According to the MarkNtel Advisors' research report, "Global InsurTech Market Analysis, 2021," the market is likely to grow at a CAGR of 35% during 2021-26. Digital evolution and funding for new technologies like Big Data and AI in insurance industries to improve:
• customer experience
• increase cross-selling
• decrease risk costs
• enhance the functionality of payment assessment, and
• enable hassle-free claim processing; are the crucial factors driving the global market growth.

The rising emergence of companies like Amazon in the insurance industry, burgeoning usage of smartphones & wearable devices, the surging foothold of several insurance providers in developing countries, including India and China, promulgate the market growth in the forecast period.

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Key questions answered in the study
1. What are the current and future trends in the global InsurTech market?
2. How has the market been evolving in terms of end-user demand and application areas?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global InsurTech market?
5. What are the customer orientation, purchase behavior, and expectations from the global InsurTech market service provider across various regions?
Health and Medical Insurance Registers Fastest Growth

Within the Application, Health and Medical Insurance segment is likely to register the fastest growth in the global InsurTech market during 2021-26. The segment growth accredited to propelling investment in health InsurTech and growing concern of customers toward their physical well-being has augmented the adoption of wearable devices such as Fitbits, Apple watches to monitor physical activity.

Moreover, wearable devices enable the insurer to assess the data to mitigate and reduce the risk. Besides, the escalating focus of the InsurTech companies to bring innovation in the health insurance market is further paving a positive impact on the segment growth.

"Global InsurTech Market Analysis, 2021" provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for InsurTech providers across the globe. Moreover, the report also encompasses the key strategic imperatives for the competitors' success and strategic factorial indexing measuring competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

Europe Accounted for Significant Market Share
Europe accounted for the significant market share in the global InsurTech market. The UK and France are the key markets in the region. The surging initiative by the government to support the InsurTech companies, burgeoning funding in InsurTech start-ups, and growing spending of the customer on insurance-related products are the factors aiding the global market growth.

Moreover, robust growth in the internet-based business ecosystem and snowballing adoption of disruptive technologies to improve customer services to fuel the global InsurTech market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Global InsurTech Analysis, 2021."

According to MarkNtel Advisors, the key industry leaders in the Global InsurTech market are Clover Health Insurance, Oscar Insurance, Cytora Ltd. Zhongan Insurance, Majesco, Policy Bazaar, Quantemplate, Tractable, Trōv, Inc., Anorak Technologies, etc.

Market Segmentation:
1. By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Artificial Intelligence, Drones)
2. By Deployment Mode (On-Premise, Cloud)
3. By Application (Life and Accident Insurance, Health and Medical Insurance, P&C Insurance, Commercial Insurance, Insurance Administration and Risk Consulting, Annuities)
4. By Region (North America, South America, Europe, Asia-Pacific, Middle East, and Africa)
5. By Country (U.S, Canada, Mexico, Brazil, Germany, France, The UK, Italy, Spain, China, South Korea, Japan, India, GCC, South Africa)
6. By Competitors (Clover Health Insurance, Oscar Insurance, Cytora Ltd. Zhongan Insurance, Majesco, Policy Bazaar, Quantemplate, Tractable, Trōv, Inc., Anorak Technologies, etc.)