A glance at the market of insurance technologies (2020-2025)

insurance technologies
Market Research

In recent years with the advancement of technology, insurance as one of the oldest subsidiaries of the financial industry has created insurance technology. Simplifying the process of insurance transactions and increasing investment in the digital insurance sector has enabled this market to experience significant growth. In addition, due to these changes, data related to the customer’s insurance industry is easily collected and analyzed by companies in order to provide better services.

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Market / Industry segment of insurance technologies

Base Year Market size(B$) Duration(YEAR) CAGR(%)Source Name
20201.099 6 34.40%Marketwatch
2019 5.48 6 10.80%Mordor Intelligence
2019 5.48 6 10.80%Business wire
2018 1.5 6 43.00%Grand view research
2019 1.8 8 43.08%Maximize market research

Influencing factors that changes market size of insurance technologies

The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of insurance technologies

Direct drivers:

  1. Acceptance of insurance technology
  2. Demand for data analysis and solutions based on artificial intelligence among insurance companies

Reverse drivers:

  1. Cyber attacks
  2. Lack of specialists and professional experts

This market may also be threatened by following risks:

In all different markets and industries, the risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is the identification of risks in the market in order to perform risk management. The market of insurance technologies may also be threatened by the following risks:

  1. Technology risk
  2. Litigation risk
  3. International risk
  4. Reputation risk
  5. Competition risk
  6. Legislation risk

Download market of insurance technologies (2020-2025) :

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