Market Research Report

Global InsurTech Market Research Report: Forecast (2024-2030)

InsurTech Market Report - By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Artificial Intelligence, Drones), By Deployment Mode (On-Premise, Cloud), By Applicatio...n (Life and Accident Insurance, Health and Medical Insurance, P&C Insurance, Commercial Insurance, Insurance Administration and Risk Consulting, Annuities), Others Read more

  • FinTech
  • Jan 2024
  • 212
  • FT44002

Market Definition

InsurTech is a technology designed principally to bring operational efficiency to the insurance sector. These solutions are meant to cater to the creation, distribution, and administration of an extensive range of operations associated with insurance businesses and make the existing models more advanced and efficient. With the integration of technologies like Artificial Intelligence (AI) & Data Analytics, insurance companies can price their services more competitively for cheaper & faster operational results. Therefore, the insurance sector is adopting and investing substantially in InsurTech technology.

Market Insights & Analysis: Global InsurTech Market (2024-30):

The Global InsurTech Market size is projected to grow at a CAGR of around 35% during the forecast period, i.e., 2024-30. The market is driven principally by an increasing inclination of insurance companies toward digitalization to yield operational efficiency while providing services like faster claim processing, an automated claims process, enhanced coordination amongst parties, and improved communication platforms, among others, to their customers.

These functions are done effectively with the help of technologies like Artificial Intelligence (AI), Machine Learning (ML), & predictive analysis. Therefore, insurance companies worldwide are increasingly utilizing InsurTech solutions in their business models to reduce insurance rates, quickly detect & prevent fraud, minimize underwriting costs, enhance billing capabilities, & provide specialized insurance to their clients, thereby driving the global market.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 35%
Regions Covered North America: USA, Canada, Mexico
South America: Brazil, Others
Europe: Germany, UK, France, Italy, Spain, and Others
Asia-Pacific: China, India, Japan, South East Asia, Australia
Middle East & Africa: GCC countries, South Africa and Others
Key Companies Profiled Trov Inc., Oscar Insurance, Policy Bazaar, Quantemplate, Clover Health Insurance, Tractable, Anorak Technologies, Majesco, Cytora Ltd., Zhongan Insurance, DXC Technology Company, Damco Group, OutSystems, Shift Technology, Wipro Limited and others
Unit Denominations USD Million/Billion

 

Moreover, the integration of technologies like Artificial Intelligence in InsurTech solutions by insurance companies is swiftly gaining momentum. It is principally to effectively & efficiently manage tasks with the help of digital assistants to streamline how agents interact with customers, detect policies to meet individual coverage, and enable insurers to analyze & price policy premiums faster with greater precision.

Despite having a positive market outlook, the Global Insurtech Market is confronted with various obstacles, such as regulatory barriers & compliance complexities, talent acquisition & skill gaps, economic instability, data security & privacy issues, technology risks, etc. Resolving these issues is essential to the industry's long-term growth. To overcome these obstacles and realize InsurTech's full potential to revolutionize the insurance sector, constant cooperation between InsurTech participants, regulators, and well-established insurance businesses is necessary. Therefore, regular cooperation between stakeholders in the industry would augment the size & volume of the market across the globe in the coming years.


Global InsurTech Market Research Report: Forecast (2024-2030)

Global InsurTech Market Driver:

Digital Transformation of Insurance Sector – The rapidly changing business models, constant technological advancements in services & solutions, and increasing support from the governments of different countries are promoting digital transformation in the insurance industry. All these factors are propelling the demand for InsurTech solutions substantially and globally. It, in turn, is displaying an increasing adoption of these solutions among insurance companies to leverage their offerings & expand reachability across different regions worldwide, thereby driving the Global Insurtech Market in the coming years.

Global InsurTech Market Opportunity:

Emerging Economies Displaying Untapped Potential – Several developing countries worldwide are displaying a plethora of opportunities for the leading players in the Global InsurTech Market to expand their reachability and offerings across various insurance companies and encourage them to adopt new business models to deliver enhanced services & policies to their customers.

Young, tech-savvy people who are at ease with digital adoption and mobile technology are common in emerging economies. This makes them ideal candidates for easily accessible mobile-first InsurTech solutions. Furthermore, when developing nations' economies expand, so does their disposable income, opening up a bigger market for prospective insurance buyers. This creates opportunities for microinsurance and other reasonably priced products catered to various income brackets.

