Global Insurtech Market is valued approximately at USD 5.45 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 52.7% over the forecast period 2023-2030. "InsurTech" (Insurance Technology) represents the application of technology to the development, provision, and management of insurance products and services. By providing plans that are highly customised, providing social insurance and utilizing new data streams from devices that can connect to the Internet to dynamically price premiums, insurtech is finding answers. The most frequent insurance claims that consumers secure are a rising number of auto, life, health, and house insurance claims. The global insurtech industry is primarily driven by the expanding digitalization of business. Over the past several years, wearable technology use has grown dramatically, which has prompted insurtech to be adopted in the telemedicine sector.
Digital technologies are utilised to better understand client requirements and to improve products in response to changing customer demands. According to EIS Group in 2021, a software business, 59% of the insurance companies increased their investment in digital infrastructure. Blockchain technology's benefits, such as cost reductions, quicker payments, and fraud avoidance, are boosting demand among insurance businesses globally. Additionally, developing economies provide significant opportunity for insurtech solution providers to grow their products as certain insurers adopt new business models also managed services enable insurers to address challenges and opportunities in insurance IT and operations. However, data security and privacy concerns stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Insurtech Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with the largest market share due to a growth in the requirement for automation of insurance operations, prompt services, and enhanced efficiency. These solutions offer customizable and adaptable plans for property and health insurance. The expanding number of insurtech firms in the region is also propelling market expansion. The region's established internet infrastructure, along with the rising integration of modern technologies in the insurance sector, is fueling the expansion of the region's insurtech business. Asia Pacific is expected to fastest growing during the forecast period, owing to the presence of several emerging economies and financial centres in the area, such as Singapore, India, and Hong Kong, insurance service providers in the region are attempting to provide cheap insurance premium plans. As cloud technologies become more extensively utilised and internet users grow more widespread, the region's insurance businesses are increasingly moving to digital insurance platforms. The fast digitalization of business, the expanding vast quantity of data from many industries, and the growing prevalence of smartphone and internet platforms for banking and insurance services would boost the Asia-Pacific insurtech industry.
Major market player included in this report are:
- Damco Solutions
- DXC Technology Company
- Insurance Technology Services
- Majesco Ltd.
- Oscar Insurance Corporation
- Quantemplate
- Shift Technology
- Wipro Limited
- Trov Insurance Solutions
- ZhongAn Insurance Co.
Recent Developments in the Market:
- In May 2023, Ebix Europe Welcomes a New Era in the Competitive London Market Electronic Placement with the Launch of "PlacingHub". PlacingHub is now online and garnering significant attention from prominent re/insurance brokers and carriers, providing London market users with a seamless move to the market platform, including all of their historical data.
Global Insurtech Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Service, Technology , End Use, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
- The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type:
- Auto
- Business
- Health
- Home
- Specialty
- Others
By Service:
- Consulting
- Support & Maintenance
- Managed Services
By Technology:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
By End Use:
- Automotive
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Insurtech Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Insurtech Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Insurtech Market, by Service, 2020-2030 (USD Billion)
- 1.2.4. Insurtech Market, by Technology, 2020-2030 (USD Billion)
- 1.2.5. Insurtech Market, by End Use, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Insurtech Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Insurtech Market Dynamics
- 3.1. Insurtech Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing insurance claims
- 3.1.1.2. Expanding digitalization of business
- 3.1.2. Market Challenges
- 3.1.2.1. Data security
- 3.1.2.2. Privacy Concerns
- 3.1.3. Market Opportunities
- 3.1.3.1. Managed services
Chapter 4. Global Insurtech Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Insurtech Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Insurtech Market by Type, Performance - Potential Analysis
- 5.3. Global Insurtech Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 5.4. Insurtech Market, Sub Segment Analysis
- 5.4.1. Auto
- 5.4.2. Business
- 5.4.3. Health
- 5.4.4. Home
- 5.4.5. Specialty
- 5.4.6. Others
Chapter 6. Global Insurtech Market, by Service
- 6.1. Market Snapshot
- 6.2. Global Insurtech Market by Service, Performance - Potential Analysis
- 6.3. Global Insurtech Market Estimates & Forecasts by Service 2020-2030 (USD Billion)
- 6.4. Insurtech Market, Sub Segment Analysis
- 6.4.1. Consulting
- 6.4.2. Support & Maintenance
- 6.4.3. Managed Services
Chapter 7. Global Insurtech Market, by Technology
- 7.1. Market Snapshot
- 7.2. Global Insurtech Market by Technology, Performance - Potential Analysis
- 7.3. Global Insurtech Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
- 7.4. Insurtech Market, Sub Segment Analysis
- 7.4.1. Blockchain
- 7.4.2. Cloud Computing
- 7.4.3. IoT
- 7.4.4. Machine Learning
- 7.4.5. Robo Advisory
- 7.4.6. Others
Chapter 8. Global Insurtech Market, by End Use
- 8.1. Market Snapshot
- 8.2. Global Insurtech Market by End Use, Performance - Potential Analysis
- 8.3. Global Insurtech Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
- 8.4. Insurtech Market, Sub Segment Analysis
- 8.4.1. Automotive
- 8.4.2. Government
- 8.4.3. Healthcare
- 8.4.4. Manufacturing
- 8.4.5. Retail
- 8.4.6. Transportation
- 8.4.7. Others
Chapter 9. Global Insurtech Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Insurtech Market, Regional Market Snapshot
- 9.4. North America Insurtech Market
- 9.4.1. U.S. Insurtech Market
- 9.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Service breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Technology breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End Use breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Insurtech Market
- 9.5. Europe Insurtech Market Snapshot
- 9.5.1. U.K. Insurtech Market
- 9.5.2. Germany Insurtech Market
- 9.5.3. France Insurtech Market
- 9.5.4. Spain Insurtech Market
- 9.5.5. Italy Insurtech Market
- 9.5.6. Rest of Europe Insurtech Market
- 9.6. Asia-Pacific Insurtech Market Snapshot
- 9.6.1. China Insurtech Market
- 9.6.2. India Insurtech Market
- 9.6.3. Japan Insurtech Market
- 9.6.4. Australia Insurtech Market
- 9.6.5. South Korea Insurtech Market
- 9.6.6. Rest of Asia Pacific Insurtech Market
- 9.7. Latin America Insurtech Market Snapshot
- 9.7.1. Brazil Insurtech Market
- 9.7.2. Mexico Insurtech Market
- 9.8. Middle East & Africa Insurtech Market
- 9.8.1. Saudi Arabia Insurtech Market
- 9.8.2. South Africa Insurtech Market
- 9.8.3. Rest of Middle East & Africa Insurtech Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Damco Solutions
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. DXC Technology Company
- 10.3.3. Insurance Technology Services
- 10.3.4. Majesco Ltd.
- 10.3.5. Oscar Insurance Corporation
- 10.3.6. Quantemplate
- 10.3.7. Shift Technology
- 10.3.8. Wipro Limited
- 10.3.9. Trov Insurance Solutions
- 10.3.10. ZhongAn Insurance Co.
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption