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Insurtech Market

Insurtech Market

Insurtech Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031

Insurtech Market

Insurtech Market Projected to Grow US$ 20 Bn by 2031

The global Insurtech market is estimated to grow US$ 6.5 Bn in 2021, and would reach US$ 20 Bn by 2031, at a high CAGR of 15%, from 2021-2031. Insurtech is primarily the usage of technology innovations designed to make the existing insurance model more effective and technologically sound. Technology giants are entering the insurance sector while bringing in the full force of their innovations. A large number of insurance companies are extensively implementing these solutions to drive better, cheaper, and quicker operational results. Therefore, the insurance industry is observing a huge rise in investments in technology, in the coming years.

What is Driving Demand for Insurtech Solutions?

Major giants in the insurance industry are investing in digitization of the processes in order to improve the functionality of payment technologies and systems, and working on simplification of the transaction process. The advancements in digital technologies are creating a significant demand for insurtech and are further contributing to the development of insurtech market across the globe. More and more insurtech companies are gradually using big data to recognize opportunities for innovative products and services, while optimizing pricing mechanisms.

Big data also helps in enabling insurtech companies to capture the adverse trends in performances and costs based on which counteractive actions can be taken. The implementation of big data along with artificial intelligence in Insurtech leads to enhanced targeting of customers and helps in automation of the decision-making process for the organizations. This integration of artificial intelligence and Big Data in insurtech happens to be one of the major factors driving the growth of Insurtech solutions.

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BFSI Industry Likely to Hold the Largest Share in Insurtech

BFSI industry vertical is anticipated to hold the largest share of the global insurtech market. BFSI businesses are extensively adopting insurtech solutions for enhancing the business efficiency. The upsurge in the number of connected devices in the BFSI sector has led to the generation of a huge amount of data which can be put to better use. Hence, insurance companies have realized that they can use such data to deliver optimize costs, better services, boost revenues, and gain significant market insights.

US and Canada Insurtech Market Outlook

The U.S. is projected to hold the largest share of the market in North America region. The growth in the U.S. is primarily attributed to the huge consumer base and presence of major solution providers in the region. The U.S. is one of the largest markets for insurtech globally. The U.S.Insurtech market is set to walk on the historic pattern of bust and boom during the assessment period 2021-2031.

Insurance companies are increasingly turning towards the adoption of digital technologies in order to enhance the functionality of the payment process and eventually streamline the financial transactions. Implementation of advanced technologies among insurance companies helps them to recognize risks related to the business operations, markets, counter party, liquidity, and credit. Moreover, the demand for insurtech solutions in Canada is anticipated to show significant growth and is expected to grow at the a high CAGR over the forecast period.

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Europe Demand Outlook for Insurtech

Europe is anticipated to hold the second-largest market share and is projected to offer several growth opportunities to insurtech vendors over the forecast period. Factors such as the strong presence of financial services sector and presence of key vendors shall significantly aid in driving the growth of insurtech solutions in Europe.The U.K. and France are the significant countries for insurtech in the region, and is expected to have the highest penetration for insurtech solutions. Other regions such as Spain, Germany, Italy, and Benelux are also expected to grow at a steady rate, during the forecast period.

Who are the Key Insurtech Solution Vendors?

Some of the leading vendors of Insurtech include

  • Alan SA
  • Shift Technology
  • Clover Health
  • Cytora Ltd.
  • simplesurance GmbH
  • Haven Life Insurance Agency LLC
  • Quantemplate Technologies Inc.
  • Oscar Insurance Corp.
  • Trov Insurance Solutions LLC
  • ZhongAn Online P&C Insurance Co. Ltd.
  • Others

With the rise in COVID-19, many companies in the market have launched online health consultation for their customers. Such as Tencent, a tech giant in China, introduced free online health consultation through five online healthcare platforms. Similarly, Apple entered into a partnership with Centre for Disease Control (CDC) in the U.S. to launch a website and app for users to screen themselves for corona virus symptoms. The increasing use of smartphones and the ease of accessibility of the Internet with the help of smartphones have augmented digital distribution and digital marketing of insurance policies through advanced technologies.

Moreover, with the increasing impact of COVID-19, there has been a surge in demand for insurtech and is also set to riseover the forecast period. Industry players are up ping their game and venturing into the untapped markets while addressing the unmet consumer needs and demands. Boundaries between the insurers, insurtechs, major giants, and technology partners are blurring, as the players are exploring new territories. This is primarily due to increasing awareness about the benefits of insurance policies among the end users.

An Adaptive Approach to Modern-day Research Needs

Insurtech Market Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company

Key Segments

By Type

  • Health insurance
  • Life insurance
  • Travel insurance
  • Auto insurance
  • Business Insurance
  • Others

By Services

  • Consulting
  • Support & Maintenance
  • Managed Services

By End Use Industry

  • Automotive
  • BFSI
  • Healthcare
  • Manufacturing
  • Retail
  • Transportation
  • Others

By Region

  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • East Asia
    • China
    • Japan
    • South Korea
  • South Asia & Pacific
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Australia & New Zealand
    • Rest of South Asia & Pacific
  • Middle East & Africa
    • GCC Countries
    • Turkey
    • South Africa
    • Rest of Middle East and Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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