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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Table of Contents
Market / Industry segment of insurance technologies
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2020 | 1.099 | 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:
- Acceptance of insurance technology
- Demand for data analysis and solutions based on artificial intelligence among insurance companies
Reverse drivers:
- Cyber attacks
- 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:
- Technology risk
- Litigation risk
- International risk
- Reputation risk
- Competition risk
- Legislation risk
Download market of insurance technologies (2020-2025) :
