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The Insurtech Market Is Expected To Grow At A 30% Rate With The Rise In Insurance Claims - By The Business Research CompanyLONDON, Dec. 6, 2022 /PRNewswire/ -- The increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts or underwrite policies. The rise in the number of hospitalization cases during the Covid-19 pandemic has led to the increase in insurance claims. According to a study by Digit Insurance, an India-based insurance company, health insurance claims surged over 3.5 times in 2021. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market during the forecast period.  Avail a limited period discount of 33% on our uniquely designed Opportunities and Strategies market research reports. Contact us today and make winning strategies. The global insurtech market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The insurtech market is expected to reach $29.75 billion in 2026 at a CAGR of 30%. Request a free sample of the Insurtech Market Report Insurtech Market Trends – Use Of Artificial Intelligence Artificial intelligence (AI) is increasingly being used in the insurtech market to detect frauds. AI can help insurers assess risk, detect fraud and reduce human error in the application process. For example, in March 2022, Équité Association, a Canada-based independent organization aimed at reducing and preventing insurance fraud and crime, partnered with Shift Technology, a France-based provider of AI-driven decision automation and optimization technology. This partnership between Équité and Shift aims to use AI to build a national fraud detection system across Canada. DXC Technology Was The Largest Competitor In The Insurtech Market In 2021 Major Players In The Insurtech Market Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc, ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited. See more on the Insurtech Market Report Check out similar market reports: Interested to know more about The Business Research Company? The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. The World's Most Comprehensive Database The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps. Contact Information The Business Research Company Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg
SOURCE The Business Reseach Company 
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