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IoT Insurance Market Size to Grow USD 686.9 Billion by 2032 at a CAGR of 36.4% | Valuates Reports
BANGALORE, India, Jan. 22, 2024 /PRNewswire/ — IoT Insurance Market By Component (Solution, Service), By Insurance Type (Life and Health Insurance, Property and Casualty Insurance, Others), By Application (Automotive, Transportation, and Logistics, Life and Health, Commercial and Residential Buildings, Business and Enterprise, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global IoT insurance market was valued at USD 31.5 Billion in 2022, and is projected to reach USD 686.9 Billion by 2032, growing at a CAGR of 36.4% from 2023 to 2032.
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Major Factors Driving the Growth of IoT Insurance Market:
The use of revolutionary technologies like telematics, data analytics, and predictive modeling is driving the expansion of the IoT insurance industry. Usage-based insurance with telematics support and connected device risk reduction lead to more economical and customized plans.
Insurance companies may use machine learning algorithms to optimize pricing models, improve fraud detection, and engage clients proactively thanks to the copious amounts of real-time data from IoT devices.
The IoT insurance market is growing as a result of its expansion into the health insurance sector using IoT health monitoring devices, cooperative industry collaborations, legislative backing for innovation, and the development of dynamic business models. The insurance business is changing as a result of the confluence of technology, data, and creative thinking. This is creating a more connected, customer-focused, and data-driven sector.
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TRENDS INFLUENCING THE GROWTH OF IOT INSURANCE MARKET
IoT devices play a major role in the insurance industry’s risk reduction and prevention efforts. Insurers are able to proactively monitor and minimize risks related to property and health insurance using connected devices, such as wearables and sensors in smart homes. Smart sensors, for instance, may identify security breaches, fire threats, and leaks in houses. This enables insurers to provide incentives for taking preventive action and, in the end, lower the frequency and severity of claims.
The health insurance industry is seeing tremendous growth due to the proliferation of IoT in health monitoring devices. Insurers receive useful information about the lives and health conditions of their policyholders via wearables and health-tracking devices. With the use of this data, insurers may create individualized health insurance policies that will encourage policyholders to lead better lifestyles and lower their total risk of medical expenses.
The market for IoT insurance is expanding rapidly, mostly due to the use of telematics technology. Combining informatics and telecommunications, telematics uses sensors and communication devices in cars to gather and send real-time data. This technology makes usage-based insurance (UBI) possible in the insurance industry, where rates are based on real driving behavior. With the use of telematics data collection, insurers are able to analyze risk more precisely, which results in more affordable and customized insurance plans for customers. The insurance industry’s capacity to identify fraud is improved by the incorporation of IoT devices. Insurers can spot odd trends and possible fraudulent activity by continuously monitoring data streams from several sources.
Regulations designed to protect consumers and promote innovation have aided in the expansion of the IoT insurance sector. Regulatory agencies are aware of how the Internet of Things may enhance risk assessment and customer support. Insurers are encouraged to engage in IoT technology by clear standards and procedures that guarantee compliance with data privacy and security requirements. The Internet of Things is bringing new ideas to the insurance industry, such pay-as-you-go or on-demand insurance. IoT data gives insurers the freedom to customize coverage to certain events or situations, giving customers greater choice over the price and coverage of their insurance. The IoT insurance industry is continuing to expand and change as a result of this move towards dynamic and customized insurance arrangements.
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IOT INSURANCE MARKET SHARE ANALYSIS
The IoT insurance market is expected to grow at the fastest rate in the property and casualty insurance segment. This is because there is a growing trend in the adoption of machine-to-machine (M2M) communication products; anti-lock brake systems are being implemented to facilitate faster communication with vehicle users; and policyholders are becoming more aware of premiums.
Asia Pacific is anticipated to have substantial growth over the course of the projection period due to the rise in end-user adoption of IoT devices, such as wearables, drones, Wi-Fi dongles, and built-in sensors that offer useful data.
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Key Companies:
- International Business Machines Corporation
- CISCO SYSTEMS INC
- SAP SE
- Microsoft Corporation
- GOOGLE INC
- Accenture Plc
- Synechron
- ORACLE CORPORATION
- Intel Corporation
- Telit
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– In 2020, the global property insurance market revenue is USD 1613 Billion dollars; at a CAGR of 6.2% during the forecast period from 2021 to 2027. Besides, the United States accounts for about 40.48% Market share, which is 653 billion US dollars.
– AI in IoT market was valued at USD 4513.4 Million in 2022 and is anticipated to reach USD 10280 Million by 2029, witnessing a CAGR of 14.7% during the forecast period 2023-2029.
– Insurance Policy Administration Systems Software market is projected to reach USD 478.6 Million in 2029, increasing from USD 263 Million in 2022, with the CAGR of 7.8% during the period of 2023 to 2029.
– IoT in Banking & Financial Service market is projected to grow from USD 1380.6 Million in 2023 to USD 6781.7 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 30.4% during the forecast period.
