The Insurtech Market size was valued at USD 5.48 billion in 2022 and is expected to grow to USD 157.79 billion by 2030 and grow at a CAGR of 52.2% over the forecast period of 2023-2030.
The term "InsurTech" (Insurance Technology) describes the application of technology to the development, provision, and management of insurance products and services. By providing policies that are highly tailored, providing social insurance, and utilizing new data streams from devices that can connect to the Internet to dynamically price premiums, insurtech is finding solutions. The use of insurtech by insurers enables them to gather and analyze consumer data that can be utilized to target the proper customers with reasonable pricing quotes. Through the use of machine learning, artificial intelligence, and cloud computing, insurtech also assists in the development of improved estimates of customer wants, purchase volumes, decision-making, and insurance planning.
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Artificial intelligence, machine learning, blockchain, and cloud computing technologies make it possible to track and monitor insureds' activity for specific business lines in real-time, as well as to streamline and modernize business processes. These technologies are a major factor in the growth of the global insurance market. Also, as a result of shifting business models, insurance companies are utilizing cutting-edge digital solutions to scale their operations and create product lines tailored to the needs of certain consumer segments, which significantly aids in the expansion of the market. the insurance industry's varied standards and regulations, as well as privacy and security concerns, are some of the obstacles that restrict market expansion. Also, growing nations provide the insurance technology market with considerable chances to grow and strengthen their product offerings, particularly among emerging nations like Australia, China, India, Singapore, and South
Drivers
Easy to real-time tracking and monitoring with the help of (AI) artificial intelligence, blockchain, machine learning, and cloud computing Devices.
Increasing the sales of insurtech with the help of AI, ML, cloud computing, and blockchain.
Artificial intelligence, machine learning, blockchain, and cloud computing technologies make it possible to track and monitor insureds' activity for specific business lines in real-time, as well as to streamline and modernize business processes. These technologies are a major factor in the growth of the global insurance market
Restrains
Risk of Privacy and security in the insurtech market.
Opportunities
Understanding customer needs with the help of Digital technologies and also enhancing their offerings based on the changing customer needs.
Rapidly increasing the technology-friendly population.
Consistently increasing the number of smartphone users and technology-friendly people are creating more opportunities for the insurtech sector because the technology-friendly people are avoiding the go to the insurance company office and purchasing insurance, they want to purchase insurance in just a few clicks on their smartphone or smart devices.
Challenges
Different standards, laws, norms, and regulations are the challenge for insurtech.
The COVID-19 pandemic is predicted to boost market expansion in 2022. As COVID-19 and its effects have hastened the installation of online platforms and new mobile applications to fulfill consumer expectations, many insurance companies are reevaluating their long-term goals and short-term requirements. To improve their offerings, a number of insurance companies are forming alliances with digital solution providers. For instance, Duck Creek Technologies, a provider of core systems for Property and Casualty (P&C) insurers, said in that SECURA Insurance, a P&C insurance carrier, has chosen Duck Creek Rating, Claims, Policy, and Insights to optimize its P&C business.
The Impact of Recession
The insurtech market has been significantly affected by the recent recession. The economic downturn has led to a decrease in consumer spending, which has resulted in a decline in demand for insurance products. This has had a ripple effect on the insurtech industry, as companies have had to adjust their strategies to remain competitive in a challenging market. One of the main challenges facing insurtech companies during the recession has been the need to balance innovation with cost-cutting measures. Many companies have had to scale back their operations and focus on core products and services to remain profitable. This has led to a slowdown in the development of new technologies and products, which could have a long-term impact on the industry.
Despite these challenges, there are also opportunities for insurtech companies to thrive during the recession. As consumers become more price-sensitive, there is a growing demand for affordable insurance products that offer value for money. Insurtech companies that can offer innovative, cost-effective solutions are well-positioned to succeed in this market. To navigate the recession successfully, insurtech companies need to be agile and adaptable. They must be willing to pivot their strategies and embrace new technologies to stay ahead of the competition. By doing so, they can not only survive the recession but also emerge stronger and more resilient in the long run.
The Insurtech Market is segmented into four types on the basis of by type, by Service, by Technology and by End-use.
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
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North America held a commanding position in the insurtech market, contributing more revenue worldwide. The area is seeing greater adoption of insurtech solutions as consumer expenditure on insurance-related products rises. Furthermore, these solutions offer adaptable and personalized coverage for both health and property insurance. The growing number of insurtech enterprises is also fueling the regional industry's growth.
