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InsurTech Market to Grow by USD 77.41 Billion (2024-2028), Driven by the Need to Improve Business Efficiency, with AI Redefining Market Landscape – Technavio

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NEW YORK, Nov. 19, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global insurtech market  size is estimated to grow by USD 77.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.35%  during the forecast period. Increasing need to improve business efficiency is driving market growth, with a trend towards investors collaborating with insurtech firms. However, high cost of investment  poses a challenge.Key market players include Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Marketing and distribution, IT support, Claim management, Policy administration and management, and Others), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Acko Technology and Services Pvt. Ltd., Allianz SE, Berkshire Hathaway Inc., Charles Taylor Ltd., Cuvva Ltd., Cytora Ltd., DeadHappy Ltd., Flock Ltd., Friendsurance, Kin Insurance Technology Hub LLC, KYND Ltd., Laka Ltd., Massachusetts Mutual Life Insurance Co., Milvik AB, Nimbla Ltd., Quantemplate Technologies Inc., simplesurance GmbH, Slice Insurance Technologies Inc., Uinsure Ltd., Urban Jungle Services Ltd., Wrisk Ltd., ExtraCover Ltd., and F2X Group Ltd.

Key Market Trends Fueling Growth

InsurTech, the fusion of Insurance and Technology, is creating waves in the industry. This innovation is revolutionizing the creation, distribution, and administration of insurance products. From social insurance to life & health, auto, marine, liability, buildings, and commercial buildings insurance, InsurTech is transforming business lines and product lines. Machine learning and artificial intelligence are driving personalized solutions for niche customers. Real-time tracking and monitoring information enable better risk monitoring and decision making. Customer data is the new currency, with predictions based on purchase quantity and consumer needs. Cloud computing, blockchain, IoT, and digital solutions are the new norm. InsurTech is transforming insurance planning with big data, chatbots, and on-premise solutions. Insurance carriers are embracing digital transformation, leveraging technology to streamline operations and enhance customer experience. The future of InsurTech lies in continuous innovation and meeting evolving customer needs. 

Investors are showing heightened enthusiasm towards partnering with InsurTech firms, as evidenced by the recent conference where 1,500 investors, entrepreneurs, and insurance executives convened. The primary objective of the event was to explore how technology is revolutionizing the insurance sector. Technological advancements have significantly impacted the insurance value chain, streamlining costing processes, enhancing consumer experience, increasing transparency, reducing fraud through data analysis, and simplifying claims for customers. InsurTech companies are prioritizing the growing consumer demand for tailored insurance products and personalized services. 

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Market Challenges

The InsurTech market is revolutionizing the insurance industry by creating and distributing innovative insurance products using technology. Challenges in insurance creation and administration are being addressed through the use of machine learning and artificial intelligence. Social insurance and customer data analysis help insurers make accurate predictions and personalized decisions for insurance planning. Real-time tracking and monitoring information are crucial for risk monitoring and customer satisfaction. Insurance carriers are embracing digital solutions to meet consumer needs, including cloud computing, IoT, and blockchain. Business lines and product lines are catering to niche customers with specific risk profiles. Machine learning algorithms help insurers assess purchase quantity and make informed decisions. Big data and chatbots streamline customer interaction and improve decision-making processes. Solutions providers are leading the digital transformation in insurance, offering cloud-based and on-premise solutions for life & health, auto, marine, liability, buildings, and commercial buildings insurance. IoT devices provide real-time data for dwelling coverage, contents coverage, and risk monitoring. The integration of technology in insurance is a game-changer, enabling insurers to provide customized solutions and improve overall customer experience.Insurance firms are embracing the sale of products through the latest technology, known as InsurTech. However, this new approach necessitates specialized training for insurance staff to effectively use the technology and understand the insurance offerings. Retraining is essential to ensure that employees can provide clients with suitable insurance solutions. Many firms are integrating technology with banking and broking services, but managing these systems effectively requires technical expertise, which some firms may lack. Therefore, investing in trainers for staff and brokers is crucial for successful implementation of InsurTech solutions.

