Life Insurance Policy Terms of Use Concept
The embedded insurance global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Embedded Insurance Market, 2024The embedded insurance global market report 2024
Market Size –
The embedded insurance market size has grown rapidly in recent years. It will grow from $82 billion in 2023 to $97.57 billion in 2024 at a compound annual growth rate (CAGR) of 19%. The growth in the historic period can be attributed to regulatory support, cost-effectiveness, rising awareness of cyber risks, growing awareness of environmental risks, and rising urbanization rates.
The embedded insurance market size is expected to see rapid growth in the next few years. It will grow to $196.5 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to enhanced customer experience, increase market penetration, improve risk management, operational efficiency, and data privacy and security. Major trends in the forecast period include focus on sustainability, integration with IoT devices, blockchain technology, microinsurance, and telematics-based insurance.
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Scope Of Embedded Insurance MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Embedded Insurance Market Overview
Market Drivers –
The growing adoption of digital platforms is set to propel the embedded insurance market, as consumers increasingly prefer the convenience and accessibility of online services. Digital platforms enable the purchase, management, and customization of insurance policies, integrating services into non-insurance platforms through APIs. Rising demand for convenience, technological advancements, and attractive pricing options are key drivers of this trend. According to data from the US Bureau of the Census, e-commerce sales in the first quarter of 2024 increased by 8.6% from the first quarter of 2023, with total retail sales rising by 1.5%, and e-commerce accounting for 15.9% of total sales. This growth in digital platform usage is expected to continue driving the embedded insurance market forward.
Market Trends –
Major companies operating in the embedded insurance market are developing advanced embedded insurance solutions interacting with artificial intelligence to streamline claims processing, personalize insurance offerings, enhance risk assessment, and improve customer support. AI enhances embedded insurance by automating processes, improving risk assessment, personalizing offerings, and streamlining claims. For instance, in June 2024, Qover, a Belgium-based insurance company, launched an AI-powered embedded insurance solution. Qover’s AI-powered embedded insurance solution uses advanced data extraction technologies, including generative artificial intelligence (GenAI) and optical character recognition (OCR), to streamline and accelerate the claims process. This integration enables claim settlements within minutes of approval, enhancing efficiency and user satisfaction.
The embedded insurance market covered in this report is segmented –
1) By Type: Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance, Billboard Insurance
2) By Channel: Online, Offline
3) By Industry: Automotive, Healthcare, Real Estate, Consumer Products, Travel And Hospitality, Other Industries
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Regional Insights –
Asia-Pacific was the largest region in the embedded insurance market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the embedded insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Zurich Insurance Group Ltd., The Chubb Corporation, Acko General Insurance Ltd., Root Insurance Company, Next Insurance Inc., Zego, Lemonade Insurance Agency LLC, Vouch Inc., Getsafe GmbH, Hippo Enterprises Inc, Qover S.A./N.V, Hepster, Cover Genius Insurance Services LLC, Cuvva, Sure Inc., wefox Insurance AG, SimpleSurance, Akur8 SAS, Trōv, CoverWallet Inc., Slice Insurance Technologies Inc., Boost Insurance USA Inc., Kasko Ltd., Bimaplan, Bsurance GmbH
Table of Contents
1. Executive Summary
2. Embedded Insurance Market Characteristics
3. Embedded Insurance Market Trends And Strategies
4. Embedded Insurance Market – Macro Economic Scenario
5. Global Embedded Insurance Market Size and Growth
…
32. Global Embedded Insurance Market Competitive Benchmarking
33. Global Embedded Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Embedded Insurance Market
35. Embedded Insurance Market Future Outlook and Potential Analysis
36. Appendix
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