Embedded Insurance Market Size
| Study Period | 2020-2029 |
| Market Size (2024) | USD 156.06 Billion |
| Market Size (2029) | USD 703.44 Billion |
| CAGR (2024 - 2029) | 35.14 % |
| Fastest Growing Market | North America |
| Largest Market | Asia |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Embedded Insurance Market Analysis
The Embedded Insurance Market size in terms of gross written premiums value is expected to grow from USD 156.06 billion in 2024 to USD 703.44 billion by 2029, at a CAGR of 35.14% during the forecast period (2024-2029).
The embedded insurance market is gaining traction due to several factors. First, it has offered a way to reach new customer segments and expand insurance coverage by embedding insurance products into popular platforms or products with large user bases. This approach has allowed insurers to tap into existing customer relationships and offer insurance solutions at the point of need or interest. Embedded insurance addresses the issue of underinsurance or lack of awareness by providing coverage that is relevant and easily accessible to customers. Embedded insurance had the potential to enhance customer engagement and loyalty. Insurers could create personalized and contextually relevant offerings by integrating insurance seamlessly into everyday products or services. Regarding market players, both traditional insurance companies and insurtech startups have been exploring embedded insurance opportunities. Traditional insurers sought to leverage their expertise and existing customer base, while insurtech startups aimed to disrupt the industry with innovative technology solutions and partnerships with platform providers.
Embedded Insurance Market Trends
Increasing Life Insurance Premiums is Fuelling the Market
The increasing availability and affordability of life insurance policies have made them attractive options for inclusion in embedded insurance offerings. As life insurance premiums have become more competitive and accessible due to technological advancements, improved underwriting processes, and increased competition among insurers, they have become a viable component of embedded insurance solutions. By partnering with life insurance providers, non-insurance platforms provide customers with life insurance coverage directly within their user experiences. For example, a fintech app may allow users to buy life insurance while setting up a savings account or applying for a loan. This integration provides convenience and a seamless user experience, making it easier for individuals to obtain life insurance coverage without needing separate applications or interactions with traditional insurance channels.
Embedded Insurance Market is Increasing in Asia
Asia has witnessed significant growth in digitalization and e-commerce, with a large population adopting online platforms for various services. This digital transformation has created opportunities for insurance providers to partner with e-commerce platforms, ride-hailing apps, financial technology companies, and other digital service providers to offer insurance coverage seamlessly within their platforms. Asia has a high smartphone adoption rate, with a sizable proportion of the populace using mobile devices to access the internet. This widespread mobile usage provides a convenient channel for delivering embedded insurance solutions, allowing users to access insurance products and services through mobile apps and websites. Many Asian countries have a significant underinsured population, where individuals lack adequate insurance coverage. Embedded insurance presents an opportunity to address this gap by offering insurance products that are easily accessible, affordable, and cater to specific needs.
Embedded Insurance Industry Overview
The embedded insurance market is moderately consolidated, with few players. Some major global players include Lemonade, Metromile, Slice, Hippo, and Root Insurance. In the study period, market players were also involved in mergers and acquisitions, and partnerships focused on expanding their presence in the market. The market is anticipated to present growth opportunities over the forecast period, which will ratchet up competition. Nonetheless, mid-size to smaller businesses are expanding their market presence by landing new contracts and breaking into untapped sectors thanks to product innovation and technology improvement.
Embedded Insurance Market Leaders
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Lemonade
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Metromile
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Slice
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Hippo
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Root Insurance
*Disclaimer: Major Players sorted in no particular order
Embedded Insurance Market News
- November 2023: NJJ, a telecommunications conglomerate, collaborated with Bolttech, an Insurtech company, to offer mobile device insurance for mobile operators.
- October 2023: Modives collaborated with Bindable aimed at introducing embedded insurance into their property segment.
Embedded Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation & Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Embedded Insurance Market
4.5 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Use Cases (Key Partnerships Between Insurance Companies And Retailers, E-Commerce, Technology Providers)
4.8 Value Chain Analysis
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Line
5.1.1 Electronics
5.1.2 Furniture
5.1.3 Sports Equipment
5.1.4 Travel Insurance
5.1.5 Others
5.2 By Channel
5.2.1 Online
5.2.2 Offline
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Italy
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Rest of Asia Pacific
5.3.4 Latin America
5.3.4.1 Mexico
5.3.4.2 Brazil
5.3.4.3 Rest of Latin America
5.3.5 Middle East & Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Cover Genius
6.2.2 Penn.Io
6.2.3 Lemonade
6.2.4 FetchaQuote
6.2.5 Fletch
6.2.6 Bubble
6.2.7 Companjon
6.2.8 Rein
6.2.9 Mulberri
6.2.10 Qover
6.2.11 Bolttech
6.2.12 Igloo
6.2.13 Assurant
6.2.14 Bsurance
6.2.15 Extend*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Embedded Insurance Industry Segmentation
Embedded insurance involves incorporating insurance services into non-insurance products or services, like mobile applications, online retail platforms, or interconnected devices. It focuses on insights into the many product and application types, market dynamics, and emerging trends in the segments and regional markets. It also examines the competitive environment and the major players. The market is segmented by insurance line into electronics, furniture, sports equipment, travel insurance, and others. The market is segmented by online and offline channels. The market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. The report offers market size and forecasts for the embedded insurance market regarding revenue (USD) for all the above segments.
| By Insurance Line | |
| Electronics | |
| Furniture | |
| Sports Equipment | |
| Travel Insurance | |
| Others |
| By Channel | |
| Online | |
| Offline |
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Embedded Insurance Market Research FAQs
How big is the Embedded Insurance Market?
The Embedded Insurance Market size is expected to reach USD 156.06 billion in 2024 and grow at a CAGR of 35.14% to reach USD 703.44 billion by 2029.
What is the current Embedded Insurance Market size?
In 2024, the Embedded Insurance Market size is expected to reach USD 156.06 billion.
Who are the key players in Embedded Insurance Market?
Lemonade, Metromile, Slice, Hippo and Root Insurance are the major companies operating in the Embedded Insurance Market.
Which is the fastest growing region in Embedded Insurance Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Embedded Insurance Market?
In 2024, the Asia accounts for the largest market share in Embedded Insurance Market.
What years does this Embedded Insurance Market cover, and what was the market size in 2023?
In 2023, the Embedded Insurance Market size was estimated at USD 101.22 billion. The report covers the Embedded Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Embedded Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Embedded Insurance Industry Report
Statistics for the 2024 Embedded Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Embedded Insurance analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Embedded Insurance Market Report Snapshots
