Insurtech Market Size, Share, Growth, Trends | Analysis – 2030

The global Insurtech market size was valued at $9,415.28 million in 2020, and is projected to reach $158,994.52 million by 2030, growing at a CAGR of 32.7% from 2021 to 2030.InsurTech (Insurance Technology) refers to the use of technology that engages in the creation, distribution and administration of insurance product & services. Insurtech is discovering solutions such as offering ultra-customized policies, social insurance, and using new streams of data from Internet-enabled devices to dynamically price premiums. Insurtech helps insurers to collect and analyze customer data, which can be specifically used to target right customer, with affordable price quotation. Moreover, with the use of machine learning, artificial intelligence, and cloud computing, Insurtech helps in making better predictions of consumer needs, purchase quantity, and improves decision making and insurance planning.