During the predicted period, Asia Pacific is expected to grow most rapidly. The area is expected to expand rapidly because to the presence of many emerging economies and financial centers in Singapore, India, and Hong Kong. Insurance firms in the region seek to offer insurance premium plans at competitive pricing. The growing smartphone adoption in Asia-Pacific countries is expected to propel the regional market's growth.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are Majesco, Oscar Insurance, Quan template, Shift Technology, Trov Insurance Solutions, LLC., Wipro Limited, ZhongAnInsurance, OutSystems, Damco Group, DXC Technology Company; Insurance Technology Services and Other Players
An alliance was established between the technology business Galileo Platforms Limited and the insurtech company Amodo. As a result of their cooperation, the firms will use blockchain technology to enable insurance firms to provide new insurance solutions and change their client experience.
| Report Attributes | Details |
| Market Size in 2022 | US$ 5.48 Bn |
| Market Size by 2030 | US$ 157.79 Bn |
| CAGR | CAGR of 52.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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 Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Majesco, Oscar Insurance, Quan template, Shift Technology, Trov Insurance Solutions, LLC., Wipro Limited, ZhongAnInsurance, OutSystems, Damco Group, DXC Technology Company; Insurance Technology Services |
| Key Drivers | • Easy to real-time tracking and monitoring with the help of (AI) artificial intelligence, blockchain, machine learning, and cloud computing Devices. • Increasing the sales of insurtech with the help of AI, ML, cloud computing, and blockchain. |
| Market Opportunities | • Understanding customer needs with the help of Digital technologies and also enhancing their offerings based on the changing customer needs. • Rapidly increasing the technology-friendly population. |
The market is expected to grow to USD 161.14 billion by the forecast period of 2030.
Growth rate of the Insurtech Market is CAGR 52.6 %.
The major worldwide key players in the Insurtech Market are Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quan template, Shift Technology, Trov Insurance Solutions, LLC., Wipro Limited.
USD 5.48 billion in 2022 is the market share of the Insurtech Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Insurtech Market Segmentation, by Type
8.1 Auto
8.2 Business
8.3 Health
8.4 Home
8.5 Specialty
8.6 Travel
8.7 Others
9. Insurtech Market Segmentation, by Service
9.1 Consulting
9.2 Support & Maintenance
9.3 Managed Services
10. Insurtech Market Segmentation, by Technology
10.1 Blockchain
10.2 Cloud Computing
10.3 IoT
10.4 Machine Learning
10.5 Robo Advisory
10.6 Others
11.Insurtech Market Segmentation, by End-use
11.1 Automotive
11.2 BFSI
11.3 Government
11.4 Healthcare
11.5 Manufacturing
11.6 Retail
11.7 Transportation
11.8 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Insurtech Market by Country
12.2.2 North America Insurtech Market by Type
12.2.3 North America Insurtech Market by Service
12.2.4 North America Insurtech Market by Technology
12.2.5 North America Insurtech Market by End-use
12.2.7 USA
12.2.7.1 USA Insurtech Market by Type
12.2.7.2 USA Insurtech Market by Service
12.2.7.3 USA Insurtech Market by Technology
12.2.7.4 USA Insurtech Market by End-use
12.2.8 Canada
12.2.8.1 Canada Insurtech Market by Type
12.2.8.2 Canada Insurtech Market by Service
12.2.8.3 Canada Insurtech Market by Technology
12.2.8.4 Canada Insurtech Market by End-use
12.2.9 Mexico
12.2.9.1 Mexico Insurtech Market by Type
12.2.9.2 Mexico Insurtech Market by Service
12.2.9.3 Mexico Insurtech Market by Technology
12.2.9.4 Mexico Insurtech Market by End-use
12.3 Europe
12.3.1 Europe Insurtech Market by country
12.3.2 Europe Insurtech Market by Type
12.3.3 Europe Insurtech Market by Service
12.3.4 Europe Insurtech Market by Technology
12.3.5 Europe Insurtech Market by End-use
12.3.7 Germany
12.3.8.1 Germany Insurtech Market by Type
12.3.8.2 Germany Insurtech Market by Service
12.3.8.3 Germany Insurtech Market by Technology
12.3.8.4 Germany Insurtech Market by End-use
12.3.8 UK
12.3.8.1 UK Insurtech Market by Type
12.3.8.2 UK Insurtech Market by Service
12.3.8.3 UK Insurtech Market by Technology
12.3.8.4 UK Insurtech Market by End-use
12.3.9 France
12.3.9.1 France Insurtech Market by Type
12.3.9.2 France Insurtech Market by Service
12.3.9.3 France Insurtech Market by Technology
12.3.9.4 France Insurtech Market by End-use
12.3.10 Italy
12.3.10.1 Italy Insurtech Market by Type
12.3.10.2 Italy Insurtech Market by Service
12.3.10.3 Italy Insurtech Market by Technology
12.3.10.4 Italy Insurtech Market by End-use
12.3.11 Spain
12.3.11.1 Spain Insurtech Market by Type
12.3.11.2 Spain Insurtech Market by Service
12.3.11.3 Spain Insurtech Market by Technology
