United Kingdom Insurtech Market 2021-2026: AI Platform Revenues Within Insurance to Grow by 23% to $3.4 Billion Between 2019 and 2024
The
Just as the banking industry is being revolutionized by FinTech companies, so the insurance industry is joining the digital revolution. For millennials and other customers who are now getting comfortable running their entire financial lives from their mobile devices, insurance represents just another component of their financial lives that can be handled on a phone, via an app. consumers now demand real-time engagement and online access to services managed across their mobile and personal devices.
Insurers, therefore, need to embrace the transition from the traditional and rather dusty world of insurance to a new, comprehensive, fully integrated, digital ecosystem. The InsurTech industry looks to be here to stay. Young and agile startups will continue to make inroads into the mature
Companies Mentioned
Gryphon Group Holdings - Zego
- Bought By Many
- Quantemplate
- Trunomi
- Anorak Technologies
- Wrisk
- Cazana
- Setoo
- By Miles
Key Market Trends
Insurtech Focus on Analytics/Big Data and AI
The emerging wave of "Insurtech" solutions companies are seeking to transform the business of insurance through the introduction of Big Data, Machine Learning, and AI capabilities. When insurance providers tap into the vast repositories of Big Data that is available to them and combine this data with machine learning and AI capabilities, they can develop new policies that can reach new audiences.
According to various studies, AI platform revenues within insurance would grow by 23% to
Digital transformation of the insurance industry accelerated during the Covid-19 pandemic, as a growing number of consumers turned to digital channels to shop for insurance solutions. This prompted leading insurers to invigorate their digital transformation initiatives. New Insurtech companies help traditional insurers price products more competitively, deliver products that consumers want, and improve the efficiency and convenience of the insurance purchase process for both the consumer and for the insurance agent.
COVID-19 pandemic shifts InsurTech investment priorities. The growing success of
In response to the growing desire amongst both insurtechs and insurance firms to foster stronger partnerships with one another, they now explore how insurance firms and insurtechs can best work together to foster real relationships and drive higher levels of innovation across the industry.
Competitive Landscape
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.1.1 Regulatory Framework in The Industry
4.1.2 Introduction of Various Technologies in InsurTech
4.1.2.1 Analytics / Big data
4.1.2.2 AI / Automation
4.1.2.3 IoT
4.1.2.4
4.1.3 Benefits of InsurTech
4.1.4 Brexit Impact on the InsurTech Sector
4.1.5 The Niche InsurTech markets
4.1.5.1 Appetite Solutions
4.1.5.2 Data Solutions
4.1.5.3 Payment solutions
4.1.5.4 Quoting Solutions
4.2 Market Drivers
4.2.1 Customer Acquisition
4.2.2 Customer Retention
4.2.3 Risk Assessment
4.2.4 Fraud Prevention and Detection
4.2.5 Others
4.3 Market Restraints
4.3.1 International jurisdiction
4.3.2 Privacy challenge
4.3.3 Regulation and Governance
4.3.4 Others
4.4 Value Chain/Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.6 Impact of Covid 19 on the Industry
5 MARKET SEGMENTATION
5.1
5.1.1 Life
5.1.2 Non-Life
5.1.2.1 Motor
5.1.2.2 House
5.1.2.3 Accident
5.1.2.4 Health
5.1.2.5 Others
6 COMPETITIVE LANDSCAPE
7 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/ytzk92
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