NEW YORK , Dec. 11, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - 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.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Market Driver 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. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! 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. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This insurtech market report extensively covers market segmentation by 1.1 Marketing and distribution 1.2 IT support 1.3 Claim management 1.4 Policy administration and management 1.5 Others 2.1 On-premises 2.2 Cloud 3.1 North America 3.2 Europe 3.3 APAC 3.4 Middle East and Africa 3.5 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 a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics 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 Application Marketing And Distribution IT Support Claim Management Policy Administration And Management Others Deployment On-premises Cloud Geography North America Europe APAC Middle East And Africa South 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: [email protected] Website: www.technavio.com/ SOURCE TechnavioAn Italian renewable energy giant and Japan's largest oil and gas company are plugging into Australia's clean energy resources under the banner of a new company. or signup to continue reading Potentia Energy will be launched at the Sydney Opera House on Monday as an Australian renewable energy firm co-owned by Rome-headquartered Enel Green Power and INPEX. With rights in place for a development pipeline of over seven gigawatts across the country, Potentia is most focused on developing and acquiring assets in NSW, Queensland and Western Australia, chief executive Werther Esposito told AAP. The company is not deterred by the risk of political change, with opinion polls favouring the coalition ahead of the 2025 federal election. "The energy transition will go ahead in any case. There could be an acceleration or slowing down in the process," Mr Esposito said. "Renewables represent, from a technical and economic perspective, the solution for climate change," he said. "I don't think any government could deny that today wind and solar are cheaper than other technologies, and are faster in reaching the phase of deployment and construction and then supply of renewable energy." NSW had suffered some planning delays that had hit investment but there had been a "strong improvement" in the past 12 to 18 months, he said. The company also has a stake in Queensland, particularly in the north's Copperstring area, where the recently elected LNP government has pledged to stick by a massive transmission project begun under Labor. Enel won the bidding in 2024 to develop renewable energy to power a vanadium mining and processing project, which is one of a number of giant resources projects intended to be connected to the $9 billion Copperstring transmission line from Townsville to Mt Isa. WA offered a "huge opportunity" for the deployment of wind farms and battery energy storage systems, Mr Esposito said. With a decades-long footprint in Australia's north and west, INPEX is Japan's largest fossil fuel exploration and production company. Under pressure to reduce its global contribution to climate change, INPEX is already developing the production of liquid hydrogen and ammonia. "They elected Australia as the market to start diversification of the energy mix and huge investment in renewables," Mr Esposito said. "Of course in this regard, Australia is the place to be," he said. Enel and INPEX joined forces in a share purchase agreement in 2023, with the renewables business operating plants comprising 310 megawatts of solar capacity across South Australia and Victoria and a 75MW wind farm in Western Australia. A 93MW solar farm is under commissioning in Victoria and financial close was recently announced for a hybrid 98MW solar and 20MW battery project in NSW. But with international firms lining up to exploit clean energy resources, Australians living alongside projects are demanding a share of future profits through community funds, power bill rebates and other benefits. "The energy transition should be just. To be just it means that you need to support the communities and involve the communities in a proper way," Mr Esposito said. He said Enel was proud of its legacy in providing support to areas facing a changing landscape and the impact of new infrastructure, including community funds, a focus on local hiring and providing training to support new jobs. "It's an approach that is, for us, absolutely a pillar of our strategy," he said. "We are still facing some regulatory ambiguity in what a social licence means, and we are trying to be a leader in the industry in helping and supporting all the key stakeholders in determining and defining what it is." DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. 