The US Insurance Distribution Technology Market): Insights & Forecast COVID-19 Impact (2022-2026)

DELHI, India - Sept. 21, 2023 - PRLog -- Insurance distribution technologies are primarily concerned with increasing the efficiency of the existing insurance sector paradigm. These technologies are also concentrating on increasing client communications and the ability to automate operations.

The insurance distribution technology business has a lot of room to develop in the US. Insurance technology companies have seen substantial growth in car, homeownership, and cyber insurance. Such rapid expansion would compel traditional insurers to either acquire technological skills or form partnerships with InsurTech firms. With millennials' increased need for creative products and services, such collaboration would become a vital requirement. Traditional insurers might gain from faster outcomes in building a tech culture as a result of such agreements. The US insurance distribution technology market is projected to reach US$209.99 billion in 2023, growing at a CAGR of 7.60% during the forecast period.

Top Impacting Factors:

Growth Drivers

• Soaring Urban Population    
• Rising Millennial Population
• Rise in the Use of Internet to Buy Insurance Products  
• Increasing Use of Mobile Technology and Applications (Apps)    

Challenges

• Security Concerns    
• Infrastructure Bottlenecks    

Trends

• Increasing Use of Social Media as a Distribution Channel
• Rising Personalization Trend
• Growing Adoption of Telematics
• Escalating Demand for Digital Self-Service

Analysis of Key Players:

The US insurance distribution technology market is fragmented in nature, owing to the presence of a large number of small businesses catering to the demands of life and non-life insurance sectors. The key players of the US insurance distribution technology market are:

• Brown & Brown, Inc. (Coverhound)
• Goosehead Insurance, Inc.
• Porch Group, Inc.
• GoHealth, Inc.
• Clover Health Investments, Corp.
• Oscar Health, Inc.
• MediaAlpha, Inc.
• Hippo Holdings Inc. (Hippo Insurance Services)
• Root Inc.
• Lemonade Inc.

Some of the strategies among key players in the market for insurance distribution technology are partnerships, mergers, acquisitions, and collaborations. For Instance, Lemonade entered into an agreement in 2021 to acquire Metromile (the data science company focused on auto insurance). Whereas, GoHealth has invested in multiple sectors such as HRTech, Employer Insurance, Employee Health IT, and more. MediaAlpha is one of the largest digital aggregator companies in the market. Whereas, companies such as GoHealth, Goosehead, and Porch are integrated distributors.

For more Information:

https://www.konceptanalytics.com/report/financial-services/the-us-insurance-distribution-technology-market-by-function-application-technology-type-end-user-insights-forecast-with-potential-impact-of-covid-19-2022-2026

Koncept Analytics

Vikas Gupta

(Business Development Manager)

FFCS-36, Ansal Plaza

Vaishali, Ghaziabad

U.P - 201010

Tele: +91-120-4130959

Mobile: +91-8700242734

Mail ID – vikas@konceptanalytics.com