The global insurtech market size was valued at USD 3.84 billion in 2021, and is predicted to be worth around USD 151.40 billion by 2030, registering a CAGR of 51.6% during the forecast period 2022 to 2030.
Growth Factors:
The rising awareness about the benefits of insurtech solutions in simplifying the claim process, improving communication, and implementing automation is expected to drive market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks more accurately, quickly, and accurately compared to humans is also one of the major factors driving the market growth.
The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. According to a 2021 study by the Insurance Barometer, 36% of American respondents planned to purchase life insurance in 2021. Insurance companies are increasingly investing in digital technologies to reduce operational costs and to improve operational efficiency and the entire customer experience.
This trend is expected to favor the growth of the insurtech market. The demand for on-demand insurance is growing among consumers as it enables them to purchase insurance coverage on their smartphones at their convenience..
Report Coverage
By Type Analysis
The health segment dominated the market in 2021 and accounted for more than 24.0% share of the global revenue. The increasing demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance, is anticipated to fuel the demand for the health segment.
Life and health insurers are focusing on using advanced analytics to better serve and understand their customers. Numerous health insurance companies are adopting insurtech solutions to streamline claims processing procedures.
The home segment is anticipated to register the highest growth over the forecast period. Numerous home insurance companies are seeking to create innovative products for commercial and residential real estate professionals and their respective tenants and residents.
These companies are adopting insurtech solutions for faster list-to-lease time. These solutions use AI technology to create and deliver personalized insurance policies and efficiently handle claims for customers without needing insurance brokers.
By Service Analysis
The managed services segment held the leading revenue share of more than 42.0% in 2021. Managed services providers can provide insurers a measured gateway to transformation by incorporating expertise and talent with new technologies.
The support and maintenance segment is anticipated to register the highest growth over the forecast period. The growth of the support and maintenance segment can be attributed to the increasing adoption of advanced technologies and distribution channels by insurance companies.
By Technology Analysis
The cloud computing segment led the market with a revenue share of over 24.0% in 2021. Cloud computing has transformed the insurance industry with its resourcefulness, ease of deployment, and flexibility. Widespread acceptance of Bring Your Own Device (BYOD) policies, coupled with the growing amount of data insurance companies collect, is expected to drive the growth. Insurance companies are adopting cloud computing solutions owing to benefits, such as rapid deployment, cost-effectiveness, and scalability.
The blockchain segment is anticipated to register the highest growth over the forecast period. Blockchain technology enables insurance companies to cut down on operational costs and drive operational efficiencies. This technology can be used to drive growth, integrate varied insurtech platforms, and enable new services to come to market, particularly for those who could not access insurance previously.
By End-use Analysis
The BFSI segment dominated the market and accounted for more than 20.0% share of the global revenue in 2021.BFSI businesses are widely adopting insurtech solutions for improving business efficiency. The increase in the number of connected devices in the BFSI sector is leading to the generation of a huge amount of data.
The healthcare segment is expected to register the fastest growth over the forecast period. The rising digitization in the insurance sector is expected to drive the adoption of insurtech solutions in the healthcare industry. The growing number of devices has created a need for effective monitoring, management, and maintenance of data across healthcare organizations.
By Regional Analysis
North America dominated the market for insurtech in 2021 and accounted for more than a 36.0% share of the global revenue. The region is witnessing an increased adoption of insurtech solutions owing to the increasing spending of customers for insurance-related products.
Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period. The region is expected to witness significant growth due to the presence of numerous emerging economies and financial hubs in Singapore, India, and Hong Kong.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Insurtech Market include:
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- Tr?v, Inc.
- Wipro Limited
- ZhongAn Insurance
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Market Segmentation
- By Type
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
- By Service
- Consulting
- Support & Maintenance
- Managed Services
- By Technology
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
- By End-use
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Insurtech market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Insurtech market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Insurtech markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Insurtech Market Study:
- Growth of Insurtech in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Insurtech and How to Navigate
- Key Product Innovations and Regulatory Climate
- Insurtech Consumption Analysis
- Insurtech Production Analysis
- Insurtech and Management
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