The Global Insurtech Market Size valued for USD 8.8 Billion in 2021 and is projected to occupy a market size of USD 166.4 Billion by 2030 growing at a CAGR of 39.1% from 2022 to 2030.
Insurtech, or insurance technology, is a growing phenomenon that has allowed the insurance industry to reconnect with a massive customer base comprised of High Net Worth individuals (HNWI), upper-middle-income individuals, and lower-middle-income individuals. Insurtech platforms have the potential to assist insurance companies in improving their relevance to customers and regaining their trust. It will help with customer engagement. COVID-19 positively impacted the insurtech market, as the value of insurance plans among customers has skyrocketed. Customers were able to choose from a wide range of insurance policies, including health and life insurance, personal insurance, home insurance, and more, which increased sales of insurtech solutions significantly.
Insurtech Market Report Statistics
- Global insurtech market revenue is projected to reach USD 166.4 Billion by 2030 with a CAGR of 39.1% from 2022 to 2030
- North America insurtech market share gathered more than USD 3.2 billion in 2021
- Asia-Pacific insurtech market growth will record significant CAGR from 2022 to 2030
- According to the IBEF, India’s overall insurance density stood at US$ 78 in 2021
- As per a recent study, India accounts for 35% of the USD 3.66 billion invested in insurtech ventures nationwide
- Based on type, the health insurance sub-segment achieved approx 24% shares in 2021
- Among services, the managed services sub-segment occupied around 41% of shares in 2021
- The touchless claim process powered by Artificial Intelligence is a prominent Insurtech market trend that drives the industry demand
Global Insurtech Market Dynamics
Market Drivers
- Massive growth in the BFSI sector
- Growing digitization of insurance service models
- Rapidly rising number of insurance claims
- Surging trend of developing more tailored user experiences
Market Restraints
- Dynamic legal and regulatory framework
- Data security and privacy concerns
Market Opportunities
- Increasing shift towards cloud computing
- The growing trend of microinsurance
Insurtech Market Report Coverage
| Market |
Insurtech Market |
| Insurtech Market Size 2021 |
USD 8.8 Billion |
| Insurtech Market Forecast 2030 |
USD 166.4 Billion |
| Insurtech Market CAGR During 2022 - 2030 |
39.1% |
| Insurtech Market Analysis Period |
2018 - 2030 |
| Insurtech Market Base Year |
2021 |
| Insurtech Market Forecast Data |
2022 - 2030 |
| Segments Covered |
By Insurance Type, By Technology, By Services, By End-Use, And By Geography
|
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
Damco Group, DXC Technology Company, Insurance Technology Services, InsuerTech Nova, KFin Technologies, Majesco, Oscar Insurance, Quantemplatem, Shift Technology, Trov, Inc., Wipro Limited, and ZhongAn Insurance.
|
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Insurtech Market Growth Factors
The enormous expansion in the banking, finance, and insurance sectors is primarily driving the insurtech market value. The market is growing as a result of increased customer data on insurance claims. The developments of the internet-based business environment, the streamlining of the transaction process, and the increasing importance of customer satisfaction all have a significant impact on the growth of the insurance technology market.
The significant adoption of technologies such as AI, ML, big data analytics, and cloud computing in the insurance industry is increasing market prospects. Integration of these technologies, as well as the large amounts of data processed by insurers via ML, can help underwrite with greater precision and apply it to future models. With technology taking over the entire claim process, businesses can now develop products tailored to individual needs, significantly reduce claim timelines, and so on; experts can devote their expertise to difficult cases. However, rising fraudulent claims and high investment costs may stifle market growth. Furthermore, incorporating big data analytics would provide the market with lucrative opportunities in the coming years.
Insurtech Market Segmentation
The global insurtech market is segmented based on insurance type, technology, services, end-use, and geography.
Insurtech Market By Insurance Type
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
According to our insurtech industry analysis, health insurance dominated the market with roughly one-fourth of the market share in 2021 and is expected to grow during the projected timeframe of 2022 to 2030. However, the home insurance type sub-segment is expected to grow at a rapid pace in the coming year, from 2022 to 2030. Wearables and sensors are increasingly being used by businesses to prevent workplace injuries. In addition, organizations are incorporating technologies into worker compensation.
