Insurtech Market Size, Share, Growth Analysis, By Type (Health, Home), By Technology (Cloud Computing, Blockchain), By End User (BFSI, Healthcare), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG40O2006 |
Region:
Global |
Published Date: November, 2024
Pages:
166
|Tables:
0
|Figures:
0
Insurtech Market Insights
Global Insurtech Market size was valued at USD 8.32 Billion in 2022 and is poised to grow from USD 12.71 Billion in 2023 to USD 246.01 Billion by 2031, growing at a CAGR of 52.7% in the forecast period (2024-2031).
Growing digital transformation of the financial services industry is slated to be the main catalyst for insurtech demand in the future. Increasing emphasis on digital transformation, growing demand for better insurance services, and rising complexity of regulatory frameworks in insurance are other factors that contribute to global insurtech market growth over the coming years. Advancements in digital technologies and high demand for personalized insurance around the world are also estimated to offer new opportunities for insurtech companies in the future. Creation of supportive regulatory infrastructure by governments and regulatory bodies to streamline insurance operations will also boost insurtech market outlook in the long run. However, high costs of implementation, complexity and variability in regulations, resistance to change from traditional insurance companies, and lack of trust in technology-based insurance are some key restraints that could slow down insurtech market growth across the forecast period and beyond.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Insurtech Market Segmental Analysis
The global insurtech market is segmented by type, service, end user, technology, and region. Based on type, the market is segmented as auto, business, health, home, specialty, travel, and others. Based on service, the market is segmented into consulting, support & maintenance, and managed services. In terms of technology, the market is segmented into blockchain, cloud computing, IoT, machine learning, robo advisory, and others. Based on end user, the market is segmented as automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Analysis by Type
Health insurance is projected to account for a major chunk of the global insurtech market share over the coming years. Growing healthcare costs and the increasing number of people opting for health insurance are helping this segment maintain its dominant stance in the insurtech market forecast. Growing use of advanced technologies by life and health insurance providers will also bolster the adoption of insurtech solutions and services going forward. Increasing complexity of health insurance claims and processing is pushing companies to opt for insurtech solutions and services streamline their workflows and promote efficiency. Digitization of health insurance companies will also promote market growth via this segment.
Meanwhile, the demand for insurtech for home insurance is slated to rise at a rapid pace across the study period and beyond. Rapidly expanding residential and commercial real estate industry around the world is forecasted to open up new avenues of opportunities for insurtech companies in the future. Growing emphasis on improving efficiency in home insurance and rental insurance processes is projected to bolster the demand for insurtech in this segment going forward. The rising demand for personalized insurance in the home segment is also expected to offer new business scope for insurtech market players in the long run.
Analysis by Technology
The cloud computing segment is forecasted to bring in the most revenue for insurtech companies in the future. Advancements in cloud technologies and growing adoption of cloud platforms are slated to be key factors aiding the dominance of this segment on a global level. Ease of deployment, flexibility, scalability, and low costs are some key benefits that are pulling insurtech companies towards cloud technologies and helping them expand their revenue generation capabilities. The growing popularity of remote work and bring your own device (BYOD) trends are also estimated to further bolster insurtech market outlook via this segment.
Meanwhile, the demand for blockchain technology in the insurtech industry is slated to increase at an impressive CAGR over the coming years. Growing adoption of decentralized technologies in the financial services industry and advancements in blockchain technologies are helping generate new business for insurtech providers. Rising acceptance of blockchain technologies and growing awareness regarding its benefits are also expected to promote its adoption among insurtech market players in the long run. The use of smart contracts to execute insurance policies automatically and ensure compliance is also expected to bolster the insurtech market development in the long run.
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Insurtech Market Regional Insights
North America emerges as the top market for insurtech companies owing to the presence of multiple finance and insurance companies coupled with quick adoption of advanced technologies. The availability of a developed IT infrastructure and high demand for better insurance policies are also expected to make this the leading regional market for insurtech companies going forward. Canada and the United States are estimated to be the most rewarding markets for insurtech companies operating in the North American region through 2031. The growing number of insurtech start-ups and rising popularity of decentralization of finance are also slated to aid market development in the future.
The Asia Pacific region is slated to emerge as the fastest growing market for insurtech companies in the world going forward. Increasing investments in digital transformation, rising demand for affordable insurance plans, and launch of supportive new initiatives to promote modernization of financial industry are expected to offer new opportunities for insurtech providers in this region. Hong Kong, India, Japan, and Singapore are estimated to be most rewarding markets for insurtech companies operating in this region. Efforts of emerging economies to digitize their finance and banking industries are also expected to create new opportunities in the long run.
