What is the market size and trends of the global Insurtech?
by SMEBOOK (admin) · February 3, 2021
The global insurtech market is expected to grow significantly during the forecast period, owing to the factors, such as simplification of the claims process, improved communication with the client, and the capabilities to implement automation. Digital technology is disrupting industry after industry. Most insurers, though, do not have innovation in their DNA. Regulation has curbed incumbents' ability to experiment, while limited competition has given them no particular need to do so. Although there is a significant opportunity to capture value in the short term by digitizing their current business, they will get left behind if they fail simultaneously to use digital technology to innovate and build new business. Digitization and ubiquitous data communications have enabled companies to build global supply chains.The capability of the Insurtech companies to drive innovation in the insurance market by developing new products will help insurance companies meet the dynamic customer requirement.
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