The global insurtech market grew from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. Major players in the market are Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited. Insurtech is the application of technological innovations to extract cost and efficiency from the current insurance industry model. It collects information from a variety of sources to create more precisely defined risk groups, allowing for more competitive pricing of products.
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