Insurtech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers the Global Insurtech Market Overview and Trends. The Market is Segmented On the Basis of Various Business Models (comparison, Infrastructure, Enterprise, Insurance Data, User Acquisition, and Others) and Geography-Wise (Americas, U. K. , Europe, Asia-Pacific, Middle East & Africa). The Report Offers Market Size and Forecasts for the Global Insurtech Market in Value (USD) for all the Above Segments.

Insurtech Market Size

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Insurtech Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) > 3.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Insurtech Market Major Players Major Players

*Disclaimer: Major Players sorted in no particular order

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Insurtech Market Analysis

The Insurtech Market is expected to register a CAGR of greater than 3% during the forecast period.

The global insurtech market is expected to grow significantly during the forecast period, owing to the factors such as simplification of the claims process, improved communication with the client, and the capabilities to implement automation. The health insurance market is expected to have the highest growth rate in the upcoming years as the adoption of Insurtech is significantly higher compared to that of other insurance sectors, such as property and casualty, vehicle, and others. Under the Property and casualty insurance industry, companies such as Lemonade and Zhong An hold the major share of the insurtech market. The differentiating factors about the industry are their innovations and unique solutions to improve the insurance value chain that are attracting funds from legacy players and investors worldwide.

The number of deals made has risen continuously during the past few years, owing to the increased preference for technological advancements, such as artificial intelligence, machine learning, and blockchain technology in the insurance sector. The capability of the Insurtech companies to drive innovation in the insurance market by developing new products will help insurance companies meet dynamic customer requirements.

During COVID-19, the necessity of technology rose, and the insurtech market experienced significant growth due to lockdown restrictions. Post-COVID-19, the market is experiencing gradual growth with innovations.

Insurtech Market Trends

Technological Advancements are Driving the Market

Digital technology is driving the market. These technologies are used to understand customer needs and also to enhance their offerings based on the changing customer needs. There is a significant opportunity for the market players to capture value in the short term by digitizing their current business; they will get left behind if they fail simultaneously to use digital technology to innovate and build new businesses. Digitization and ubiquitous data communications have enabled companies to build global supply chains. With the adoption of Artificial intelligence and cyber security, companies are tapping new contracts and expanding their reach to people. For instance, in 2021, Metromile Inc. announced to implementation of Bitcoin Payment Solutions to accept premiums and pay claims in cryptocurrency.

Insurtech Market : Investments in Insurtech, Global, In USD Billion, 2018-2022

BFSI Segment Dominating the Market

The BFSI segment dominated the market and accounted for more than 20.0% share of the global revenue in 2022. 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. Moreover, insurance companies have realized that they can use such data to deliver better services, optimize costs, gain insights, and boost revenues. At the same time, the growing penetration of smartphones worldwide is also expected to drive the demand for insurtech solutions across the BFSI sector.

Insurtech Market : Market Share, Global, By End User, In Percentage, 2022

Insurtech Market Overview

The global insurtech market is fragmented due to the presence of a large number of small players that cater to the needs of life and non–life insurance sectors. The report includes an overview of the major international players operating in the market studied. Currently, some of the notable players based on their growth potential and industry significance are Banc Insurance Agency Inc. (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd., Clover Health Insurance, and Acko General Insurance Limited, among others.

Insurtech Market Leaders

  1. Banc Insurance Agency Inc (Insuritas)

  2. Policy Bazaar

  3. ZhongAn Online Property & Casualty Insurance Co. Ltd

  4. Clover Health Insurance

  5. Acko General Insurance Limited

*Disclaimer: Major Players sorted in no particular order

Insurtech Market Concentration
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Insurtech Market News

  • September 2023: Akur8, described as the insurance pricing solution utilizing machine learning, has announced a strategic collaboration with SGI CANADA, a prominent property and casualty insurance division operating in five Canadian provinces, with the shared goal of enhancing the insurance pricing process. The partnership aimed to optimize SGI CANADA’s insurance pricing process by incorporating Akur8’s risk module for P&C lines, reflecting a commitment by both firms to harness cutting-edge technology for insurance pricing in Canada.
  • July 2023: Bees360, the provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the advanced provider of AI-enabled interior property inspections, partnered to transform the insurance claims process. The main aim of the partnership was to bring operational efficiencies and advanced interior data analytics to the insurance industry.

