Insurtech Market Size Analysis, Drivers, Restraints, Key Factors Forecast, 2020–2028
Increasing investment by insurance companies in digitization to improve payments system functionality is a significant factor driving growth of the insurtech market. Market Size – USD 2,750.9 Million in 2020, Market Growth – at a CAGR of 44.3%, Market Trends – Advancement in technology The global Insurtech Market is expected to reach a market size of USD 53.91 Billion by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Rapid growth of the insurtech market can be attributed to increasing investment by insurance companies in digitization to improve payments system functionality. Insurtech helps insurance companies to offer an integrated billing system that can accept diverse payment forms enabling greater customer flexibility and thereby improving billing system efficiency. The automated billing systems can notify and remind clients/customers of approaching dates of payment for premiums, and thus reduced unintended def...