Product Code: PM1825
The global insurtech market size is expected to reach USD 147.46 billion by 2032, according to a new study by Polaris Market Research. The report "Insurtech Market Share, Size, Trends, Industry Analysis Report, By Deployment Model (On-Premise, Cloud); By Insurance Type (Commercial Insurance, Property and Casualty Insurance, Health Insurance, Life Insurance, Others); By End-Use; By Technology; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
A significant rise in data collection, along with rising wearable tech use and increased use of social media to detect gaps and enhance customer service, provides the industry with multiple potential prospects. Market growth is also fueled by the increasing usage of smartphones and other portable devices and lower data storage costs.
The insurtech business is rising due to an increased need for risk modeling and fraud analytics and the increasing incorporation of technologies including IoT, cloud computing, blockchain, cloud computing, and artificial intelligence, among others. The increase in investment by small and medium-sized firms and technical advancements in the telecommunications industry will likely boost market growth throughout the forecast period.
Because of the rising reliance on the cloud for data storage and rapid access to crucial data at any time and location, cloud-based deployment is poised to play an increasingly significant role across varied sectors. It facilitates application creation, maintenance, and access. Cloud-based deployment allows for faster delivery, more efficient pooled resources, and more scalability.
Insurtech firms use predictive analytics to forecast possible future occurrences by evaluating current and historical data and utilizing modeling approaches. It investigates and predicts patterns and trends using mathematical and statistical tools.
Data mining, web mining, text mining, and statistical time series forecasting are all part of it. Predictive analytics is used by businesses to identify hazards and opportunities. Predictive analytics is becoming more popular due to predictive modeling, optimization, decision analysis, and transaction profiling.
North America dominated the global insurtech industry in 2021 and is expected to maintain its dominance over the forecast period due to the rising adoption in retail, healthcare, transportation, and manufacturing industries.
Owing to technological advancements and the growing need to improve customer experience, companies are collaborating to retain customers and gain market share. Major market participants include DXC Technology Company, Damco Group, InsuerTech Nova, Insurance Technology Services, KFin Technologies, InuserTech Plum, Majesco, Quantemplate, Oscar Insurance, Shift Technology, Wipro Limited, Trov, Inc., and Zhongan Insurance.
Polaris market research has segmented the Insurtech market report on the basis of deployment model, insurance type, end-use, technology, and region:
Insurtech Deployment Model Outlook (Revenue, USD Billion, 2019-2032)
Insurtech Insurance Type Outlook (Revenue, USD Billion, 2019-2032)
- Commercial Insurance
- Property and Casualty Insurance
- Health Insurance
- Life Insurance
- Others
Insurtech End-User Outlook (Revenue, USD Billion, 2019-2032)
- BFSI
- Healthcare
- Manufacturing
- Government
- Retail
- Transportation
- Others
Insurtech Technology Outlook (Revenue, USD Billion, 2019-2032)
- Cloud Computing
- Blockchain
- Big Data and Analytics
- Artificial Intelligence
- IoT
- Machine Learning
- Others
Insurtech, Regional Outlook (Revenue - USD Million, 2019-2032)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Netherlands
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Insurtech Market Insights
- 4.1. Insurtech - Industry Snapshot
- 4.2. Insurtech Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increasing demand in the end-use industries
- 4.2.1.2. Growing spending in the healthcare industry
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Presence of alternatives
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Insurtech Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Insurtech Market, by Insurance Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 5.3. Commercial Insurance
- 5.3.1. Global Insurtech Market, by Commercial Insurance, by Region, 2019-2032 (USD Billion)
- 5.4. Property and Casualty Insurance
- 5.4.1. Global Insurtech Market, by Property and Casualty Insurance, by Region, 2019-2032 (USD Billion)
- 5.5. Health Insurance
- 5.5.1. Global Insurtech Market, by Health Insurance, by Region, 2019-2032 (USD Billion)
- 5.6. Life Insurance
- 5.6.1. Global Insurtech Market, by Life Insurance, by Region, 2019-2032 (USD Billion)
- 5.7. Others
- 5.7.1. Global Insurtech Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Insurtech Market, by Deployment Model
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 6.3. On-Premise
- 6.3.1. Global Insurtech Market, by On-Premise, by Region, 2019-2032 (USD Billion)
- 6.4. Cloud-Based
- 6.4.1. Global Insurtech Market, by Cloud-Based, by Region, 2019-2032 (USD Billion)
7. Global Insurtech Market, by Technology
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 7.3. Cloud Computing
- 7.3.1. Global Insurtech Market, by Cloud Computing, by Region, 2019-2032 (USD Billion)
- 7.4. Blockchain
- 7.4.1. Global Insurtech Market, by Blockchain, by Region, 2019-2032 (USD Billion)
- 7.5. Big Data and Analytics
- 7.5.1. Global Insurtech Market, by Big Data and Analytics, by Region, 2019-2032 (USD Billion)
- 7.6. Artificial Intelligence
- 7.6.1. Global Insurtech Market, by Artificial Intelligence, by Region, 2019-2032 (USD Billion)
- 7.7. IoT
- 7.7.1. Global Insurtech Market, by IoT, by Region, 2019-2032 (USD Billion)
- 7.8. Machine Learning
- 7.8.1. Global Insurtech Market, by Machine Learning, by Region, 2019-2032 (USD Billion)
- 7.9. Others
- 7.9.1. Global Insurtech Market, by Others, by Region, 2019-2032 (USD Billion)
8. Global Insurtech Market, by End-Use
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 8.3. BFSI
- 8.3.1. Global Insurtech Market, by BFSI, by Region, 2019-2032 (USD Billion)
- 8.4. Healthcare
- 8.4.1. Global Insurtech Market, by Healthcare, by Region, 2019-2032 (USD Billion)
- 8.5. Manufacturing
- 8.5.1. Global Insurtech Market, by Manufacturing, by Region, 2019-2032 (USD Billion)
- 8.6. Government
- 8.6.1. Global Insurtech Market, by Government, by Region, 2019-2032 (USD Billion)
- 8.7. Retail
- 8.7.1. Global Insurtech Market, by Retail, by Region, 2019-2032 (USD Billion)
- 8.8. Transportation
- 8.8.1. Global Insurtech Market, by Transportation, by Region, 2019-2032 (USD Billion)
- 8.9. Others
- 8.9.1. Global Insurtech Market, by Others by Region, 2019-2032 (USD Billion)
9. Global Insurtech Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Insurtech Market Assessment, By Geography, 2019-2032 (USD Billion)
- 9.3. Insurtech Market - North America
- 9.3.1. North America: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.3.2. North America: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.3.3. North America: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.4. North America: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.3.5. Insurtech Market - U.S.