Insurtech Market By Technology
- Artificial Intelligence
- Big Data and Analytics
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Others
According to technology forecasts, cloud computing will command a sizable market share in 2021. Cloud computing has transformed how businesses operate, and the insurance industry is no exception. There are numerous ways for insurers to use the cloud to improve their operations. Increased efficiency, cost savings, faster platforms, greater scalability, improved customer service, and faster time to market are just a few of them. The Blockchain sub-segment, on the other hand, is expected to grow at the fastest rate in the coming years due to its ability to integrate different insurtech platforms and allow new services to enter the market.
Insurtech Market By Services
- Consulting
- Support & Maintenance
- Managed Services
Managed services generated the most revenue among services in 2021. Managed services give insurers the tools and expertise they need to keep their clients ahead of the competition. Furthermore, managed services assist insurers in lowering IT operating costs while allowing in-house technology teams to be more innovative and strategic. Furthermore, managed services companies provide an easy mechanism for closing the growing skills gap, while also enabling insurers to test cutting-edge technologies against products and services without affecting downstream results.
Insurtech Market By End-Use
- BFSI
- Automotive
- Government
- Healthcare
- Retail
- Transportation
- Manufacturing
- Others
According to our insurtech market forecast, the BFSI sector will hold a noteworthy market share between 2022 and 2030. BFSI sector is increasingly implementing Insurtech solutions to improve business proficiency. Advanced analytics and artificial intelligence are being employed for fraud detection and prevention as a result of the substantial growth in data created by banks and financial organizations. The use of mobile devices, smartphones, multimedia content, and click stream data has significantly increased the adoption of the BFSI market.
Insurtech Market Regional Outlook
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Insurtech Market Regional Analysis
According to the insurtech regional analysis, North America commanded the utmost market share in 2021. The massive market share in the region is driven by the increasing adoption of insurance technology solutions by the insurance service sector to increase its customer base and the presence of prominent solution providers in the region. In terms of growth, Asia-Pacific will lead the market from 2022 to 2030. The high growth in APAC is ascribed to the growing population, increasing health insurance, rapidly growing automotive industry, and presence of emerging economies such as China, India, and Hong Kong. Furthermore, the growing penetration of smartphones and wearable devices is also favoring the Asia-Pacific insurtech market growth.
Insurtech Market Players
Some of the leading Insurtech companies include Damco Group, InsuerTech Nova, DXC Technology Company, Insurance Technology Services, KFin Technologies, Oscar Insurance, Majesco, Quantemplatem, Trov, Inc., Wipro Limited, Shift Technology, and ZhongAn Insurance.
CHAPTER 1. Industry Overview of Insurtech Market
1.1. Definition and Scope
1.1.1. Definition of Insurtech
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Insurtech Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Insurtech Market By Insurance Type
1.2.3. Insurtech Market By Technology
1.2.4. Insurtech Market By Services
1.2.5. Insurtech Market By End-Use
1.2.6. Insurtech Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Insurtech Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Insurtech Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2021
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Insurtech Market By Insurance Type