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Segment Overview 

This insurtech market report extensively covers market segmentation by

Application 1.1 Marketing and distribution1.2 IT support1.3 Claim management1.4 Policy administration and management1.5 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Marketing and distribution-  The InsurTech market’s marketing and distribution segment is poised for significant growth during the forecast period. The widespread use of smartphones and easy internet access have fueled digital marketing and distribution of insurance policies through advanced technologies. Regulations mandating electronic promotion system certifications ensure security. Mobile point-of-sales in e-retail is gaining acceptance, providing insurance companies with opportunities to cater to busy customers. InsurTech platforms offer chatbots for live customer interaction and resolution of queries, enhancing the digital experience. Customer-centricity and high ROI are driving segment growth. InsurTech startups disrupt traditional financial services with increased access, transparency, and lower costs. Automation through pattern recognition algorithms and predictive coding reduce industry overheads and improve process efficiency. Deregulation of equity crowdfunding and private startup investments attract investors, further fueling market growth.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Insurance Technology, or InsurTech, refers to the use of technology to create, distribute, and administer insurance products. This innovative sector is revolutionizing the industry by enabling the creation of ultra-customized policies tailored to individual needs. Social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance are just a few areas benefiting from InsurTech. Machine learning and artificial intelligence are key technologies driving personalized offerings. Customer data is analyzed to provide accurate risk assessments and pricing. Cloud computing and deployment models allow for flexible and scalable solutions. Blockchain ensures secure and transparent transactions. Business analytics and IoT devices provide real-time data for risk assessment and claims processing. InsurTech is transforming various insurance sectors, including life & health, auto, marine, liability, buildings, and home insurance. Dwelling coverage and contents coverage are now offered with greater precision and efficiency. The future of insurance is technology-driven, offering customized policies and improved customer experiences.

Market Research Overview

The InsurTech market refers to the use of technology to create, distribute, and administer insurance products. This includes social insurance, life & health, auto, marine, liability, buildings, and commercial buildings insurance. Customer data is a crucial element, with machine learning and artificial intelligence used for predictions based on consumer needs, purchase quantity, and decision making. Real-time tracking and monitoring information are essential for insured parties, and businesses are leveraging digital solutions to streamline insurance planning. Cloud computing, blockchain, IoT, and big data are transforming the industry, with solutions providers offering digital transformation through on-premise and cloud-based platforms. Chatbots and insurance carriers are also part of this landscape, enhancing customer experience and enabling efficient claim processing. Overall, InsurTech is revolutionizing the insurance industry by providing innovative digital solutions for various business lines and niche customers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMarketing And DistributionIT SupportClaim ManagementPolicy Administration And ManagementOthersDeploymentOn-premisesCloudGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Forging New Paths: Alfasigma Group and Fangzhou Inc. Chart a Course for Internet Healthcare

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SHANGHAI, Nov. 19, 2024 /PRNewswire/ — On November 13th, a high-level delegation from the Alfasigma Group, led by Mr. Andriy Samoylovych, Chief Commercial Officer of Global Growth Markets, and Ms. Zhou Qin, General Manager of Alfasigma China, met with Dr. Xie Fangmin, Chairman and CEO of Fangzhou Inc. (“Fangzhou” or the “Company”) (06086.HK), at the Company’s offices in Shanghai. The two companies discussed current trends in China’s Internet healthcare sector, along with potential areas for future collaboration.

Embracing Digital Evolution

The emergence of the Internet and digital technology has expanded the possibilities for Internet healthcare in China. Increasing numbers of patients are looking online for medical services that bring greater convenience and an improved customer experience. “The evolution of Internet hospitals in China is a gradual process that relies not only on technological advancements, but also fundamentally on developing patients’ acceptance of new healthcare delivery models,” elaborated Dr. Xie.

By leveraging an innovative hybrid model which combines initial offline consultations with online follow-ups, Fangzhou has boosted patients’ acceptance and trust in its Internet Hospital services. This model has facilitated more convenient communication between doctors and patients, fostering deeper relationships and engagement, which are crucial to improving patients’ treatment adherence.

Strategic Collaboration to Enhance Healthcare Delivery

Mr. Andriy Samoylovych engaged in a comprehensive discussion with the Fangzhou team, addressing topics such as expanding patient access to innovative drugs, the current landscape of Internet healthcare in China, and the insights gained from Internet based doctor/patient education.

For many years, Fangzhou and Alfasigma Group have engaged in extensive collaboration across multiple therapeutic areas, including cardiovascular health, vascular surgery, nephrology, endocrinology, hepatology, infectious diseases, gastroenterology, and reproductive health. The meeting highlighted the latest achievements of both organizations while outlining directions for future partnership. Fangzhou and Alfasigma Group are eager to work together to drive innovation and enhance the delivery of Internet healthcare.

About Fangzhou Inc.

Fangzhou Inc. (06086.HK) is China’s leading online chronic disease management platform. With 45.6 million registered users and 217,000 registered doctors on its platform (as of June 30, 2024), the Company provides tailored medical care and precision medicine for a growing population of chronic disease patients. For more details, visit https://investors.jianke.com.

