Embedded Insurance Market Size & Share Analysis - Growth Trends & Forecast (2024-2029)

The Embedded Insurance Market Report is Segmented by Insurance Line (Electronics, Furniture, Sports Equipment, Travel Insurance, Others), By Channel (Online, Offline), And by Geography (North America, Europe, Asia-pacific, Latin America, Middle East & Africa). The Report Offers Market Size and Forecasts for the Embedded Insurance Market Regarding Revenue (USD) for all the Above Segments.

Embedded Insurance Market Size

Embedded Insurance Market Summary
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

Embedded Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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: Life Insurance Gross Written Premium, In USD Trillion, Worldwide, 2020-2023

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 Market, By Region, In 2023

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

  1. Lemonade

  2. Metromile

  3. Slice

  4. Hippo

  5. Root Insurance

*Disclaimer: Major Players sorted in no particular order

Embedded Insurance Market Concentration
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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. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Research Framework

    2. 2.2 Secondary Research

    3. 2.3 Primary Research

    4. 2.4 Data Triangulation & Insight Generation

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Trends Shaping the Embedded Insurance Market

    5. 4.5 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Use Cases (Key Partnerships Between Insurance Companies And Retailers, E-Commerce, Technology Providers)

    8. 4.8 Value Chain Analysis

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Line

      1. 5.1.1 Electronics

      2. 5.1.2 Furniture

      3. 5.1.3 Sports Equipment

      4. 5.1.4 Travel Insurance

      5. 5.1.5 Others

    2. 5.2 By Channel

      1. 5.2.1 Online

      2. 5.2.2 Offline

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 France

        3. 5.3.2.3 Italy

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Rest of Asia Pacific

      4. 5.3.4 Latin America

        1. 5.3.4.1 Mexico

        2. 5.3.4.2 Brazil

        3. 5.3.4.3 Rest of Latin America

      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 & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Cover Genius

      2. 6.2.2 Penn.Io

      3. 6.2.3 Lemonade

      4. 6.2.4 FetchaQuote

      5. 6.2.5 Fletch

      6. 6.2.6 Bubble

      7. 6.2.7 Companjon

      8. 6.2.8 Rein

      9. 6.2.9 Mulberri

      10. 6.2.10 Qover

      11. 6.2.11 Bolttech

      12. 6.2.12 Igloo

      13. 6.2.13 Assurant

      14. 6.2.14 Bsurance

      15. 6.2.15 Extend*

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

  8. 8. DISCLAIMER AND ABOUT US

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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
By Geography
North America
United States
Canada
Europe
United Kingdom
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Embedded Insurance Market Research FAQs

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.

In 2024, the Embedded Insurance Market size is expected to reach USD 156.06 billion.

Lemonade, Metromile, Slice, Hippo and Root Insurance are the major companies operating in the Embedded Insurance Market.

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

In 2024, the Asia accounts for the largest market share in Embedded Insurance Market.

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.

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Embedded Insurance Market Size & Share Analysis - Growth Trends & Forecast (2024-2029)