Moreover, initiatives for digital transformation and financial inclusion are also being actively promoted by a large number of emerging economies. This entails assisting with the creation of InsurTech solutions, improving the regulatory landscape, and encouraging collaborations between established insurers and digital entrepreneurs. Thus, the presence of all these positive factors in emerging economies offers a good volume of opportunities for the growth of the InsurTech industry.

Global InsurTech Market Challenge:

Technological Risks to Impede Market Growth – Undoubtedly, technological hazards can provide obstacles for the Global InsurTech Industry. Technology is the engine of innovation in the insurance sector, but it also brings several dangers that require careful management. Cyberattacks target InsurTech companies because they manage enormous volumes of sensitive client data. Risks associated with data breaches, illegal access, and other cybersecurity issues can result in large-scale monetary losses, harm to one's reputation, and legal repercussions.

Furthermore, it can be difficult to integrate and apply new technology to current systems. The innovative technologies that InsurTech companies hope to deploy may not be readily compatible with the insurance industry's legacy systems. Delays, higher expenses, and interruptions to operations may result from this. Additionally, when it comes to software tools, cloud services, and data analytics platforms, among other technological solutions, InsurTech enterprises frequently depend on outside suppliers. Reliance on outside vendors exposes the InsurTech company to the danger of service interruptions, outages, or other problems that are not directly under its control. Therefore, all these factors may hinder the growth of the Global Insurtech Market in the coming years.

Global InsurTech Market (2024-30): Segmentation Analysis

The Global InsurTech Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–30 at the global level. According to the analysis, the market has been further classified as:

Based on the Application:

  • Life and Accident Insurance

  • Health & Medical Insurance

  • P&C Insurance
  • Commercial Insurance
  • Insurance Administration and Risk Consulting
  • Annuities

The Health & Medical Insurance segment has acquired a substantial market share in recent years & is anticipated to continue in the same trend during the forecast period. It owes principally to the burgeoning health concerns among people and the increasing inclination of insurance companies toward digital platforms, propelling the demand for InsurTech to connect brokers, providers, & carriers in health insurance. Additionally, to streamline claim processing, understand customer requirements, and provide instant solutions to clients, several health insurance providers are actively utilizing Insurtech solutions and, in turn, promoting overall market growth.

Besides, multiple life & accident insurance providers are also rapidly adopting InsurTech solutions owing to the growing prevalence of smartphones & applications to monitor, manage, and maintain data across organizations & amplify the remedies for customers.

Based on the Technology:

  • Block Chain
  • Cloud Computing
  • Internet of Things (IoT)
  • Machine Learning (ML)
  • Artificial Intelligence (AI)
  • Drones

The ‘Cloud Computing’ segment has acquired a substantial share of the Global InsurTech Market in recent years. It owes principally to its benefits like easy deployment, resourcefulness, & widespread acceptance, among others, for insurance companies, coupled with the management of the large volume of data generated by the insurers.

On the other hand, the ‘Blockchain’ segment is projected to be the fastest-growing technology in the Global InsurTech Market during the forecast period since it helps reduce the overall operational costs & enhance the working efficiency of insurance companies. Additionally, benefits like transparency, cost-effectiveness, quicker results, early detection & prevention of fraud, etc. are a few other prominent aspects propelling the demand for InsurTech solutions with blockchain technology among insurers. Besides, integrating blockchain with artificial intelligence (AI) in insurance can offer tailored coverage with precise threat analysis. Such facilities are soaring the demand for InsurTech with blockchain technology and fueling market growth.

Global InsurTech Market (2024-30): Regional Projections

Geographically, the Global InsurTech Market expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

North America dominated the market with the largest share in recent years and is anticipated to prevail in the same trend during the forecast period. It owes principally to the escalating adoption of InsurTech solutions to upgrade the entire insurance sector with the latest technological solutions, coupled with the rising customer inclination toward online platforms to avail of insurance services.

Additionally, benefits like liquidity, price transparency, etc., and innovations in insurance services for clients are also aiding in the adoption of InsurTech solutions across North America and fueling overall market growth. Besides, the extensive presence & active participation of prominent players in the region and the mounting demand for end-to-end digital solutions are other crucial aspects expected to drive market growth across North America in the coming years.

