Market Trends of North America Insurtech Industry
Increasing Number of Smart Phone Subscribers in United States Witnessing Growth in North America Digitized Insurance Trend
The smartphone market in the United States is one of the world's largest, with more than 302 million smartphone users. In line with the overall growth of the smartphone market across North America, the smartphone penetration rate in the United States has continuously risen over the past 10 to 15 years to more than 80%. Thus, the growth in the number of Smart Phone Users in the United States is one of the biggest key drivers of the transformation of Physical Insurance Policy Activities to the InsurTech, which is more easy, safe, and less time-consuming in nature for clients without any intermediaries or agent fee, thus yielding North America InsurTech Trend growing upwards.
North America Signifying Maximum Insurtech Funding Transaction
Private capital continued to flood the Insurance Industry in 2021, driving total investments in insurtechs to new heights across all insurance types, investment stages, and regions. To meet the demands of customers seeking smarter and more efficient products and services and to compete more effectively with insuretechs many insurance incumbents are fast tracking next generation operating models that combine the best of human and technological capabilities.North america is Witnessing the maximum share of insurtech funding transaction throughout the Globe. Over fifty percent of funding transaction in Insurtech is funded from North American Countries signifying that the increasing demand for end-to-end digital financial solutions is propelling the regional market growth and also this is expected to gro further till theforecast period.