About Alfasigma

Alfasigma is an international pharmaceutical company founded in Italy, and operating in over 100 countries worldwide (through direct branches, affiliates and subsidiaries). With more than 75 years of history, Alfasigma has a long track record in the research, development, production and distribution of innovative therapeutic indications. Its product portfolio spans specialty care, primary care and consumer care in five main areas: Gastroenterology, in which it is a leader, Vascular, Rheumatology, Metabolic, Nutraceuticals & Medical foods.

Media Contact
For further inquiries or interviews, please reach out to:
Xingwei Zhao Associate Director of Public Relations Email: pr@jianke.com

Disclaimer: This press release contains forward-looking statements. Actual results may differ materially from those anticipated due to various factors. Readers are cautioned not to place undue reliance on these statements

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SOURCE Fangzhou Inc.

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Zupe Announces Wellness Social Network for iOS

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Built for users that value healthspan and featuring artificial intelligence, Zupe offers verified expert content, innovative ways to get trusted advice, and a convenient marketplace featuring a global selection of wellbeing brands.

HONG KONG, Nov. 20, 2024 /PRNewswire/ — Zupe announced the upcoming launch of its wellness super-app. Zupe is a discovery platform—restoring trust in online advice and recommendations—that connects users with verified experts and curated products. Designed for health-forward consumers who are more in touch than ever in knowing what they want, Zupe helps them find what they need and what’s good for them.

Initially launching for iOS, the user-friendly interface intelligently integrates technology to offer a holistic digital ecosystem for health and wellness that prioritises trust and transparency. Users can share ideas, ask questions, contact experts, watch product reviews, and shop for wellness products across a number of categories spanning health, fitness, nutrition, appearance, sleep, sexual wellness, and mindfulness.

Research by the company and market data demonstrates a rising distrust of social media, particularly information and products promoted by content creators. A recent focus group commissioned in early October 2024 by Zupe indicated that 7 in 8 participants between the ages of 24-35 had negative views on obtaining ‘health information by using mainstream social media’.

The Community Feed provides users with a fast and intuitive way to access content from others, engage in discussions, and ask—and answer—questions. Experts, thoughtfully verified by Zupe, can access a dedicated suite of features. This includes options to speak to experts via instant messaging, voice calls, and video conferencing, as well as the ability to recommend products from the Zupe Marketplace to earn a commission. Diversity of thought is encouraged, and real, honest views are essential, reflected in the platform’s core features built around expert opinions and reviews. Zupe’s in-app AI also offers impartial, fact-based insights into expert content.

The Zupe Marketplace carries hundreds of wellbeing products curated from brands across the world. Users can find leading supplements and futuristic devices through to superfoods and sexual wellness products.

Qualified experts users can trust

At a time when almost anyone online can claim to be an expert—often to sell a course or consultation—Zupe combats health washing and misinformation by verifying each individual providing advice on the app. The company uses a two-stage process: candidates are interviewed by Zupe, and their qualifications and social media presence are checked for compliance with expert standards. They are then screened by a third-party background check provider to verify their documentation. Once verified, experts gain access to various dedicated features, including monetisation options and a “Verified Expert” badge.

The platform welcomes a variety of experts, from conventional specialists to alternative practitioners, supported by evidence-based methods and recognised qualifications. Currently, doctors, nurses, and other medically regulated professions are not eligible to be experts on the app due to regulatory rules. Zupe also requires individuals to meet additional standards, such as having a minimum number of years of experience, to be considered an expert.

Experts are encouraged to engage in open, honest and constructive discussion. Zupe’s community standards require experts to support their claims with research or they risk having their content removed.

Chat to experts and ask questions

Expert features—a result of thoughtful software integration—offer users innovative ways to receive paid advice. Users can contact experts via instant messaging, voice calls, or video conferences. Fractional pricing allows users to pay by the minute for most features, enabling short answers and quick advice without significant costs. Users can also contact experts directly for more personalised and extensive advice. The “Ask” function lets anyone pose and answer questions, fostering open discussions with expert responses clearly marked by their “Verified Expert” badge.

A global marketplace of leading wellbeing products

The Zupe Marketplace with its unique shopping experience eliminates frustration over finding the right products for a user’s health goals through the platform’s educational content and intuitive tools.

Today’s consumers no longer trust influencers and see through traditional marketing. Zupe builds trust by allowing real users and verified experts to test, try, and review products on the Marketplace in exchange for honest feedback—empowering them to express their opinions, both positive and negative. This radical honesty fosters trust and helps users make informed purchasing decisions, with reviews discussing product benefits, limitations, and value for money. Recognising the prevalence of sponsored content, Zupe’s approach challenges current practices: brands cannot incentivise experts or users, and moderation ensures compliance with Zupe’s community standards.

The Marketplace brings together hundreds of products from leading global brands including Pure Encapsulations, Researched Nutritionals, and LELO. Zupe takes care of everything—from driving product awareness and seeding products to experts to generating honest content that drives sales and providing business performance insights to brands.

Zupe AI

Zupe AI takes getting accurate health information to a new level by providing objective insights alongside expert content. Coming later, Zupe AI will be able to complement expert features and take action across the app, like asking users questions about their health concerns and then making appropriate product recommendations. Artificial intelligence and generative AI empower users with Zupe’s Retrieval Augmented Generation (RAG) engine, leveraging the latest research and knowledge. Content is enriched with data from Zupe’s proprietary technology to deliver objective, quick, and simple facts. Zupe AI is multimodal, providing intelligent feedback on textual, visual, and audio content. For instance, the Zupe AI can offer a neutral opinion on a post about a nutritional supplement–based on current research. The Zupe AI model is currently available in the Community Feed and in English. 

Get early access

Download Zupe on iOS here.

About Zupe

Zupe is revolutionsing the way consumers pursue optimal health and wellness—with its app for iOS, and, soon, Android and web versions. The Hong Kong-headquartered company is dedicated to innovating the online health experience with plans to enter major global markets.

References:

1 Zhang, Y., Wang, Y., Yongsatianchot, N., Gaggiano, J. D., Suhaimi, N. M., Okrah, A., Kim, M., Griffin, J., & Parker, A. G. (2024). Profiling the dynamics of trust & distrust in social media: A survey study.

Press Contact
tatum@zupe.life 

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SOURCE Zupe Group Limited

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Flexport Appoints Daniel Sanvicente as Senior Vice President, Head of APAC

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SAN FRANCISCO, Nov. 19, 2024 /PRNewswire/ — Flexport, a global leader in supply chain technology, announced today the appointment of Daniel Sanvicente as Senior Vice President, Head of APAC, effective December 2, 2024. Sanvicente will bring more than 25 years of leadership experience and deep expertise in the Asian Pacific region to Flexport, where he will focus on driving growth and strengthening the company’s regional presence.

“Today, more than ever, the Asia Pacific region is a critical hub for global supply chains. Daniel’s deep knowledge of the region and track record of building exceptional teams to help organizations scale effectively will be invaluable as Flexport continues to invest in and expand its presence in the Asia Pacific region,” said Ryan Petersen, Founder & CEO, Flexport.

Sanvicente’s track record in the global logistics industry helped drive growth and operational excellence at some of the world’s largest logistics players. Most recently, he served as Chief Commercial Officer for Asia Pacific at Hellmann Worldwide Logistics, where he built and led a team responsible for some of the organization’s biggest growth drivers. Prior to that, he led commercial strategy for Panalpina Greater China before taking on a leadership role focused on driving sales growth across the APAC region from Singapore. After Panalpina was acquired by DSV in 2019, Sanvicente established and led a newly combined commercial organization spanning 15 countries. He began his career at DB Schenker, where he developed strategic commercial and operational roadmap to scale teams in markets such as Miami, New York, Singapore, and Hong Kong.

“I am excited to embark on my new journey with Flexport. What drew me to Flexport is its vision of leveraging cutting-edge technology to power global trade, which I believe has enormous growth potential. I look forward to working with the world-class teams at Flexport to deliver exceptional value for our customers and to grow our presence across the Asia Pacific region,” said Sanvicente.

Flexport has seen significant growth in APAC in recent years. The company is the seventh largest freight forwarder in the Transpacific Eastbound trade lane and services an extensive global network of ocean freight routes. Flexport has also strengthened its air freight capabilities by operating dedicated freighters that connect key APAC gateways with the U.S. to meet rising demand. In addition to growing its presence in strategic markets such as Greater China and Korea — which have been central to its growth in cross-border e-commerce and other sectors —  Flexport recently announced a partnership with ITL Corporation in Vietnam to further accelerate its expansion in Southeast Asia.

About Flexport
We believe that global trade can move humanity forward. That’s why it’s our mission to make global commerce so easy there will be more of it. Flexport powers your supply chain from factory floor to customer door – making it easy for you to ship anywhere, sell everywhere, and grow faster. Companies of all sizes—from emerging brands to Fortune 500s—used Flexport technology and services to move nearly $33 billion of merchandise across 112 countries in 2023.

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SOURCE Flexport, Inc.

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