Insurtech Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 8.63 Billion |
| Market Size (2029) | USD 32.47 Billion |
| CAGR (2024 - 2029) | 30.34 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Insurtech Market Analysis
The Insurtech Market size is estimated at USD 8.63 billion in 2024, and is expected to reach USD 32.47 billion by 2029, at a CAGR of 30.34% during the forecast period (2024-2029).
During the forecast period, the insurtech market is anticipated to experience growth attributed to streamlining the claims procedure, enhancing client communication, and the capacity to integrate automation. Insurtech emerged in the past decade, but its expansion has surged notably in recent years.
Several reasons for this growth include a growing need for digital solutions, increased data analytics and AI use, and a shift in consumer preferences towards smooth, easy-to-use insurance experiences. Insurtech companies are using technology to automate processes like underwriting, claims administration, and customer service to improve operational efficiency and reduce costs for insurers.
The health insurance sector is poised to witness the most substantial growth in the coming years, primarily due to the significantly higher adoption of Insurtech compared to other segments of the insurance industry. In recent years, there has been a steady rise in transaction volumes, fueled by a growing preference for technological innovations such as artificial intelligence, machine learning, and blockchain technology within the insurance sector. Also, many customers prefer to purchase insurance policies online due to better technology support, faster service, better information and advice, unique service, and a smooth process. Therefore, banks and insurance companies invest in the most up-to-date and cutting-edge technologies to improve the customer experience. This will create more opportunities for insurance technology providers and drive the market growth over the next few years.
Insurtech Market Trends
Automotive Segment is Driving the Insurtech Market
The automotive insurance industry is undergoing a complete revolution thanks to digitization, particularly telematics technology. There are many reasons why telematics is becoming more common, and drivers are tired of paying too much for their car insurance. Still, the most important factor is that they want alternatives to traditional models in determining premiums. Moreover, the system of no visible rewards to good drivers while harsh penalties are imposed on those who engage in a single traffic violation, like speeding tickets or small fender benders, is exhausting them.
Insurtech companies play an important role in the automotive insurance industry, specializing in fraud detection and automated claims processing. It analyses vast volumes of data to detect patterns and anomalies and helps insurance companies fight fraud by streamlining their claims processes through its sophisticated AI and ML algorithm. Serving multiple sectors in the insurance industry, auto insurance enables faster and more accurate claims assessments while ensuring fair settlements to minimize financial losses through its fraud detection capabilities.
Asia Pacific Has the Fastest Growing Insurtech Market
The insurtech industry in the Asia-Pacific is growing due to several emerging economies and financial centers such as China, India, Hong Kong, Singapore, and Indonesia. Insurance service providers in this region are focused on providing cost-effective insurance premium plans. In recent years, Insurtech investments in the APAC region have increased as disruptive technologies transform the insurance industry. The rapid digitization and adoption of innovative business models are driven by smartphone penetration, increasing internet penetration, and changing customer preferences. Insurtech investment in APAC has been solid in China, India, and Southeast Asia.
The APAC region has seen a surge in insurtech investments due to several factors. One of the most important is the rapid urbanization, which has increased disposable income for many people in the region. The APAC Insurtech market is expected to grow, driven by increased digital adoption, changing consumer behavior, and a changing regulatory environment conducive to innovation.
Insurtech Industry Overview
The market for insurtech is highly fragmented. There are a large number of niche players that serve the needs of both life and non-life insurance. Banc Insurance Agency Inc. (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd, Clover Health Insurance, and Acko General Insurance Limited are major players.
Insurtech Market Leaders
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Banc Insurance Agency Inc (Insuritas)
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Policy Bazaar
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ZhongAn Online Property & Casualty Insurance Co. Ltd
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Clover Health Insurance
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Acko General Insurance Limited
*Disclaimer: Major Players sorted in no particular order
Insurtech Market News
- March 2024: CNB Bank & Trust (CIBC) and Insuritas partnered to launch an embedded full-service insurance agency. Insuritas is proud to announce that it has been chosen by CIBC to install its award-winning, fully-functioning digital insurance agency solution. BUNDLE is Insuritas' award-winning, full-functioning insurance agency platform embedded in CIBC's ecosystem and engineered to provide a complete solution for CIBC's retail and commercial clients.
- June 2023: Clover Health Investments Corp., a leading provider of physician enablement services with a mission to improve Medicare access to quality healthcare, announced that it had reached a partnership agreement in principle to settle seven derivative lawsuits that are pending in the courts of Delaware and New York, as well as in the courts of Tennessee.
