Insurance Services Concept. Car, travel, family, real estate, education, intellectual property, financial and health insurance. Abstract 3D sphere or globe with icons in hand. Vector illustration
Overview and Scope
Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business’s creation, distribution, and management.
Sizing and Forecast
The insurtech market size has grown exponentially in recent years. It will grow from $13.2 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies and increased number of insurtech startups.
The insurtech market size is expected to see exponential growth in the next few years. It will grow to $53.35 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%. The growth in the forecast period can be attributed to the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry and favorable government initiatives. Major trends in the forecast period include use of artificial intelligence (ai), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations and focus on use of iot (internet of things) technology.
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Segmentation & Regional Insights
The insurtech market covered in this report is segmented –
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet of Things), Artificial Intelligence, Big Data and Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
North America was the largest region in the insurtech service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech 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 increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts, or underwrite policies. The rise in the number of hospitalization cases during the COVID-19 pandemic has led to an increase in insurance claims. For example, in February 2022, according to The Print, an India-based online newspaper, in the first quarter of the financial year 2021-22, 4,97,909 life insurance claims were settled, which increased to 9,56,846 in the second quarter. Additionally, according to a study by Digit Insurance, an India-based insurance company, health insurance claims surged over 3.5 times in 2021. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market.
Key Industry Players
Major companies operating in the insurtech market report are DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
The insurtech market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Insurtech Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Insurtech Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Insurtech Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: DXC Technology Financial Performance
Table 77: Damco Group Financial Performance
Table 78: Majesco Financial Performance
Table 79: Shift Technology Financial Performance
Table 80: Earnix Financial Performance
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