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Insurtech Market Size, Share, Growth & Industry Trends [2031]
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Insurtech Market Size, Share, Growth & Industry Trends [2031]

Segments - Insurtech Market by Type (Health, Travel, Auto, Home, Specialty, Business, and Others), Technology (Internet of Things, Blockchain, Robo Advisory, Cloud Computing, Machine Learning, and Others), Service (Managed Services, Consulting, and Support & Maintenance), End-user (Healthcare, BFSI, Retail, Automotive, Transportation, Government, Manufacturing, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-5096 | 4.3 Rating | 65 Reviews | 211 Pages | Format : PDF Excel PPT

Report Description


The global insurtech market size was valued at USD 9.42 Billion in 2022 and is projected to reach USD 159 Billion by 2031, expanding at a CAGR of 32.8% during the forecast period, 2023–2031. Increasing number of insurance claims is likely to boost the market.

Insurtech is a term used to describe the use of technology to improve the efficiency, effectiveness, and innovation of the insurance industry. It refers to the application of digital technology to the insurance industry, including the use of artificial intelligence (AI), machine learning (ML), blockchain, big data analytics, and other emerging technologies.

Insurtech Market Outlook

Insurtech has the potential to transform the insurance industry by providing new and innovative ways to create, distribute, and manage insurance products and services. Some of the areas where insurtech is having an impact include underwriting and risk management, claims processing, and customer engagement. Insurtech is driving innovation and disruption in the insurance industry, leading to a customer-centric, efficient, and agile industry.

The insurtech market report finds that the COVID-19 pandemic has fueled the insurtech market. Several insurance companies are reevaluating their long-term strategies and short-term needs as COVID-19 and its impacts have accelerated the implementation of online platforms and new mobile applications to customers’ needs. Several insurance companies are entering into partnerships with digital solutions to improve their offerings.

Insurtech Market Dynamics

Major Drivers

Increasing adoption of new technologies such as artificial intelligence, cloud computing, machine learning, and blockchain due to the real-time tracking & monitoring information regarding particular business lines and streamlining & modernize operations is likely to drive the insurtech market.

Rising interest in insurtech arrangements, especially in developing countries such as India, China, and South Korea, give fuels the market. Insurance companies are leveraging innovative digital solutions, due to changing business models is expected to drive the market. Insurance companies are scaling their business by developing product lines based on the requirements of niche customers.

Global Insurtech Market Dynamics

Restraints

Privacy concerns for digitally-based businesses is anticipated to restrain the market. Many users are concerned about how their data is being collected and its purpose of use or if it is sold for financial gain. The insurance sector is allowing customers and service providers to conduct business seamlessly, securely, and error-free.

Opportunities

The increasing digital environment, due to mobility, health, travel, and home coverage options is expected to create lucrative opportunities for the market players. Insurtech is launching new initiatives and cooperating with major software companies, which in turn, is likely to create lucrative opportunities in the market.

Scope of Insurtech Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Insurtech Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Type (Health, Travel, Auto, Home, Specialty, Business, and Others), Technology (Internet of Things, Blockchain, Robo Advisory, Cloud Computing, Machine Learning, and Others), Service (Managed Services, Consulting, and Support & Maintenance), and End-user (Healthcare, BFSI, Retail, Automotive, Transportation, Government, Manufacturing, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Zhongan Insurance; Wipro; Shift Technology; Quantemplate; Oscar Insurance; Majesco; INSURANCE TECHNOLOGY SERVICES; DXC Technology Company; Damco Group; and ACKO General insurance Limited

Insurtech Market Segment Insights

Based on type, the insurtech market is divided into health, travel, auto, home, specialty, business, and others. The health segment is expected to expand at a significant pace during the projection period, due to the increasing need for digital platforms that connects health insurance carriers, brokers, providers, and exchanges.