– Internet of Things (IoT) Security market size is projected to reach USD 7722.1 Million by 2028, from USD 2087.8 Million in 2021, at a CAGR of 20.3% during 2022-2028.
– Insurance Billing Software market is projected to reach USD 491.9 Million in 2029, increasing from USD 286 Million in 2022, with the CAGR of 8.0% during the period of 2023 to 2029.
– Telematics Insurance Service market is projected to reach USD 9391.8 Million in 2029, increasing from USD 4913 Million in 2022, with the CAGR of 9.7% during the period of 2023 to 2029.
– The online insurance market was valued at USD 53.2 billion in 2021, and is estimated to reach USD 330.1 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031.
– The specialty insurance market was valued at USD 104.7 billion in 2021, and is estimated to reach USD 279 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.
– The telecommunication insurance market was valued at USD 8.5 billion in 2021, and is estimated to reach USD 41.6 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031.
– Insurance Fraud Detection Market
– Business Travel Accident Insurance Market
– Juvenile Life Insurance market was valued at USD 74310 Million in 2022 and is anticipated to reach USD 157190 Million by 2029, witnessing a CAGR of 13.3% during the forecast period 2023-2029.
– Income Protection Insurance market was valued at USD 44450 Million in 2022 and is anticipated to reach USD 52760 Million by 2029, witnessing a CAGR of 2.9% during the forecast period 2023-2029.
– Game Developer Insurance market is projected to reach USD 1696.3 Million in 2029, increasing from USD 1348 Million in 2022, with the CAGR of 3.4% during the period of 2023 to 2029.
– Comprehensive Motorcycle Insurance Market
– Logistics Insurance market is projected to grow from USD 67340 Million in 2023 to USD 81830 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period.
– Cyber (Liability) Insurance Market
– Plastic Carrier Tape for Semiconductor market is projected to reach USD 773.2 Million in 2029, increasing from USD 458 Million in 2022, with the CAGR of 7.5% during the period of 2023 to 2029.
– Life Insurance Software Market revenue was USD 6566.9 Million in 2022 and is forecast to a readjusted size of USD 9724.6 Million by 2029 with a CAGR of 5.7% during the review period (2023-2029).
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Fintech PR
Heidrick & Struggles Announces 2025 Global and Regional Leader Appointments
The promotions span across six practice areas and three regions to drive growth in 2025 and beyond
CHICAGO, Jan. 6, 2025 /PRNewswire/ — Heidrick & Struggles (Nasdaq: HSII), a premier provider of global leadership advisory and on-demand talent solutions, today announced key global and regional leader appointments, effective January 1, 2025. The appointed leaders will continue advancing the firm’s objective of delivering exceptional value to clients by fostering differentiated, deep, and durable relationships.
“Having the right leadership in place is increasingly crucial to business performance, growth, and prosperity, making our work more important than ever,” said Tom Monahan, CEO, Heidrick & Struggles. “This dynamic group embodies our values as a firm as well as our unwavering commitment to delivering superior client service. We’re excited to promote these outstanding leaders as they continue to shepherd our clients through their most pressing business and talent challenges.”
These leaders span Heidrick & Struggles’ priority practice and solution areas, as well as multiple regions globally.
Individuals appointed to Regional Leader:
- Anne Rockey, North America
- Richard Guest, Asia Pacific & Middle East
Individual appointed to Global Managing Partner:
- Todd Taylor, Client Driven Growth, a newly created role
Individuals appointed to Executive Search Global Practice Managing Partner:
- Jaimee Eddington, Corporate Officers Practice
- Dominique Fortier, Financial Services Practice
- Chris Bray, Global Technology & Services Practice
- Gustavo Alba, Co-Lead, Private Equity Practice
Individuals appointed to Executive Search Regional Practice Managing Partner:
- Liz Langel, Americas, Financial Services Practice
- Ina Sood, Americas, Healthcare & Life Sciences Practice
- David Burd, Americas, Corporate Officers Practice
- David Crawford, Asia Pacific & Middle East, Global Technology & Services Practice
- Tom Cunningham, Europe & Africa, Global Technology & Services Practice
- Sarah Driscoll, Europe & Africa, Global Technology & Services Practice
- Roman Wecker, Europe & Africa, Industrial Practice
Individuals appointed to Partner-in-Charge:
- Jane Xing, Beijing
- Jessi Gentile, Chicago
- Maliha Jilani, Dubai
- Kim Pomoell, Finland
- Kiwook Kim, Korea
- David Richardson, New York/Stamford
- Christina Besozzi Cary, Washington, D.C.
Individual promoted in Heidrick Consulting:
- Eric Joseph, leading North America on an interim basis
About Heidrick & Struggles
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory services and on-demand talent solutions, serving the senior talent and consulting needs of the world’s top organizations. Heidrick & Struggles pioneered the profession of executive search more than 70 years ago. Today, we partner with clients to develop future-ready leaders and organizations, combining our expertise in executive search, leadership consulting, and on-demand, critical talent solutions to achieve the highest levels of profitability and performance. Helping our clients change the world, one leadership team at a time.® www.heidrick.com
Media Contact
Bianca Wilson
Global Director, Public Relations
Heidrick & Struggles
[email protected]
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Fintech PR
Finastra announces leadership transition: welcoming Chris Walters as new CEO
LONDON, Jan. 6, 2025 /PRNewswire/ — Finastra, a global provider of financial services software applications, today announced a significant leadership transition. After nearly a decade of transformative leadership, Simon Paris will step down from his role as Chief Executive Officer. Chris Walters has joined Finastra and will assume the role of Chief Executive Officer.
