Pune, India -- (SBWIRE) -- 08/11/2020 -- Global InsurTech Market was valued at USD 5.48 billion in 2019 which is expected to reach USD 11.88 billion by 2027 at a CAGR 10.25%.

The global Insurtech market is studied in detail in the new report on Qualiket Research. The new report studies the Insurtech market by profiling its major driving factors and restraining factors, compiling a comprehensive database on the market's historical growth trajectory and present conditions, and by using easy formulation of calculations and estimations through the use of industry-leading analytical tools and methods. The key economic factors affecting the global Insurtech market are studied in detail in the global Insurtech market report, including a detailed assessment of the microeconomic and macroeconomic environment of the market.

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Insurtech is the use of technology innovations mainly designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is the combination of words insurance and technology.

Market Drivers and Restraints
Increase in demand for digitalization in business processes is the key driving factor which is expected to boost the global insurtech market growth. Furthermore, continuous development of numerous payment processing technologies has made the transaction easier and it is expected to contribute market growth during this forecast period. Also, adoption of insurtech in insurance industry will have the positive impact on global insurtech market growth.

However, lack of digital literacy in underdeveloped countries is the major restraining factor which is expected to hamper the global insurtech market growth.

Research Methodology
To understand the potential of market in a precise manner, the global market has been analyzed according to the Porter's Five Force Model structure. Also, the Insurtech market has been studied using SWOT analysis, and it highlights various strengths and opportunities, threats, and weaknesses that are associated with the industry.

Market Key Players
The report has included a profiling of various prominent players in the market and various trends in the manufacturing landscape and also identifies some of the new market entrants that are shaping the Insurtech market landscape.

Various key players are discussed in this report such as Acculitx, Zhong An, Oscars, Guevara, Friendsurance, Allay, Analyze Re, Array Health, Bayzat, BankBazaarcom, and EaseCentral

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Market Taxonomy
By Type
- Cloud Computing
- Social Media
- Big Data and Analytics
- Mobility
- Block Chain
- Artificial Intelligence
- IoT
By Application
- Life and Accident Insurance
- Health and Medical Insurance
- Personal PandC Insurance
- Commercial PandC Insurance
- Insurance Administration and Risk Consulting
- Annuities
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa

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About QualiKet Research
QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which helps our clients outperform their competition.