12.3.11.4 Spain Insurtech Market by End-use
12.3.12 The Netherlands
12.3.12.1 Netherlands Insurtech Market by Type
12.3.12.2 Netherlands Insurtech Market by Service
12.3.12.3 Netherlands Insurtech Market by Technology
12.3.12.4 Netherlands Insurtech Market by End-use
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Insurtech Market by Type
12.3.12.2 Rest of Europe Insurtech Market by Service
12.3.12.3 Rest of Europe Insurtech Market by Technology
12.3.12.4 Rest of Europe Insurtech Market by End-use
12.4 Asia-Pacific
12.4.1 Asia Pacific Insurtech Market by country
12.4.2 Asia Pacific Insurtech Market by Type
12.4.3 Asia Pacific Insurtech Market by Service
12.4.4 Asia Pacific Insurtech Market by Technology
12.4.5 Asia Pacific Insurtech Market by End-use
12.4.7 Japan
12.4.7.1 Japan Insurtech Market by Type
12.4.7.2 Japan Insurtech Market by Service
12.4.7.3 Japan Insurtech Market by Technology
12.4.7.4 Japan Insurtech Market by End-use
12.4.8 South Korea
12.4.8.1 South Korea Insurtech Market by Type
12.4.8.2 South Korea Insurtech Market by Service
12.4.8.3 South Korea Insurtech Market by Technology
12.4.8.4 South Korea Insurtech Market by End-use
12.4.9 China
12.4.9.1 China Insurtech Market by Type
12.4.9.2 China Insurtech Market by Service
12.4.9.3 China Insurtech Market by Technology
12.4.9.4 China Insurtech Market by End-use
12.4.10 India
12.4.10.1 India Insurtech Market by Type
12.4.10.2 India Insurtech Market by Service
12.4.10.3 India Insurtech Market by Technology
12.4.10.4 India Insurtech Market by End-use
12.4.11 Australia
12.4.11.1 Australia Insurtech Market by Type
12.4.11.2 Australia Insurtech Market by Service
12.4.11.3 Australia Insurtech Market by Technology
12.4.11.4 Australia Insurtech Market by End-use
12.4.12 Rest of Asia-Pacific
12.4.12.1 APAC Insurtech Market by Type
12.4.12.2 APAC Insurtech Market by Service
12.4.12.3 APAC Insurtech Market by Technology
12.4.12.4 APAC Insurtech Market by End-use
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Insurtech Market by country
12.5.2 The Middle East & Africa Insurtech Market by Type
12.5.3 The Middle East & Africa Insurtech Market by Service
12.5.4 The Middle East & Africa Insurtech Market by Technology
12.5.5 The Middle East & Africa Insurtech Market by End-use
12.5.6 Israel
12.5.6.1 Israel Insurtech Market by Type
12.5.6.2 Israel Insurtech Market by Service
12.5.6.3 Israel Insurtech Market by Technology
12.5.6.4 Israel Insurtech Market by End-use
12.5.7 UAE
12.5.7.1 UAE Insurtech Market by Type
12.5.7.2 UAE Insurtech Market by Service
12.5.7.3 UAE Insurtech Market by Technology
12.5.7.4 UAE Insurtech Market by End-use
12.5.8 South Africa
12.5.8.1 South Africa Insurtech Market by Type
12.5.8.2 South Africa Insurtech Market by Service
12.5.8.3 South Africa Insurtech Market by Technology
12.5.8.4 South Africa Insurtech Market by End-use
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Insurtech Market by Type
12.5.9.2 Rest of Middle East & Asia Insurtech Market by Service
12.5.9.3 Rest of Middle East & Asia Insurtech Market by Technology
12.5.9.4 Rest of Middle East & Asia Insurtech Market by End-use
12.6 Latin America
12.6.1 Latin America Insurtech Market by Country
12.6.2 Latin America Insurtech Market by Type
12.6.3 Latin America Insurtech Market by Service
12.6.4 Latin America Insurtech Market by Technology
12.6.5 Latin America Insurtech Market by End-use
12.6.7 brazil
12.6.7.1 Brazil Insurtech Market by Type
12.6.7.2 Brazil Africa Insurtech Market by Service
12.6.7.3 Brazil Insurtech Market by Technology
12.6.7.4 Brazil Insurtech Market by End-use
12.6.8 Argentina
12.6.8.1 Argentina Insurtech Market by Type
12.6.8.2 Argentina Insurtech Market by Service
12.6.8.3 Argentina Insurtech Market by Technology
12.6.8.4 Argentina Insurtech Market by End-use
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Insurtech Market by Type
12.6.9.2 Rest of Latin America Insurtech Market by Service
12.6.9.3 Rest of Latin America Insurtech Market by Technology
12.6.9.4 Rest of Latin America Insurtech Market by End-use
13. Company Profile
13.1 Damco Group
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 DXC Technology Company.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Insurance Technology Services.
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Majesco
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Oscar Insurance
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Quantemplate.
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Shift Technology
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Wipro Limited.
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 ZhongAnInsurance
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Trov Insurance Solutions, LLC.
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases and Best Practices
16. Conclusion
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