Overview and Scope
InsurTech (insurance technology) refers to the use of technological innovations and advancements to enhance the insurance industry. It encompasses various technological solutions, platforms, and applications that aim to improve efficiency, customer experience, and risk management in the insurance sector.
Sizing and Forecast
The insurtech (insurance technology) market size has grown exponentially in recent years. It will grow from $14.37 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 36.2%. The growth in the historic period can be attributed to digital transformation in insurance, risen consumer expectations, data analytics and risk assessment, regulatory changes and compliance, emergence of insurtech startups.
The insurtech (insurance technology) market size is expected to see exponential growth in the next few years. It will grow to $68.61 billion in 2028 at a compound annual growth rate (CAGR) of 36.8%. The growth in the forecast period can be attributed to increased focus on personalization, expansion of iot in insurance, blockchain technology adoption, integration of artificial intelligence (ai), evolving cyber insurance market. Major trends in the forecast period include integration of big data analytics, evolving regulatory technology (regtech) solutions, personalized and on-demand insurance products, ai-powered claims processing, focus on ecosystem integration.
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Segmentation & Regional Insights
The insurtech (insurance technology) market covered in this report is segmented –
1) By Offering: Solution, Service
2) By Insurance Type: Commercial Insurance, Property And Casualty Insurance, Health Insurance, Life Insurance, Other Insurance Types
3) By Technology: Cloud Computing, Blockchain, Big Data And Analytics, Artificial Intelligence, Internet Of Things (IoT), Machine Learning, Other Technologies
4) By Deployment Model: On-Premise, Cloud
5) By End-Use: Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Other End Users
North America was the largest region in the InsurTech (insurance technology) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global InsurTech (insurance technology) market report during the forecast period. The regions covered in the insurtech (insurance technology) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for insurance is expected to propel the growth of the insurtech (insurance technology) market going forward. Insurance is a contract between an individual or an entity (known as the insured) and an insurance company (known as the insurer), which is given as protection against financial loss. Insurance companies are increasingly adopting insurance technology, often referred to as insurtech to enhance their operations, improve customer experiences, and increase efficiency. For instance, in 2021, according to the Centers for Medicare & Medicaid Services (CMS) 2021, a US-based federal agency, spending on private health insurance increased by 5.8% to reach $1,211.4 billion, accounting for approximately 28% of the total national health expenditure (NHE). Furthermore, 91.1% of people had health insurance, and it is expected that 90.5% of people will have health insurance by 2030. Therefore, the increasing demand for insurance is driving the growth of the insurtech (insurance technology) market.
Key Industry Players
Major companies operating in the insurtech (insurance technology) market report are Damco Group, DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Clover Health Insurance, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, Amodo, MetLife Inc. , The Travelers Companies Inc., Root Insurance, Next Insurance, American Well Corporation, Hippo Insurance, Government Employees Insurance Company, Haven Life, Nationwide Immigration Services Pvt Ltd ., Clearcover Insurance, Slice Labs Inc., Bright Health Diagnostic, Kin Insurance, Gusto Inc., Collective Health
The insurtech (insurance technology) market report table of contents includes:
1. Executive Summary
2. InsurTech (Insurance Technology) Market Characteristics
3. InsurTech (Insurance Technology) Market Trends And Strategies
4. InsurTech (Insurance Technology) Market – Macro Economic Scenario
5. Global InsurTech (Insurance Technology) Market Size and Growth
….
31. Global InsurTech (Insurance Technology) Market Competitive Benchmarking
32. Global InsurTech (Insurance Technology) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The InsurTech (Insurance Technology) Market
34. InsurTech (Insurance Technology) Market Future Outlook and Potential Analysis
35. Appendix
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