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After earning much-needed wins earlier this week, the Detroit Red Wings and Philadelphia Flyers hope to build on those performances Thursday when they face off in Pennsylvania. Detroit snapped a season-high five-game losing streak Monday with a 6-5 victory against the Buffalo Sabres. The Red Wings trailed 5-3 with under 10 minutes left in regulation before tying things up and eventually prevailing in a shootout. "It was a massive win for us," said Detroit's Dylan Larkin, who had two assists in regulation before netting the decisive goal in the shootout. "... It was good for our hockey team to score some goals, to be down and come back and win like that." Andrew Copp added two goals for the Red Wings, while Lucas Raymond scored once in regulation and again in the shootout. The headliner for Detroit, however, was Sebastian Cossa, who relieved Ville Husso in net after the first period and went on to earn the win in his NHL debut. It's been a grueling stretch for the Red Wings, who have played 11 straight games decided by two goals or fewer. During their five-game losing streak, each of those defeats came by a single goal, including twice in overtime. "We needed one to go our way," Detroit coach Derek Lalonde said, adding that his team was "a little sloppy tonight, but we produced some offense. Give a lot of credit to the guys (for hanging) in there." The Red Wings' story actually sounds similar to what the Flyers have gone through in November. Philadelphia had lost three in a row prior to authoring a solid performance in Tuesday's 5-3 road victory over the Columbus Blue Jackets. Travis Konecny had two goals and Owen Tippett tallied for the fifth time in as many games for the Flyers, who play eight of their next 10 games on the road after Thursday's contest. "We needed that win," Konecny said. "We've been going in the wrong direction for a few games, so it was good to turn it around." Philadelphia, like Detroit, has had a long stretch of games decided by two goals or fewer -- nine in a row. "I felt it was an important game for us to get back to playing with energy," Flyers coach John Tortorella said. The Flyers and Red Wings have one other commonality in that they have not reached the postseason in several years. Detroit has missed the playoffs in each of the last eight seasons (and has an uphill battle to reach the postseason in 2025). Philadelphia, meanwhile, has a decent shot to end its four-year playoff drought. That said, the Flyers players are aiming to take things one game at a time. "I think it's still a little early to look at standings and movement and stuff, but, obviously, you know when the big games are, when you play in your conference and division," Tippett said. "Those are the points that matter coming down to the end." This is the first meeting of the season between the teams, who will face off again next week in Detroit and then once again in Philadelphia on Jan. 21. --Field Level MediaAs we're swiftly moving towards the new year, it's about time to start considering taking down those Christmas decorations and restoring your home to its usual state. While dismantling them isn't as enjoyable as setting them up, discovering smart ways to store them can make the chore less intimidating. Not only will these practical storage solutions make packing away your decor less stressful, but they'll also make it much easier to unpack them again next year. From specific bauble boxes to reels that prevent your lights from tangling, here are some of the most ingenious storage hacks we've discovered. READ MORE: Charlotte Tilbury launches Boxing Day sale with up to 40% off makeup and skincare favourites READ MORE: Ninja's Boxing Day sale has landed and you can get the £30 travel mug for under £4 SONGMICS Large Christmas Decoration Storage Box, £20.40 Despite being one of the smaller Christmas decorations, baubles and tree ornaments are notoriously difficult to store. To ensure none get damaged between now and next December, this handy storage box is ideal. The box has three layers with 54 individual slots measuring 10.2cm, perfect for keeping them snug and secure. If you have ones that are larger or an awkward shape, each of the dividers are adjustable, so you can modify them to fit around your decorations. Christmas Light Storage Bag, £11.99 Ezy Lights Storage Box, £14.99 (was £19.99) We all know the struggle of storing Christmas lights - they're a nightmare to untangle and keep in working order. But, we've found two brilliant solutions for you. Amazon's Christmas Light Storage Bag is a lifesaver, with slots for three different sets of lights, each with its own reel. Simply wind your lights around the reel, pop it inside the canvas bag and zip it up ready for next year. On the other hand, Lakeland offers the Ezy Lights Storage Box , a more sturdy, stackable option. It comes in a 31 litre clear box and contains four removable spools to wrap your lights around, keeping them separate and neatly stored. Heavy Duty Christmas Tree Storage, £15.98 Storing your Christmas tree can also be a challenge due to its size and awkward shape. That's why this heavy duty canvas storage bag is perfect. It can fit Christmas trees up to nine feet tall and if your tree is smaller, there's extra room for garlands or wreaths. It also has triple reinforced handles and a double zipper, protecting your artificial tree from moisture and dust. Wrap Fabric Storage Bag, £6.49 There's nothing worse than having leftover Christmas wrapping paper that gets ruined before you can use it again next year. That's why we're big fans of this handy storage bag from Amazon, which has room for seven rolls of wrapping paper and separate compartments for tags, bows and ribbons. It means when it comes to wrapping presents next year, everything you need is in one place. Lakeland Vacuum Clothes and Duvet Storage Tote Bag, £22.99 For all your festive fabric items like stockings, tree skirts, cushion covers and bedding, proper storage is key to prevent them from getting mouldy or moth-eaten. These items, which you bring out each year, would benefit from being vacuum packed to keep them clean and safe. Lakeland currently offers these easy-to-use vacuum pack bags that have enough space for a king size duvet and four pillows, giving you plenty of room for your festive fabrics. Not only does the vacuum packing keep them clean and dry, but it also makes them much easier to store in a cupboard or under the bed until next year, reports the Mirror .
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