- 9.3.5.1. U.S.: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.3.5.2. U.S.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.3.5.3. U.S.: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.5.4. U.S.: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.3.6. Insurtech Market - Canada
- 9.3.6.1. Canada: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.3.6.2. Canada: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.3.6.3. Canada: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.6.4. Canada: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4. Insurtech Market - Europe
- 9.4.1. Europe: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.2. Europe: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.3. Europe: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.4. Europe: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.5. Insurtech Market - UK
- 9.4.5.1. UK: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.5.2. UK: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.5.3. UK: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.5.4. UK: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.6. Insurtech Market - France
- 9.4.6.1. France: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.6.2. France: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.6.3. France: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.6.4. France: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.7. Insurtech Market - Germany
- 9.4.7.1. Germany: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.7.2. Germany: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.7.3. Germany: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.7.4. Germany: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.8. Insurtech Market - Italy
- 9.4.8.1. Italy: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.8.2. Italy: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.8.3. Italy: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.8.4. Italy: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.9. Insurtech Market - Spain
- 9.4.9.1. Spain: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.9.2. Spain: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.9.3. Spain: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.9.4. Spain: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.10. Insurtech Market - Netherlands
- 9.4.10.1. Netherlands: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.10.2. Netherlands: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.10.3. Netherlands: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.10.4. Netherlands: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.4.11. Insurtech Market - Russia
- 9.4.11.1. Russia: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.4.11.2. Russia.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.4.11.3. Russia: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.11.4. Russia: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5. Insurtech Market - Asia Pacific
- 9.5.1. Asia Pacific: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.2. Asia Pacific: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.3. Asia Pacific: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.4. Asia Pacific: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.5. Insurtech Market - China
- 9.5.5.1. China: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.5.2. China.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.5.3. China: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.5.4. China: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.6. Insurtech Market - India
- 9.5.6.1. India: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.6.2. India.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.6.3. India: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.6.4. India: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.7. Insurtech Market - Japan
- 9.5.7.1. Japan: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.7.2. Japan.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.7.3. Japan: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.7.4. Japan: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.8. Insurtech Market - Malaysia
- 9.5.8.1. Malaysia: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.8.2. Malaysia.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.8.3. Malaysia: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.8.4. Malaysia: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.9. Insurtech Market - Indonesia
- 9.5.9.1. Indonesia: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.9.2. Indonesia.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.9.3. Indonesia: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.9.4. Indonesia: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.5.10. Insurtech Market - South Korea
- 9.5.10.1. South Korea: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.5.10.2. South Korea.: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.5.10.3. South Korea: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.10.4. South Korea: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.6. Insurtech Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.6.2. Middle East & Africa: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.6.3. Middle East & Africa: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.4. Middle East & Africa: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.6.5. Insurtech Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.6.5.2. Saudi Arabia: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.6.5.3. Saudi Arabia: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.5.4. Saudi Arabia: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.6.6. Insurtech Market - South Africa
- 9.6.6.1. South Africa: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.6.6.2. South Africa: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.6.6.3. South Africa: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.6.4. South Africa: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.6.7. Insurtech Market - Israel
- 9.6.7.1. Israel: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.6.7.2. Israel: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.6.7.3. Israel: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.7.4. Israel: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.6.8. Insurtech Market - UAE
- 9.6.8.1. UAE: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.6.8.2. UAE: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.6.8.3. UAE: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.8.4. UAE: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.7. Insurtech Market - Latin America
- 9.7.1. Latin America: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.7.2. Latin America: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.7.3. Latin America: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.4. Latin America: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.7.5. Insurtech Market - Mexico
- 9.7.5.1. Mexico: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.7.5.2. Mexico: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.7.5.3. Mexico: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.5.4. Mexico: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.7.6. Insurtech Market - Brazil
- 9.7.6.1. Brazil: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.7.6.2. Brazil: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.7.6.3. Brazil: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.6.4. Brazil: Insurtech Market, by Technology, 2019-2032 (USD Billion)
- 9.7.7. Insurtech Market - Argentina
- 9.7.7.1. Argentina: Insurtech Market, by Insurance Type, 2019-2032 (USD Billion)
- 9.7.7.2. Argentina: Insurtech Market, by End-Use, 2019-2032 (USD Billion)
- 9.7.7.3. Argentina: Insurtech Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.7.4. Argentina: Insurtech Market, by Technology, 2019-2032 (USD Billion)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Damco Group
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. DXC Technology Company
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. InsuerTech Nova
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. Insurance Technology Services
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. InuserTech Plum
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. KFin Technologies
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. Majesco
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Oscar Insurance
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. Quantemplate
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Shift Technology
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. Trov, Inc.
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Wipro Limited
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. Zhongan Insurance
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development