Insurtech Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Market

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Digitalization is Driving the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Data Security and Privacy Concerns are Restraining the Market

    4. 4.4 Market Opportunities

      1. 4.4.1 New Innovations will Create Opportunities to New Entrants

    5. 4.5 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights on Financial Infusions into the Insurtech Growth Cycle

    7. 4.7 Insights on Regulatory Framework Shaping the Market

    8. 4.8 Insights on Technological Advancements Shaping the Market

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Auto

      2. 5.1.2 Business

      3. 5.1.3 Health

      4. 5.1.4 Home

      5. 5.1.5 Specialty

      6. 5.1.6 Travel

      7. 5.1.7 Other Types

    2. 5.2 By End-User

      1. 5.2.1 Automotive

      2. 5.2.2 BFSI

      3. 5.2.3 Government

      4. 5.2.4 Healthcare

      5. 5.2.5 Manufacturing

      6. 5.2.6 Retail

      7. 5.2.7 Transportation

      8. 5.2.8 Other End-Users

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Rest of Europe

      3. 5.3.3 South America

        1. 5.3.3.1 Brazil

        2. 5.3.3.2 Argentina

        3. 5.3.3.3 Rest of South America

      4. 5.3.4 Asia-Pacific

        1. 5.3.4.1 India

        2. 5.3.4.2 China

        3. 5.3.4.3 Australia

        4. 5.3.4.4 Rest of Asia-Pacific

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 South Africa

        4. 5.3.5.4 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Banc Insurance Agency Inc (Insuritas)

      2. 6.2.2 Policy Bazaar

      3. 6.2.3 ZhongAn Online Property & Casualty Insurance Co. Ltd.

      4. 6.2.4 Clover Health Insurance

      5. 6.2.5 Acko General Insurance Limited

      6. 6.2.6 Moonshot-Internet

      7. 6.2.7 Sureify

      8. 6.2.8 Lemonade

      9. 6.2.9 Oscar Health

      10. 6.2.10 Anorak

      11. 6.2.11 BDEO

      12. 6.2.12 Earnix

      13. 6.2.13 Planck

      14. 6.2.14 ThingCo

      15. 6.2.15 Tractable

      16. 6.2.16 Bima

      17. 6.2.17 Metromile

      18. 6.2.18 Collective Health*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Insurtech Industry Segmentation

Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. A complete background analysis of the Insurtech market, which includes an assessment of the emerging market trends by segments, significant changes in market dynamics, market insights, and market overview, is covered in the report. The insurtech market is segmented by type (auto, business, health, home, specialty, travel, other types), by end-user (automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and other end-users), and by geography (North America, Europe, South America, Middle East and Africa, Asia-Pacific). The report offers market size and forecasts for the global insurtech market in value (USD) for all the above segments.

By Type
Auto
Business
Health
Home
Specialty
Travel
Other Types
By End-User
Automotive
BFSI
Government
Healthcare
Manufacturing
Retail
Transportation
Other End-Users
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Asia-Pacific
India
China
Australia
Rest of Asia-Pacific
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Insurtech Market Research FAQs

The Insurtech Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Banc Insurance Agency Inc (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd, Clover Health Insurance and Acko General Insurance Limited are the major companies operating in the Insurtech Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Insurtech Market.

The report covers the Insurtech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Insurtech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The Insurtech Market is segementd by a) Business Models: Comparison, Infrastructure, Enterprise, Insurance data, User Acquisition b) Type of Insurance: Health, Home, Travel and Business c) End-User: Traditional Insurance Companies, Brokers and Agents

Insurtech Industry Report

The global insurtech market, as analyzed by Mordor Intelligence™ Industry Reports, is expected to grow significantly in the coming years. This growth is driven by factors such as the increasing number of insurance claims worldwide, the growing investment in digital technologies by insurance companies, and the rising demand for on-demand insurance. The market, segmented by type, service, technology, and end-user, is seeing the health segment anticipated to dominate, while the home segment is expected to register the highest growth. Managed services hold the leading revenue share, with support and maintenance services expected to register the highest growth. The market is also witnessing a shift towards cloud computing and blockchain technology. The BFSI segment dominates the market, with the healthcare segment expected to register the fastest growth. For a comprehensive understanding of this industry analysis, a free report PDF download is available as a sample of the market forecast outlook and historical overview.

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Insurtech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)