Insurtech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Market
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Investments in Digital Technologies to Reduce Operational Costs and Improve Efficiency & Customer Experience
4.2.2 Growth in the Use of Blockchain-Based Technology Among Health and Life Insurance Companies is Also Expected to Drive the Growth
4.3 Market Restraints
4.3.1 Regulatory and Economic Uncertainty is a Significant Challenge Hindering Market Growth
4.3.2 Cybersecurity Risks
4.4 Market Opportunities
4.4.1 Rising Number of Startups is Driving the Growth of the Market
4.4.2 Investors Collaborating with InsurTech Firms is an Emerging Trend Shaping the Market Growth
4.5 Industry Attractiveness: Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Used Cases of Prominent and Emerging Insurtech Applications
4.7 Insights on Financial Infusions into the Insurtech Growth Cycle
4.8 Insights on Regulatory Framework Shaping the Market
4.9 Insights on Technological Advancements Shaping the Market
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Line
5.1.1 Health
5.1.2 Life
5.1.3 Automotive
5.1.4 Home And Property
5.1.5 Travel Insurance
5.1.6 Other Insurance Lines
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 France
5.2.2.3 Spain
5.2.2.4 United Kingdom
5.2.2.5 Rest of Europe
5.2.3 South America
5.2.3.1 Brazil
5.2.3.2 Argentina
5.2.3.3 Rest of South America
5.2.4 Asia-Pacific
5.2.4.1 India
5.2.4.2 China
5.2.4.3 Australia
5.2.4.4 Singapore
5.2.4.5 Hong Kong
5.2.4.6 Japan
5.2.4.7 Rest of Asia-Pacific
5.2.5 Middle East & Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 South Africa
5.2.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Banc Insurance Agency Inc (Insuritas)
6.2.2 Policy Bazaar
6.2.3 ZhongAn Online Property & Casualty Insurance Co. Ltd.
6.2.4 Clover Health Insurance
6.2.5 Acko General Insurance Limited
6.2.6 Moonshot-Internet
6.2.7 Sureify
6.2.8 Lemonade
6.2.9 Oscar Health
6.2.10 Anorak
6.2.11 BDEO
6.2.12 Earnix
6.2.13 Planck
6.2.14 ThingCo
6.2.15 Tractable
6.2.16 Bima
6.2.17 Metromile
6.2.18 Collective Health*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Insurtech Industry Segmentation
Insurtech is a technological service offered to the insurance industry to improve efficiency. A complete background analysis of the insurtech market, which includes market trends, an assessment of the emerging segments, significant changes in market dynamics, market insights, and a market overview, is covered in the report. The insurtech market is segmented by insurance line and geography. The insurance line is sub-segmented by health, life, automotive, home and property, travel insurance, and other insurance lines, and geography is sub-segmented by North America, Europe, South America, Asia-Pacific, Middle East & Africa. The report offers market size and forecasts for the insurtech market in value (USD) for all the above segments.
| By Insurance Line | |
| Health | |
| Life | |
| Automotive | |
| Home And Property | |
| Travel Insurance | |
| Other Insurance Lines |
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Insurtech Market Research FAQs
How big is the Insurtech Market?
The Insurtech Market size is expected to reach USD 8.63 billion in 2024 and grow at a CAGR of 30.34% to reach USD 32.47 billion by 2029.
What is the current Insurtech Market size?
In 2024, the Insurtech Market size is expected to reach USD 8.63 billion.
Who are the key players in Insurtech Market?
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.
Which is the fastest growing region in Insurtech Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Insurtech Market?
In 2024, the North America accounts for the largest market share in Insurtech Market.
What years does this Insurtech Market cover, and what was the market size in 2023?
In 2023, the Insurtech Market size was estimated at USD 6.01 billion. 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.
What is the market segment of Insurtech?
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
What is the market segment of Insurtech?
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 Insurtech Market Report is segmented by insurance line and geography, offering market size and forecasts in value for all the segments. The global insurtech market is expected to grow significantly, driven by an increasing number of insurance claims and growing investment in digital technologies by insurance companies. The market is seeing the health segment 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.
Industry reports indicate substantial market growth, with market overview and market forecast showing positive trends. The market segmentation includes various insurance lines such as health, life, automotive, home and property, and travel insurance. The report pdf provides detailed market analysis and market statistics, highlighting the industry's growth rate and market value.
Industry analysis and industry statistics reveal that the market leaders are investing heavily in digital technologies. The industry outlook and industry trends suggest a promising future for the insurtech market. Market data and market predictions support this optimistic view, with market review and market segmentation offering a comprehensive understanding of the market dynamics.
Research companies have noted the industry's size and sales, emphasizing the importance of market research in understanding market opportunities. The report example and report pdf serve as valuable resources for stakeholders looking to gain insights into market growth and market outlook. The insurtech market is poised for significant expansion, driven by technological advancements and increasing demand for innovative insurance solutions.
