Insure Tech Market
                     Market Highlights 
InsureTech or Insurance Technology is a subset of fintech or financial technology. InsureTech 
relates to the use of technologies such as AI, IoT, cloud, and blockchain which helps in simplifying 
and improving the efficiency of the insurance industry. These technologies help insurance 
companies to provide interactive and enhanced services to its clients such as interactive chatbots, 
behavioral premium pricing, customized claims settlement, and fraud and risk identification and 
management which helps the insurance providers to remain competitive in the market, drive 
operational excellence, and boost growth.  
Segmentation: 
Market Research Future (MRFR) has segmented the InsureTech Market on the basis of Component, 
Deployment, Technology, Insurance Type, and Region. 
By component, the InsureTech market has been segmented into software and services. Among 
these, the software segment is expected to dominate the market during the forecast period owing to 
a number of interactive solutions offered to the clients such as behavioral premium pricing, 
customized claims settlement, and fraud and risk identification and management, and chatbots 
which help in boosting the sales and operational performance and ensure that the key players 
remain competitive in the market. 
By deployment, the market has been segmented into on-cloud and on-premise segments. Among 
these, the on-cloud segment is projected to grow at the fastest CAGR owing to scalability, flexibility, 
mobility, increased collaboration, and cost-effective as features offered by the cloud platform, 
which increases the demand for cloud-based insurance solutions. 
By technology, the market has been segmented into cloud computing, blockchain, artificial 
intelligence, internet of things, and others. Among these, the artificial intelligence technology 
segment is expected to register the highest CAGR due to the continuous advancements in machine 
learning and deep learning algorithms which increases the capabilities of the insurance platforms 
thereby catering to a wide range of application areas. 
By insurance type, the market has been segmented into search property and casualty insurance, 
health and life insurance, commercial insurance, others. Among these, the health and life insurance 
segment is expected to dominate the market during the forecast period due to the growing demand 
for health and life insurance services, increasing the need for security of the platforms for claims 
registration and settlement process, among others.  
Regional Analysis 
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of 
the world. North America has been further segmented into the US, Canada, and Mexico. Europe has 
been further segmented into Germany, the UK, France, Spain, and Italy. Asia-Pacific has been sub-
segmented into China, Japan, India, South Korea, and Australia. The rest of the world has been 
further classified as the Middle East and Africa and South America.  
Key Players 
The Global InsureTech Market is expected to grow in the coming years owing to the presence of 
numerous large players active in the respective regional markets. Microsoft Corporation (US), 
Amazon Web Services Inc. (US), IBM Corporation (US), Wipro Limited (India), Tractable 
(UK), Oracle Corporation (US), Google (US), Untangl Limited (UK), Quantemplate (UK), Intel 
Corporation (US), Baidu (China), BIMA (UK), Shift Technology (France), Pentation Analytics 
Pvt Ltd (India), and eWise (Switzerland) are the companies leading the InsureTech market 
globally.