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GLOBAL INSURTECH MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Insurtech Market is an industry-specific area of study under the fintech market with a detailed analysis 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). - Growth, Trends, and Forecast (2020-2025)

Global Insurtech Market Snapshot

Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

10.8 %

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Market Overview

Global Insurtech Market revenue is valued at 5.48 billion in 2019 and is expected to reach 10.14 billion by 2025, growing at a CAGR of 10.80% during the period 2019-2025. The insurance industry with global premiums exceeding US$4.9 trillion in 2017, is one of the most complex businesses around. Although late, the industry now appears to be at a key inflection point with many experts viewing the digitization of insurance as the next big opportunity after FinTech.

  • 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.
  • 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 Property and casualty insurance industry, companies such as Lemonade and Zhong An holds 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.

Scope of the Report

An understanding of the present status of the global insurtech market, along with detailed market segmentation Current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments.

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Key Market Trends

Leading trends among insurtech firms worldwide

Digital technology is disrupting industry after industry. Most insurers, though, do not have innovation in their DNA. Regulation has curbed incumbents’ ability to experiment, while limited competition has given them no particular need to do so. Although there is a significant opportunity 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 business. Digitization and ubiquitous data communications have enabled companies to build global supply chains. The infographic shows the % share of insurers planning to invest in selected innovations worldwide.

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Insights on Investments into Insurance Tech Companies

It's hard for big carriers to innovate as they have so much to contend already such as legacy issues. But to be in the game they tune up their IT spending which is used by collaborating with insurtech startups. NOt just the legacy players, insurtech attract investors also. Overall investment in InsurTech start-ups increased from USD 0.3 billion in 2013 to US$2.2 billion in 2017 at a CAGR of 69.2%. The investment reached USD 2.7 billion at its peak in 2015. We observed that the volume of early-stage investments into insurance tech companies is on a rise over the years. Early-stage (Seed/Series A) funding accounted for more than 60% of the number of InsurTech deals that took place in 2017, while the funding amount only accounted for around 30%. Early-stage funding increased by a CAGR of more than 50% from 2013 to 2017. 46% of the deals in 2017 took place in North America, followed by Europe. Property & casualty was the most dominating segment of the global investments followed by multiline and health insurance segments.

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Competitive Landscape

The Global Insurtech Market is fragmented, due to the presence of large number of small players that cater to the needs of life and non – life insurance sectors. The number of deals made had risen continuously during the past few years, owing to the increased preference for technological advancements, such as artificial intelligence, machine learning, and block chain 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 the dynamic customer requirements.

The report includes an overview of the major international players operating in the market studied. The major innovations, solutions offered in the insurance value chain, fundings infused by timeline, key products and services, etc by each player listed below is included. Currently, some of the notable players based on their growth potential and industry significance are listed.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Market

    2. 1.2 Market Definition

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

      1. 4.1.1 Evolution of Insurtech Industry

      2. 4.1.2 Penetration of Insurance Tech Companies, by country

      3. 4.1.3 Brief on Collaborations and Collisions of Insurance Tech Startups with Legacy players worldwide

    2. 4.2 Insights on Global Regulatory Environment

    3. 4.3 Insights on Financial Infusions into the Insurtech Growth Cycle

      1. 4.3.1 Value of Capital Invested in Insurance Tech Companies Worldwide

      2. 4.3.2 Investments made by Insurance and Reinsurance Companies in their IT spending

    4. 4.4 Market Drivers

      1. 4.4.1 Latest Trends Shaping the Insurance Industry

    5. 4.5 Market Restraints

    6. 4.6 Porters 5 Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers or Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Business Category

      1. 5.1.1 Comparison

      2. 5.1.2 Infrastructure

      3. 5.1.3 Enterprise

      4. 5.1.4 Insurance Data

      5. 5.1.5 User Acquisition

      6. 5.1.6 Others

    2. 5.2 Geography

      1. 5.2.1 Americas (US, Canada, Latin America and Caribbean)

      2. 5.2.2 Europe

      3. 5.2.3 UK

      4. 5.2.4 Asia-Pacific

      5. 5.2.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Banc Insurance Agency Inc (Insuritas)

      2. 6.3.2 Policy Bazaar

      3. 6.3.3 ZhongAn Online Property & Casualty Insurance Co. Ltd

      4. 6.3.4 Clover Health Insurance

      5. 6.3.5 Acko General Insurance Limited

      6. 6.3.6 Moonshot-Internet

      7. 6.3.7 Sureify

      8. 6.3.8 Lemonade

      9. 6.3.9 Oscar Health

      10. 6.3.10 Anorak

      11. 6.3.11 BDEO

      12. 6.3.12 Earnix

      13. 6.3.13 Planck

      14. 6.3.14 ThingCo

      15. 6.3.15 Tractable

      16. 6.3.16 Bima

      17. 6.3.17 Metromile

      18. 6.3.18 Collective Health*

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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