4.1. Introduction
4.2. Insurtech Market Revenue By Insurance Type
4.2.1. Insurtech Market Revenue (USD Billion) and Forecast, By Insurance Type, 2018-2030
4.2.2. Auto
4.2.2.1. Auto Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.3. Business
4.2.3.1. Business Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.4. Health
4.2.4.1. Health Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.5. Home
4.2.5.1. Home Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.6. Specialty
4.2.6.1. Specialty Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.7. Travel
4.2.7.1. Travel Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
4.2.8. Others
4.2.8.1. Others Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 5. Insurtech Market By Technology
5.1. Introduction
5.2. Insurtech Market Revenue By Technology
5.2.1. Insurtech Market Revenue (USD Billion) and Forecast, By Technology, 2018-2030
5.2.2. Cloud Computing
5.2.2.1. Cloud Computing Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.3. Blockchain
5.2.3.1. Blockchain Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.4. Big Data and Analytics
5.2.4.1. Big Data and Analytics Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.5. Artificial Intelligence
5.2.5.1. Artificial Intelligence Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.6. IoT
5.2.6.1. IoT Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.7. Machine Learning
5.2.7.1. Machine Learning Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.8. Others
5.2.8.1. Others Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 6. Insurtech Market By Services
6.1. Introduction
6.2. Insurtech Market Revenue By Services
6.2.1. Insurtech Market Revenue (USD Billion) and Forecast, By Services, 2018-2030
6.2.2. Managed Services
6.2.2.1. Managed Services Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
6.2.3. Consulting
6.2.3.1. Consulting Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
6.2.4. Support & Maintenance
6.2.4.1. Support & Maintenance Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 7. Insurtech Market By End-Use
7.1. Introduction
7.2. Insurtech Market Revenue By End-Use
7.2.1. Insurtech Market Revenue (USD Billion) and Forecast, By End-Use, 2018-2030
7.2.2. BFSI
7.2.2.1. BFSI Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.3. Automotive
7.2.3.1. Automotive Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.4. Transportation
7.2.4.1. Transportation Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.5. Retail
7.2.5.1. Retail Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.6. Healthcare
7.2.6.1. Healthcare Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.7. Government
7.2.7.1. Government Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.8. Manufacturing
7.2.8.1. Manufacturing Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.9. Others
7.2.9.1. Others Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 8. North America Insurtech Market By Country
8.1. North America Insurtech Market Overview
8.2. U.S.
8.2.1. U.S. Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
8.2.2. U.S. Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
8.2.3. U.S. Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
8.2.4. U.S. Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
8.3. Canada
8.3.1. Canada Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
8.3.2. Canada Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
8.3.3. Canada Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
8.3.4. Canada Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
8.4. North America PEST Analysis
CHAPTER 9. Europe Insurtech Market By Country
9.1. Europe Insurtech Market Overview
9.2. U.K.
9.2.1. U.K. Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
9.2.2. U.K. Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
9.2.3. U.K. Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
9.2.4. U.K. Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.3. Germany
9.3.1. Germany Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
9.3.2. Germany Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
9.3.3. Germany Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
9.3.4. Germany Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.4. France
9.4.1. France Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
9.4.2. France Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
9.4.3. France Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
9.4.4. France Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.5. Spain
9.5.1. Spain Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
9.5.2. Spain Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
9.5.3. Spain Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
9.5.4. Spain Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.6. Rest of Europe
9.6.1. Rest of Europe Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
9.6.2. Rest of Europe Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
9.6.3. Rest of Europe Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
9.6.4. Rest of Europe Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.7. Europe PEST Analysis
CHAPTER 10. Asia-Pacific Insurtech Market By Country
10.1. Asia-Pacific Insurtech Market Overview
10.2. China
10.2.1. China Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.2.2. China Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.2.3. China Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.2.4. China Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.3. Japan
10.3.1. Japan Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.3.2. Japan Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.3.3. Japan Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.3.4. Japan Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.4. India
10.4.1. India Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.4.2. India Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.4.3. India Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.4.4. India Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.5. Australia
10.5.1. Australia Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.5.2. Australia Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.5.3. Australia Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.5.4. Australia Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.6. South Korea
10.6.1. South Korea Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.6.2. South Korea Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.6.3. South Korea Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.6.4. South Korea Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
10.7.2. Rest of Asia-Pacific Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
10.7.3. Rest of Asia-Pacific Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
10.7.4. Rest of Asia-Pacific Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.8. Asia-Pacific PEST Analysis
CHAPTER 11. Latin America Insurtech Market By Country
11.1. Latin America Insurtech Market Overview
11.2. Brazil
11.2.1. Brazil Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
11.2.2. Brazil Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
11.2.3. Brazil Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
11.2.4. Brazil Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.3. Mexico
11.3.1. Mexico Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
11.3.2. Mexico Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
11.3.3. Mexico Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
11.3.4. Mexico Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.4. Rest of Latin America
11.4.1. Rest of Latin America Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
11.4.2. Rest of Latin America Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
11.4.3. Rest of Latin America Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
11.4.4. Rest of Latin America Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Insurtech Market By Country
12.1. Middle East & Africa Insurtech Market Overview
12.2. GCC
12.2.1. GCC Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
12.2.2. GCC Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
12.2.3. GCC Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
12.2.4. GCC Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.3. South Africa
12.3.1. South Africa Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
12.3.2. South Africa Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
12.3.3. South Africa Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
12.3.4. South Africa Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Insurtech Market Revenue (USD Billion) and Forecast By Insurance Type, 2018-2030
12.4.2. Rest of Middle East & Africa Insurtech Market Revenue (USD Billion) and Forecast By Technology, 2018-2030
12.4.3. Rest of Middle East & Africa Insurtech Market Revenue (USD Billion) and Forecast By Services, 2018-2030
12.4.4. Rest of Middle East & Africa Insurtech Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Insurtech Market
13.1. Insurtech Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Insurtech Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. Damco Group
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Billion), 2021
14.1.3.2. Damco Group 2021 Insurtech Business Regional Distribution
14.1.4. Product /Service and Specification
14.1.5. Recent Developments & Business Strategy
14.2. DXC Technology Company
14.3. InsuerTech Nova
14.4. Insurance Technology Services
14.5. KFin Technologies
14.6. Oscar Insurance
14.7. Majesco
14.8. Quantemplatem
14.9. Trov, Inc.
14.10. Shift Technology
14.11. Wipro Limited
14.12. ZhongAn Insurance
