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Report
Insurtech - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 150 Pages I Mordor Intelligence
The global insurtech market has generated a revenue of over USD 5.5 billion in the current year and is anticipated to register a CAGR of more than 3% for the forecast period.
The global insurtech market is expected to grow significantly during the forecast period, owing to the factors such as simplification of the claims process, improved communication with the client, and the capabilities to implement automation. The health insurance market is expected to have the highest growth rate in the upcoming years as the adoption of Insurtech is significantly higher compared to that of other insurance sectors, such as property and casualty, vehicle, and others. Under the Property and casualty insurance industry, companies such as Lemonade and Zhong An hold the major share of the insurtech market. The differentiating factors about the industry are their innovations and unique solutions to improve the insurance value chain that are attracting funds from legacy players and investors worldwide.
The number of deals made has risen continuously during the past few years, owing to the increased preference for technological advancements, such as artificial intelligence, machine learning, and blockchain technology in the insurance sector. The capability of the Insurtech companies to drive innovation in the insurance market by developing new products will help insurance companies meet dynamic customer requirements.
During COVID-19, the necessity of technology rose, and the insurtech market experienced significant growth due to lockdown restrictions. Post-COVID-19, the market is experiencing gradual growth with innovations.
Insurtech Market Trends
Technological Advancements are Driving the Market
Digital technology is driving the market. These technologies are used to understand customer needs and also to enhance their offerings based on the changing customer needs. There is a significant opportunity for the market players to capture value in the short term by digitizing their current business; they will get left behind if they fail simultaneously to use digital technology to innovate and build new businesses. Digitization and ubiquitous data communications have enabled companies to build global supply chains. With the adoption of Artificial intelligence and cyber security, companies are tapping new contracts and expanding their reach to people. For instance, in 2021, Metromile Inc. announced to implementation of Bitcoin Payment Solutions to accept premiums and pay claims in cryptocurrency.
BFSI Segment Dominating the Market
The BFSI segment dominated the market and accounted for more than 20.0% share of the global revenue in 2022. BFSI businesses are widely adopting insurtech solutions for improving business efficiency. The increase in the number of connected devices in the BFSI sector is leading to the generation of a huge amount of data. Moreover, insurance companies have realized that they can use such data to deliver better services, optimize costs, gain insights, and boost revenues. At the same time, the growing penetration of smartphones worldwide is also expected to drive the demand for insurtech solutions across the BFSI sector.
Insurtech Market Overview
The global insurtech market is fragmented due to the presence of a large number of small players that cater to the needs of life and non-life insurance sectors. The report includes an overview of the major international players operating in the market studied. Currently, some of the notable players based on their growth potential and industry significance are Banc Insurance Agency Inc. (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd., Clover Health Insurance, and Acko General Insurance Limited, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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 Digitalization is Driving the Market
4.3 Market Restraints
4.3.1 Data Security and Privacy Concerns are Restraining the Market
4.4 Market Opportunities
4.4.1 New Innovations will Create Opportunities to New Entrants
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 Financial Infusions into the Insurtech Growth Cycle
4.7 Insights on Regulatory Framework Shaping the Market
4.8 Insights on Technological Advancements Shaping the Market
4.9 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Auto
5.1.2 Business
5.1.3 Health
5.1.4 Home
5.1.5 Specialty
5.1.6 Travel
5.1.7 Other Types
5.2 By End-User
5.2.1 Automotive
5.2.2 BFSI
5.2.3 Government
5.2.4 Healthcare
5.2.5 Manufacturing
5.2.6 Retail
5.2.7 Transportation
5.2.8 Other End-Users
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 Rest of Europe
5.3.3 South America
5.3.3.1 Brazil
5.3.3.2 Argentina
5.3.3.3 Rest of South America
5.3.4 Asia-Pacific
5.3.4.1 India
5.3.4.2 China
5.3.4.3 Australia
5.3.4.4 Rest of Asia-Pacific
5.3.5 Middle East & Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Rest of Middle East and 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*
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