According to the latest report by IMARC Group, titled, “Insurtech Market:Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global insurtech market size reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Insurtech, or insurance technology, refers to the use of technological innovations to garner savings and efficiency in the insurance industry. It is utilized to increase the efficiency in the operations of the insurance company by identifying the risks related to the business operations, market, liquidity, counterparty, and credit. Insurtech also simplifies financial transactions and enhances the functionality of the payment processes. It uses Big Data and artificial intelligence (AI) to optimize the pricing mechanisms and offer insurance-related services. Report Metric Historical: 2016-2021 Base Year: 2020 Forecast Year: 2022-
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