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- Fastest
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Insurtech Market Dynamics
Drivers
Digital Transformation of the BFSI Industry
- Almost all industries and countries are focusing on digital transformation of their financial services to keep up with digital advancements. Growing use of advanced digital technologies to modernize and optimize insurance and finance operations is projected to drive up the demand for insurtech over the coming years.
Growing Demand for Personalized Insurance Solutions
- Insurtech companies are focusing on using big data and analytics to assess customer behaviors and preferences to help them offer customized and personalized insurance policies based on lifestyle, health, and other factors. Growing demand for personalized in the insurance industry will be a factor promoting the insurtech market outlook.
Restraints
High Implementation Costs
- Insurtech solutions and technologies are highly advanced and expensive, which makes them inaccessible to insurance organizations on a tight budget or limited spending potential. Moreover, additional investments required to implement, maintain, and train individuals for insurtech solutions further add up to the cost and impede market development potential.
Resistance to Change
- Traditional insurance companies are highly reluctant to change their business model and approach as they already have established systems and workflows in place. This reluctance to change and adoption of insurtech solutions by traditional insurance companies is slated to significantly slow down the global insurtech demand outlook in the long run.
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Insurtech Market Competitive Landscape
Developing new insurtech solutions and services that are affordable will be a key strategy for all market players. Providing easy integration with legacy systems and infrastructure will also help insurtech companies expand their business scope in the future. Leveraging supportive government initiatives and funding to promote digital transformation will also offer new opportunities for insurtech providers in the long run.
Top Player’s Company Profiles
- Damco Group
- DXC Technology Company (U.S.)
- Trov, Inc. (U.S.)
- Wipro Limited (India)
- ZhongAn (China)
- TCS (India)
- Cognizant (U.S.)
- Infosys (India)
- Pegasystems (U.S.)
- Appian (U.S.)
- Mindtree (India)
- Prima Solutions (India)
- Fineos (Ireland)
- Bolt Solutions (U.S.)
- Majesco (U.S.)
- EIS Group (U.S.)
- Oscar Insurance (U.S.)
- Quantemplate (U.K.)
- Shift Technology (India)
- OutSystems
Recent Developments
- In October 2024, Ingloo, an insurtech company from Singapore announced the launch of its new platform in Indonesia. The new direct-to-customer (D2C) platform is expected to help improve access for Indonesian customers to a wide variety of insurance offerings from multiple insurers offering services in the country.
- In October 2024, Crawford & Company, a leading name in the insurance claims management business announced the launch of its new insurtech company named Turvi. The new organization will offer software-as-a-service (SaaS) solutions to enhance workflows in property and casualty insurance claims.
- In September 2024, Onsurity, a new name in the insurtech from India announced that it had raised USD 45 million in a Series B financing round. The round was led by Creaegis and Onsurity intended to use this fresh funding to expand its business and launch new digital insurance offerings in the future.
Insurtech Key Market Trends
- Use of Blockchain Technology: Insurtech companies should focus utilizing blockchain technology to keep up with the decentralized finance trend. Blockchain technology ensures secure, tamper-proof records, streamlining the claims process and reducing disputes. Use of smart contracts in insurtech could also help open up new avenues of business for all market players in the future.
- Microinsurance Models: The rise of gig economy and increasing number of freelance workers around the world are projected to bolster the demand for microinsurance solutions and models in the future. Insurtech companies can leverage this key insurtech market trend to provide flexible policies that cover specific needs for short periods, such as travel, event, or gadget insurance and boost their revenue generation potential as well.
Insurtech Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high demand for personalized insurance and growing use of digital technologies in the insurance industry are forecasted to be the primary drivers for insurtech market growth. On the contrary, resistance to change and high costs of implementation are slated to slow down the demand for insurtech in the future. North America is estimated to account for a prominent share of the global insurtech industry owing to rapid adoption of advanced technologies and presence of key insurance companies in this region. Health insurance is slated to be the most opportune segment for all market players. Integration of blockchain technology and development of microinsurance models will offer new opportunities for insurtech companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.32 Billion |
| Market size value in 2031 | USD 246.01 Billion |
| Growth Rate | 52.7% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Insurtech Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Insurtech Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Insurtech Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Insurtech Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Insurtech Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Insurtech Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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