+1 915 229 3004 (U.S.) | 
+44 7452 242832 (U.K.)
+1 915 229 3004 (U.S.) | +44 7452 242832 (U.K.)
Global Insurtech Market Size was valued at USD 5.2 Billion in 2022. The Insurtech market industry is projected to grow from USD 8.2 Billion in 2023 to USD 264.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 53.62% during the forecast period (2023 - 2032). The increase in insurance claims around the world and the simplification of the claims process, are the key market drivers enhancing the market growth.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The overall rise in protection claims is one of the main drivers of market expansion. The three most often filed protection claims globally are for car, life, and houses. A recent Insurance Barometer study found that 36% of American respondents intended to buy more security in 2021. In order to lower operating costs, increase operational performance, and improve the overall client experience, insurance companies are investing more and more in cutting-edge technology.
In light of changing customer needs, technological advancements are employed to study client preferences and enhance contributions. 59% of the insurance companies studied increased their interest in computerized foundation in 2021, according to a survey by a product organization, EIS Group. Worldwide interest in blockchain technology is growing due to its benefits, which include lower investment costs, speedier payments, and a reduction in misrepresentation. In the insurance sector, blockchain technology is used in applications like Know Your Customer (KYC), Anti-illegal Tax Avoidance (AML) strategies, guarantee processing, and developing distributed models.
Several Insurtech firms are partnering with insurance firms to offer blockchain-based solutions. As an illustration, the insurtech business Amodo disclosed in December 2020 that it had collaborated with the IT business Galileo Platforms Limited. Through this organization, the businesses would help insurance providers introduce new protection plans and enhance the client experience. Progressively more insurance businesses are accepting payments made in digital currency. For instance, the accident insurance provider Metromile stated in December 2021 that it will permit policyholders to pay premiums and other costs with digital currency. The goal of this program is to help the business improve its position in the market.
Additionally, Universal Fire and Casualty Insurance Company, which focuses on offering conventional property and loss insurance to private enterprises, began allowing the use of digital currency for payment installments in June 2021. This pattern is intended to indicate how the insurtech sector will develop. On-request protection is rising in popularity because it gives customers the freedom to add protection to their cell phones whenever it is convenient. Companies that provide on-demand protection are increasingly reconsidering the processes used to authorize, produce, and appropriate on-demand protection products. The internet of things, artificial intelligence, massive data sets, and vision support are a few examples of these innovations. Thus, driving the Insurtech market revenue.
The global Insurtech market segmentation, based on Type includes auto, business, health, home, specialty, travel, and others. The health industry dominated the market in 2022. The demand for the health segment is predicted to be driven by the rising demand for digital platforms that connect exchanges, brokers, providers, and carriers in the health insurance industry. Life and health insurance companies are putting a lot of effort into employing advanced analytics to better serve and comprehend their clients. Insurtech technologies are being adopted by many health insurance providers to speed up the claims processing process. For enhanced convenience, insurers are concentrating on integrating mobility features into their health insurance plans.
The global Insurtech market segmentation, based on Service, includes consulting, support & maintenance, and managed services. The managed services industry had the biggest revenue share in 2022. Managed services providers may offer insurers a calibrated entryway to transformation by blending talent and competence with new technologies. Managed services also assist insurers in maximizing opportunities and navigating challenges related to the IT and operational aspects of insurance. The advantages of improved business models is increasingly being acknowledged and embraced by insurers, providing the managed services sector with fresh development possibilities.
The global Insurtech market segmentation, based on Technology, blockchain, cloud computing, IoT, machine learning, robo advisory, and others. The market's cloud computing segment had the largest revenue share in 2022. The insurance industry has undergone a change thanks to cloud computing's ingenuity, usability, and adaptability. The widespread adoption of Bring Your Own Device (BYOD) rules and the growing amount of data that insurance companies are obtaining are expected to accelerate the expansion. Insurance companies are adopting cloud computing technologies because they provide benefits such speedy adoption, cheap cost, and scalability.
Download Free Sample to learn more about this report
source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The global Insurtech market segmentation, based on End User, includes automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. The BFSI segment dominated the market in 2022, as BFSI businesses are widely adopting insurtech solutions for improving business efficiency.