Furthermore, the growing need to address existing gaps like oversaturation, coupled with fierce competition among insurers, is projected to incorporate the digital transformation of the insurance sector and promote regional market growth during 2024–30.

On the other hand, the Asia-Pacific region is anticipated to see the quickest market growth from 2024 to 2030. This is mostly due to the numerous well-known and up-and-coming insurance companies that are establishing new policies and strategies throughout the region. These companies have enormous financial potential and are in high demand for InsurTech solutions that use cutting-edge technology to provide customers with better services and reasonably priced insurance premium plans.

Besides, the accelerating adoption of cloud technologies, entwined with growing support from the governments of different countries in Asia-Pacific toward digitalization, is encouraging several insurance companies to adopt these InsurTech solutions, which is another prominent aspect projected to drive the regional market during the forecast period.

Global InsurTech Industry Recent Development:

  • In August 2023, DXC Technology Company, disclosed a new multi-year arrangement to provide end-to-end support for a component of AT&T's IT infrastructure operations. AT&T's midrange IT infrastructure, comprising enterprise compute, storage, backup, and recovery environments, will be managed by DXC. In addition, DXC will oversee the maintenance and design of the hardware in these settings, as well as the databases, storage, and systems.

Gain a Competitive Edge with Our Global InsurTech Market Report

  1. Global InsurTech Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & market share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Global InsurTech Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The InsurTech Market is expected to grow at a compound annual growth rate (CAGR) of around 35% during 2024-30.

   A. The digital transformation of the insurance sector is expected to drive the InsurTech Market during 2024-30.

   A. Trov Inc., Oscar Insurance, Policy Bazaar, Quantemplate, Clover Health Insurance, Tractable, Anorak Technologies, Majesco, Cytora Ltd., Zhongan Insurance, DXC Technology Company, Damco Group, OutSystems, Shift Technology and others are the top companies in the InsurTech Market.

   A. The ‘Could Computing’ segment holds the largest share of the InsurTech Market.

   A. The Asia-Pacific region would present growth prospects in the InsurTech Market during 2024-30.

   A. ‘Technological Risks’ is one of the possible restraints affecting the growth of the InsurTech Market.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on Global InsurTech Market
  5. Global InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Technology
        1. Block chain
        2. Cloud Computing
        3. Internet of Things (IoT)
        4. Machine Learning (ML)
        5. Artificial Intelligence (AI)
        6. Drones
      2. By Deployment Mode
        1. On-Premise
        2. Cloud
      3. By Application
        1. Life and Accident Insurance
        2. Health and Medical Insurance
        3. P&C Insurance
        4. Commercial Insurance
        5. Insurance Administration and Risk Consulting
        6. Annuities
      4. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      5. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Matrix
  6. North America InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Deployment Mode
      3. By Application
      4. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    4. Canada InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    5. Mexico InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
  7. South America InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Deployment Mode
      3. By Application
      4. By Country
        1. Brazil
        2. Others
    3. Brazil InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
  8. Europe InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Deployment Mode
      3. By Application
      4. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Others
    3. Germany InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    4. The UK InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    5. France InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    6. Italy InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    7. Spain InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
  9. Middle East & Africa InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Deployment Mode
      3. By Application
      4. By Country
        1. GCC Countries
        2. South Africa
        3. Others
    3. GCC InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    4. South Africa InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
  10. Asia-Pacific InsurTech Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Deployment Mode
      3. By Application
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Others
    3. China InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    4. India InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    5. Japan InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
    6. South Korea InsurTech Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Deployment Mode
        3. By Application
  11. Global InsurTech Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  12. Global InsurTech Market Policies, Regulations, Product Standards
  13. Global InsurTech Market Trends & Insights
  14. Global InsurTech Market Hotspot & Opportunities
  15. Global InsurTech Market Key Strategic Imperatives for Success & Growth
  16. Competition Outlook
    1. Competition Matrix
      1. Product/ Solution Portfolio
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Trov, Inc.
      2. Oscar Insurance
      3. Policy Bazaar
      4. Quantemplate
      5. Clover Health Insurance
      6. Tractable
      7. Anorak Technologies
      8. Majesco
      9. Cytora Ltd.
      10. Zhongan Insurance
  17. Disclaimer


InsurTech Market Segmentation