The home segment is anticipated to hold a key share of the market in the coming years. Home insurance covers the damage to the home, property, and personal belongings of the customer’s home. Several home insurance businesses are adopting insurtech solutions for a quick list to lease time. These insurtech solutions use AI technology to deliver and create personalized insurance policies for customers without any help from insurance brokers.

Global Insurtech Market Type

On the basis of technology, the global market is segregated into internet of things, blockchain, robo advisory, cloud computing, machine learning, and others. The cloud computing segment is projected to register a considerable CAGR during the forecast period. Cloud computing has completely transformed the insurance industry, as it is flexible and easy to deploy. Bring Your Own Device (BYOD) policies joined with data insurance companies collect, which is expected to drive the cloud computing segment.

The blockchain segment is projected to hold a large share of the market in the coming years. Blockchain technology brings substantial efficiency gains, cost-savings, transparency, fraud mitigation, and quicker payouts, while allowing the data to be shared between several parties in a trusted and traceable manner.

Global Insurtech Market Technology

In terms of service, the insurtech market is classified as managed services, consulting, and support & maintenance. The managed services segment is expected to register a robust growth rate during the forecast period, as it provides insurers a measured gateway to modernization, expertise, and incorporating talent with new technologies, and offers best practices, processes, and regulatory considerations.

The support & maintenance segment is anticipated to account for a major share of the market in the coming years, due to the increasing adoption of advanced technologies by insurance companies. Several insurance companies are focusing on installing advanced technology and customizing software products to specific needs.

Based on end-user, the market is divided into healthcare, BFSI, retail, automotive, transportation, government, manufacturing, and others. The BFSI segment is anticipated to expand at a rapid pace during the forecast period. BFSI technology is widely adopting insurtech solutions for improving business efficiency. Moreover, insurance companies have understood that they can use the information to deliver better services, gain insights, optimize costs, and boost revenues.

Regional Analysis

In terms of region, the global insurtech market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the increasing adoption of insurtech solutions. These insurtech solutions offer flexible and customizable plans for health and property insurance. However, an increasing number of insurtech startup companies is likely to drive the market in the region.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the incidence of several emerging economies and financial hubs in India, Hong Kong, and Singapore. Rising penetration of smartphones across emerging countries is estimated to drive the market in the region.

Global Insurtech Market Region

Segments

The global insurtech market has been segmented on the basis of

Type

  • Health
  • Travel
  • Auto
  • Home
  • Specialty
  • Business
  • Others

Technology

  • Internet of Things
  • Blockchain
  • Robo Advisory
  • Cloud Computing
  • Machine Learning
  • Others

Service

  • Managed Services
  • Consulting
  • Support & Maintenance

End-user

  • Healthcare
  • BFSI
  • Retail
  • Automotive
  • Transportation
  • Government
  • Manufacturing
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Zhongan Insurance
  • Wipro
  • Shift Technology
  • Quantemplate
  • Oscar Insurance
  • Majesco
  • INSURANCE TECHNOLOGY SERVICES
  • DXC Technology Company
  • Damco Group
  • ACKO General insurance Limited

Competitive Landscape

Key players in the global insurtech market share include Zhongan Insurance; Wipro; Shift Technology; Quantemplate; Oscar Insurance; Majesco; INSURANCE TECHNOLOGY SERVICES; DXC Technology Company; Damco Group; and ACKO General insurance Limited

These players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.

  • In April 2022, Shift Technology announced a partnership with Legentic, a provider of real-time and historic data. This partnership is helping insurers make better decisions about suspicious claims.
  • In March 2022, DXC Technology Company announced that the company is increasing its focus on insurance software and business process solutions.