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America, which likewise ruled the market, contributed more than 45.80% of insurtech's global revenue. The region is seeing a surge in the utilization of insurtech solutions as a result of rising consumer spending on insurance-related products. Additionally, these solutions offer customizable and tailored health and property insurance policies. The growth of insurtech companies is another factor driving the regional industry's progress. Further, In the North American area, the U.S. Insurtech market had the biggest market share, while the Canada Insurtech market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insurtech market in Europe The insurtech market is expected to expand gradually over the coming years as a result of the enormous increase in demand for quick services, more efficiency, and automated insurance operations. The established internet infrastructure in the area and the rising adoption of cutting-edge technologies in the insurance sector are what are causing the market for insurtech to flourish. Further, In the European region, the German Insurtech market had the biggest market share, and the U.K. Insurtech market had the quickest rate of growth.
Asia Pacific Insurtech market is expected to become the region with the quickest growth. Due to the existence of multiple rising economies and financial centers in Singapore, India, and Hong Kong, the region is anticipated to have tremendous growth. The region's insurance service providers strive to provide insurance premium plans at competitive prices. The expansion of the regional market is anticipated to be fueled by the rising smartphone penetration in the nations of the Asia-Pacific. Further, In the Asia-Pacific region, the Indian Insurtech market had the quickest rate of growth while China's Insurtech market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Insurtech market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Insurtech sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Insurtech sector. Major players in the Insurtech market, including Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅv, Inc., Wipro Limited, and ZhongAnInsurance, are attempting to increase market demand by investing in research and development operations.
Cloud computing services are provided by Amazon Web Services Inc (AWS), a division of Amazon.com, Inc. The company offers a wide range of cloud infrastructure services in addition to computing, storage, databases, networking, analytics, mobile, developer tools, augmented reality, virtual reality, robotics, game tech, machine learning, management tools, content delivery, media services, customer engagement, app streaming, and security, identity, and compliance. AWS offers products and services to a variety of industries, including those in the automotive, digital marketing, education, government, retail, financial services, telecommunications, media and entertainment, gaming, CPG, oil and gas, power and utilities, and non-profit organizations in the health and life sciences. The organization also conducts business in these nations in addition to the US, UK, Australia, China, France, Germany, India, Brazil, Canada, Ireland, Japan, Korea, and Singapore. The headquarters of AWS are located in Seattle, Washington. In November 2021, American International Group, Inc., an insurance company, designated Amazon Web Services Inc. as its top public cloud supplier. The American International Group wants to improve customer service through this project.
Metromile offers tailored insurance at a fair price using AI and design. Because it directly collects sensor and telematics data from each and every one of its clients' vehicles, it is able to offer rates for pay-per-mile auto insurance in the US. The company was founded in 2011, with its headquarters in Tempe, Arizona. Customers of auto insurance company Metromile will be able to pay premiums and make refunds using bitcoin, the company revealed in December 2021. This strategy ought to improve the company's market position.
· Damco Group
· DXC Technology Company
· Insurance Technology Services
· Majesco
· Oscar Insurance
· Quantemplate
· Shift Technology
· TrÅv, Inc.
· Wipro Limited
· ZhongAnInsurance
December 2021: According to Metromile, an accident insurance provider, consumers will have the choice to pay costs and receive compensation using bitcoin. With the help of this effort, the association should strengthen its position in the market.
June 2021: General Fire and Liability Insurance Company, a major provider of traditional property and damage insurance to small businesses, started allowing digital currencies for installment payments.
· Auto
· Business
· Health
· Home
· Specialty
· Travel
· Others
· Consulting
· Support & Maintenance
· Managed Services
· Blockchain
· Cloud Computing
· IoT
· Machine Learning
· Robo Advisory
· Others
· Automotive
· BFSI
· Government
· Healthcare
· Manufacturing
· Retail
· Transportation
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 5.2 Billion |
|
Market Size 2023 |
USD 8.2 Billion |
|
Market Size 2032 |
USD 264.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
53.62% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Service, Technology, End Use, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅv, Inc., Wipro Limited, and ZhongAnInsurance |
|
Key Market Opportunities |
Capabilities to implement automation |
|
Key Market Dynamics |
The increasing number of insurance claims worldwide and simplification of the claims process |
The global Insurtech Market was valued at USD 5.2 billion in 2022, and it is estimated to reach USD 264.8 billion by 2032.
The global market is projected to grow at a CAGR of 53.62% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅv, Inc., Wipro Limited, and ZhongAnInsurance.
The Health Type dominated the market in 2022.
The Managed Service had the largest share in the global market.
Report Code :
RL65103
Published on :
Aug 2023
Request a Free Sample Report
Speak to Analyst