Chris brings a wealth of experience from senior executive leadership positions, driving innovation and scaling technology companies. He recently served as CEO of Pluralsight and Avantax, a leading company within Financial Services, where he orchestrated significant performance improvement and the company’s successful sale. Prior to Pluralsight and Avantax, Chris served in a variety of leadership roles, including being a Partner at McKinsey & Company and the COO of Bloomberg Industry Verticals Group.
On his appointment, Chris said, “I’m excited to join Finastra at this pivotal moment in its journey and am impressed by the significant progress that has been made during Simon’s leadership. I look forward to working with the talented team to drive sustainable growth and continue to deliver more value to our customers, team members, and investors.”
Under Simon’s stewardship, the company has achieved remarkable milestones, including:
- Leading the charge in Open Finance, following the merger of Misys and D+H in 2017 to form Finastra
- Building a loyal customer base of over 8,000 clients in 130 countries, including 45 of the world’s top 50 banks
- Achieving recognition as a leader in Generative AI, with all employees upskilled and ~50 capabilities in progress from ideation to production stages
- Garnering extensive market accolades, including multiple product, culture, and leadership awards, and being named the #1 Banking Technology company, the #2 Financial Technology company, and appearing in the top 15 Software companies worldwide in 2024 alone
- Delivering record financial performance and double-digit Annual Recurring Revenue (ARR) growth
As Finastra embarks on its new strategic sprint in 2025, the company is well-positioned for continued success. During the transition period, Simon and Chris will work closely together to ensure a smooth handover.
Simon reflected on his tenure, saying, “This journey with Finastra has been a privilege. Chris is a seasoned professional, and I am honored to ‘pass the baton’ to him. I leave incredibly proud of what Finastra has achieved so far and excited for the company’s future under Chris’s leadership.”
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
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Fintech PR
DXC Technology’s AI Impact Helps Customers Across Industries Innovate with AI
AI Impact leverages DXC’s combined consulting, engineering, and secure enterprise services
ASHBURN, Va., Jan. 6, 2025 /PRNewswire/ — DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, today announced AI Impact, an approach designed to help solve customers’ most pressing challenges. By combining DXC consulting, engineering and secure enterprise services, DXC will help clients across industries securely innovate and drive real business outcomes with AI.
DXC takes a pragmatic approach to AI by focusing on developing solutions that solve real world challenges and support business growth. With DXC’s AI Impact, customers benefit from DXC’s vast industry expertise and technology experience to build solutions, services and experiences together that will deliver real business outcomes using the latest technology innovation. Read more about DXC’s approach here.
“AI has already captured the attention and imagination of industries everywhere. From AI agents to autonomous driving and personalized medicine, companies are taking steps to unlock value from AI, which promises to reshape our world,” said Howard Boville, EVP, Consulting & Engineering Services – Powered by AI. “With DXC’s AI Impact approach, we are helping to push the boundaries of what AI makes possible, guided by our team of consulting, engineering and technology experts to address our clients’ most pressing challenges.”
Customers across industries are leveraging AI Impact, including:
- Automotive: DXC is helping customers leverage AI-powered diagnostic tools to make it easier for automotive manufacturers and service providers to identify potential issues before they become critical, reducing downtime and maintenance costs. DXC is also helping customers leverage AI to personalize every aspect of a vehicle, including personal assistants that learn a driver’s preferences and habits over time to make more intuitive recommendations.
- Public Sector: To provide more transparency, governments are using DXC AI Impact to efficiently engage with citizens and make it easier for them to access public services. This includes the use of AI Agents and AI enhanced processes that streamline and simplify tax, national lending and even public healthcare processes.
- Financial Services and Insurance: DXC is helping customers optimize operations, from underwriting and risk assessment to claims processing and customer service. By working with DXC, financial institutions are leveraging chatbots to make it easy for human agents to respond faster and more accurately to customer inquiries by analyzing thousands of documents in minutes with Generative AI.
- Healthcare: DXC implemented an AI-powered app to help measure patient symptoms in real-time, analyzing data to provide clinicians with insights that enable more accurate diagnoses and treatment plans, improving the quality of care and proactively addressing prescription resistance.
For more information on DXC AI Impact and how we’re working with the most innovative industry leaders to securely innovate, visit here.
Forward Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no assurance can be given that any result, goal or plan set forth in any forward-looking statement can or will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. For a written description of these factors, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and any updating information in subsequent SEC filings. Readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
CONTACT: Mihir Bellamkonda, Media Relations, [email protected]; Roger Sachs, Investor Relations, [email protected]
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