Global Insurtech Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Insurtech Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Insurtech Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Insurtech Market - Supply Chain
  4.5. Global Insurtech Market Forecast
     4.5.1. Insurtech Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Insurtech Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Insurtech Market Absolute $ Opportunity
5. Global Insurtech Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Insurtech Market Size and Volume Forecast by Types
     5.3.1. Health
     5.3.2. Travel
     5.3.3. Auto
     5.3.4. Home
     5.3.5. Specialty
     5.3.6. Business
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Insurtech Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Insurtech Market Size and Volume Forecast by End Users
     6.3.1. Healthcare
     6.3.2. BFSI
     6.3.3. Retail
     6.3.4. Automotive
     6.3.5. Transportation
     6.3.6. Government
     6.3.7. Manufacturing
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Insurtech Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Insurtech Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Insurtech Demand Share Forecast, 2019-2026
8. North America Insurtech Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Insurtech Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Insurtech Market Size and Volume Forecast by Types
     8.4.1. Health
     8.4.2. Travel
     8.4.3. Auto
     8.4.4. Home
     8.4.5. Specialty
     8.4.6. Business
     8.4.7. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Insurtech Market Size and Volume Forecast by End Users
     8.7.1. Healthcare
     8.7.2. BFSI
     8.7.3. Retail
     8.7.4. Automotive
     8.7.5. Transportation
     8.7.6. Government
     8.7.7. Manufacturing
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Insurtech Demand Share Forecast, 2019-2026
9. Latin America Insurtech Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Insurtech Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Insurtech Market Size and Volume Forecast by Types
     9.4.1. Health
     9.4.2. Travel
     9.4.3. Auto
     9.4.4. Home
     9.4.5. Specialty
     9.4.6. Business
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Insurtech Market Size and Volume Forecast by End Users
     9.7.1. Healthcare
     9.7.2. BFSI
     9.7.3. Retail
     9.7.4. Automotive
     9.7.5. Transportation
     9.7.6. Government
     9.7.7. Manufacturing
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Insurtech Demand Share Forecast, 2019-2026
10. Europe Insurtech Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Insurtech Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Insurtech Market Size and Volume Forecast by Types
     10.4.1. Health
     10.4.2. Travel
     10.4.3. Auto
     10.4.4. Home
     10.4.5. Specialty
     10.4.6. Business
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Insurtech Market Size and Volume Forecast by End Users
     10.7.1. Healthcare
     10.7.2. BFSI
     10.7.3. Retail
     10.7.4. Automotive
     10.7.5. Transportation
     10.7.6. Government
     10.7.7. Manufacturing
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Insurtech Demand Share Forecast, 2019-2026
11. Asia Pacific Insurtech Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Insurtech Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Insurtech Market Size and Volume Forecast by Types
     11.4.1. Health
     11.4.2. Travel
     11.4.3. Auto
     11.4.4. Home
     11.4.5. Specialty
     11.4.6. Business
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Insurtech Market Size and Volume Forecast by End Users
     11.7.1. Healthcare
     11.7.2. BFSI
     11.7.3. Retail
     11.7.4. Automotive
     11.7.5. Transportation
     11.7.6. Government
     11.7.7. Manufacturing
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Insurtech Demand Share Forecast, 2019-2026
12. Middle East & Africa Insurtech Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Insurtech Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Insurtech Market Size and Volume Forecast by Types
     12.4.1. Health
     12.4.2. Travel
     12.4.3. Auto
     12.4.4. Home
     12.4.5. Specialty
     12.4.6. Business
     12.4.7. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Insurtech Market Size and Volume Forecast by End Users
     12.7.1. Healthcare
     12.7.2. BFSI
     12.7.3. Retail
     12.7.4. Automotive
     12.7.5. Transportation
     12.7.6. Government
     12.7.7. Manufacturing
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Insurtech Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Insurtech Market: Market Share Analysis
  13.2. Insurtech Distributors and Customers
  13.3. Insurtech Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Zhongan Insurance
     13.4.2. Wipro
     13.4.3. Shift Technology
     13.4.4. Quantemplate
     13.4.5. Oscar Insurance
     13.4.6. Majesco
     13.4.7. INSURANCE TECHNOLOGY SERVICES
     13.4.8. DXC Technology Company
     13.4.9. Damco Group
     13.4.10. ACKO General insurance Limited

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