Insurtech Market (By Type: Auto, Business, Health, Home, Specialty, Travel; By Service: Consulting, Support & Maintenance, Managed Services; By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory; By End-use: Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20222030

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.

Key Players

• Damco Group

• DXC Technology Company

• Insurance Technology Services

• Majesco

• Oscar Insurance

• Quantemplate

• Shift Technology

• Tr?v, Inc.

• Wipro Limited

• ZhongAn Insurance

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

• Regional

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

The insurtech market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of insurtech market for the base year 2022 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global insurtech market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the insurtech market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted insurtech market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the insurtech capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of insurtech by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global insurtech market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major insurtech market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of insurtech market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the insurtech industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

insurtech market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to insurtech market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of insurtech market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new insurtech market. These factors have benefited the growth of the global market for insurtech. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for insurtech. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of insurtech are as follows:

• History Year: 2019-2021

• Base Year: 2022

• Forecast Year 2022  to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2019-2022) and forecast (2022-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.