Insurtech for Health Insurance Market – Segments Worth Observing Aiding Growth Factors
Published Via 11Press : According to HTF MI, “Global Insurtech for Health Insurance Market: Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2029″. From 2023 to 2028, the global Insurtech for Health Insurance is projected to expand at a compound annual growth rate (CAGR) of 15.16 percent, reaching $936.21 million in 2023 and USD 2183.33 million by that time.
The term ” Insurtech” refers to the use of cutting-edge technology to problems or possibilities in the insurance value chain. It involves making use of data, analytics, process automation for goods, and process advancements to provide more organized interactions between insurers and their holders. As a result, it is seen as a technological advancement that has increased the efficiency of the insurance sector. Multiple reasons primarily drive the US health insurance sector. The need for insurance in the United States is being driven by growth in the health insurance industry’s income, expanding health insurance demand across several locations, and a rise in the desire of insurance firms for tech-driven solutions. The market is becoming more competitive as a result of regulatory and cost-cutting constraints on enterprises.
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Key and developing players who have been highlighted as part of the coverage include
- GoHealth Policygenius
- Next Insurance Lemonade
- Bright Health
- OutSystems
- DXC Technology Company
- Zipari Majesco
- Clearcover Metromile
- Shift Technology
- Oscar Insurance
Market Drivers
- One of the most notable and lucrative industries for generating new income is the health insurance industry in the US.
- In the USA, there is an increasing demand for private health insurance plans, which fuels lucrative new income streams for the companies that supply these plans.
- Health insurance-related coverage is becoming more popular as a result of increased health risks and rising healthcare expenses.
- Insurance customers also want to use services that are more technologically advanced.
- As a result, they are stimulating the market for insurance products. The consumer is increasingly at the center of everything insurers do.
Market Trend
- The health insurance business is starting to change due to digitization. Payers in the United States are gradually moving towards digital, but they lag behind other businesses in terms of consumer satisfaction, automation, and the application of artificial intelligence.
- As a result, spending on digital programs is rising. Companies that provide health insurance are adopting a digital approach.
- Cost reductions, efficiency, and customer happiness are all significantly impacted. 61 percent of consumers in the USA prefer to monitor the progress of their claims online, according to research.
- Companies are likely to implement digital products given the vast potential customer digital options.
Market Opportunities
- The US insurance sector has undergone a technological revolution in the previous ten years.
- As insurers have grown their dependence on technology for cost and process optimization, particularly for health insurance, emerging capabilities like telematics, artificial intelligence, big data, aerial photography, and claims automation have become increasingly prevalent.
Market Challenges
- Insurance firms’ cost structures have altered, but not entirely. Although certain businesses, notably in the health insurance industry, have made great progress in cutting their spending, most of the cuts are still far from being noticeable.
- Every step of the value chain is impeded by a number of regulatory impediments.
- While data and AI help insurers calculate risk more precisely, rules may exclude some aspects from being taken into account or even specify which ones should be.
- The fact that insurance rules are primarily up to state discretion, resulting in 50 various regulatory frameworks that insurance companies must adhere to, exacerbates the issue.
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Insurtech for Health Insurance Market Segmentation:
The report has categorized Insurtech for the Health Insurance market based on type, distribution channel, and region.
Market Breakdown by Applications:
- Critical Illness Insurance
- Maternity Insurance
- Individual Insurance
- Senior Citizens Insurance
- Other
Market Breakdown by Types:
- product development & underwriting
- sales & marketing
- policy administration collection & disbursement
- claims management
Report Scope
| The Market size value in 2023 | USD 936.21 Million |
| Revenue Forecast by 2033 | USD 2183.33 Million |
| Growth Rate | CAGR Of 15.16% |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
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Key highlights of the report:
- Insurtech for Health Insurance Market Performance (2018-2022)
- Insurtech for Health Insurance Market Outlook (2023-2028)
- Insurtech for Health Insurance Market Trends
- Insurtech for Health Insurance Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Detailed competitive landscape
If it falls beyond the current scope of the report, we will provide any specific information you want as part of the change.
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