintenance, And Managed Services), By Technology (Cloud Computing, Blockchain, IoT, Robo Advisory, Machine Learning, And Others), And By Region: – Global Industry Analysis, Size, Share, Price, Trends, And Forecast, 2023 – 2030” Report at https://www.zionmarketresearch.com/report/insurtech-market
Regional Analysis:
North America is expected to hold the maximum share in the Insurtech market over the forecast period. Some of the key factors contributing to the dominant share of the market in this region include increasing spending customers in the area of insurance-related products. In addition to this, technological advancement in the insurance sector is also propelling the growth of the market in North America.
Asia-Pacific is anticipated to be the most lucrative market for Insurtech over the forecast period. Increasing awareness of the importance of insurance in the health and business sectors, as well as the large number of insurance providers, are driving the market’s expansion.
Competitive Players:
The report contains qualitative and quantitative research on the global insurtech market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global insurtech market include;
- DXC Technology Company
- Damco Group
- Majesco
- Insurance Technology Services
- Oscar Insurance
- Quantemplate
- Trov Inc.
- Shift Technology
- Zhongan Insurance
- Wipro Limited
- And others.
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The global insurtech market is segmented as follows:
By Type
- Health
- Business
- Auto
- Home
- Specialty
- Travel
- Others
By Services
- Consulting
- Support & Maintenance
- And Managed Services
By Technology
- Cloud Computing
- Blockchain
- IoT
- Robo Advisory
- Machine Learning
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Insurtech industry?
- What are the main driving factors propelling the Insurtech Market forward?
- What are the leading companies in the Insurtech Industry?
- What segments does the Insurtech Market cover?
- How can I receive a free copy of the Insurtech Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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DALIAN, China, July 1, 2024 /PRNewswire/ — “AI in healthcare is extremely challenging. For companies, it requires not only solving scientific problems but also understanding AI technology and respecting the complexity of the healthcare industry.” At the 15th Annual Meeting of the New Champions, also known as Summer Davos, Ms. Gong Rujing (Yingying), Chairwoman and Founder of Yidu Tech, was invited as a distinguished representative of the healthcare technology sector. She shared her unique insights into the future of AI in healthcare during the thematic dialogue on “Healthcare Analytics, Not Moving Fast Enough.”
This year marks the 10th anniversary of Yidu Tech and Ms. Gong Rujing’s decade-long dedication to the healthcare industry. From the inception of her entrepreneurial journey 10 years ago, she has been driven by the mission to leverage the power of technology to deliver precise healthcare to every individual.
Ms. Gong described the past decade as a journey filled with miracles and achievements. During this period, Yidu Tech has progressively established close collaborations with key stakeholders in the healthcare industry, including government agencies, hospitals, pharmaceutical companies, insurance firms, experts, and clinicians. As of March 31, 2024, Yidu Tech’s “AI Medical Brain” YiduCore has been authorized to process and analyze over 5 billion medical records, covering more than 2,500 hospitals.
In AI-powered clinical research, Yidu Tech has supported researchers and clinicians in producing over 240 high-level papers, accelerating the application of research outcomes. Additionally, Yidu Tech provides clinical trial services to globally renowned pharmaceutical companies, helping them optimize trial processes, reduce costs, and bring new drugs to market more swiftly, ultimately benefiting patients. In healthcare management, Yidu Tech’s AI technology plays a crucial role by analyzing vast amounts of medical data to provide comprehensive decision support to healthcare administrators, helping them optimize resource allocation and improve service efficiency.
“We are now entering a new era of AI technology.” The development of large language model technologies has opened up new possibilities across various industries. Yidu Tech has independently developed a large language model specific to the medical field and is advancing its application across the entire healthcare industry chain. The goal is to promote further progress and innovation through new AI technologies. However, Ms. Gong also emphasized that the healthcare industry is professional, complex, and sensitive, and the application of new technologies must address challenges such as data security, privacy protection, and ethics.
“Data security and privacy protection are fundamental to the development of AI technology and medical big data technology. We must ensure that all stakeholders are satisfied with compliance, security, accessibility, and privacy protection.”
“AI technology still has a long way to go.” She called on policymakers, healthcare institutions, and technology companies to work together to realize the immense potential of healthcare data. Ms. Gong highlighted that building trust is key, and enhancing data operability is essential to fully unleash the power of data. “It’s not just about better data quality; it’s about a better future for health.”
View original content:https://www.prnewswire.co.uk/news-releases/transforming-healthcare-with-ai-yidu-techs-gong-rujing-at-summer-davos-302186561.html
Artificial Intelligence
Yidu Tech’s FY2024 results: existing business achieves first full-year profit on adjusted EBITDA
HONG KONG, July 1, 2024 /PRNewswire/ — On June 27, 2024, Yidu Tech Inc. (the ”Company” or ”Yidu Tech”) (2158.HK), a leader in China’s AI medical industry, announced its results for the 2024 fiscal year. During the reporting period, the Company recorded revenue of RMB 807.1 million. Gross profit margin in FY2024 increased to 42.1% from 34.1% in FY2023, representing an increase of 8 percentage points, hitting a record high. Adjusted net loss narrowed from RMB 448.7 million in FY2023 to RMB158.1 million, down 64.8% year-on-year. The management of Yidu Tech said at the annual results conference the next day that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profit, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year.
Management added that as of market close on June 27, the Company’s P/B ratio has decreased to 1.06. Not including the valuation of its domestic and international businesses, its market value is still lower than its fund reserves on hand. As such, management believes that the Company’s share price is still severely undervalued. Notably, renowned sovereign fund BIA has continually increased its shareholding of Yidu Tech by 21.50% over the past two months. The management is confident in the Company’s long-term growth potential and hopes to continually create innovative technologies and increase returns to its shareholders.
In FY2024, Yidu Tech focused on its core business, improving internal operating efficiency and earning quality. Among its earnings, revenue from its big data platform and solutions segment reached RMB 313.6 million, an increase of 41.4% year-on-year. Revenue from its life science solutions segment reached RMB 324.0 million, up 28.1% year-on-year and the gross margin increased by 14.6 percentage points to a historical high of 32.1%. Revenue from its health management platform and solutions segment reached RMB 169.5 million, and the gross profit margin of this segment was 58.1%, representing a year-on-year increase of 17.4 percentage points.
During the reporting period, the Company has continued the development and training of large language model in the medical vertical field based on 500 billion fine-trained Tokens, with model training for 6B, 13B, and 70B parameters completed.
View original content:https://www.prnewswire.co.uk/news-releases/yidu-techs-fy2024-results-existing-business-achieves-first-full-year-profit-on-adjusted-ebitda-302185986.html
Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinitys-ai-innovation-recognized-at-microsofts-prestigious-global-partner-awards-2024-302186091.html
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