Product Code: r3983
“Insurtech Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurtech market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
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Where is the largest and fastest growing market for insurtech? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insurtech market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
1) By Product: Health Insurance; Life Insurance; Travel Insurance; Car Insurance; Business Insurance; Home Insurance; Other Products
2) By Technology: Blockchain; Cloud Computing; IoT; Machine Learning; Robo Advisory; Other Technologies
3) By Offering: Solutions; Services
4) By Deployment: On-Premise; Cloud
5) By Application: Automotive Industry; Banking And Financial Services; Government Sector; Healthcare Industry; Manufacturing Industry; Retail Industry; Other Applications
Companies Mentioned: Quantemplate Limited; Oscar Health; Shift Technologies Inc; ZhongAn; Trov Inc.,
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the insurtech market are: Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited.
The global insurtech market grew from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurtech market is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%.
The insurtech market includes revenues earned by entities by providing solutions that integrate the traditional insurance industry with modern technologies. The term insurtech refers to applying technological innovations to extract cost and efficiency from the current insurance industry model. Insurtech intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches. The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the insurtech service market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others. The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan. The different technologies include blockchain, cloud computing, IoT, machine learning, Robo advisory, and others and are deployed on-premises, in the cloud. It offers solutions, and services and is used by various sectors such as the automotive industry, banking, and financial services, government sector, healthcare industry, manufacturing industry, retail industry, and others.
Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy. For instance, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adopt digital ecosystems as it is having a major impact on the insurance industry.
Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.
In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech services acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services.
The countries covered in the insurtech market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The insurtech market research report is one of a series of new reports from The Business Research Company that provides insurtech market statistics, including insurtech industry global market size, regional shares, competitors with an insurtech market share, detailed insurtech market segments, market trends, and opportunities, and any further data you may need to thrive in the insurtech industry. This insurtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Table of Contents
1. Executive Summary
2. Insurtech Market Characteristics
3. Insurtech Market Trends And Strategies
4. Insurtech Market - Macro Economic Scenario
- 4.1 COVID-19 Impact On Insurtech Market
- 4.2 Ukraine-Russia War Impact On Insurtech Market
- 4.3 Impact Of High Inflation On Insurtech Market
5. Insurtech Market Size And Growth
- 5.1. Global Insurtech Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Insurtech Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Insurtech Market Segmentation
- 6.1. Global Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Health Insurance
- Life Insurance
- Travel Insurance
- Car Insurance
- Business Insurance
- Home Insurance
- Other Products
- 6.2. Global Insurtech Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Other Technologies
- 6.3. Global Insurtech Market, Segmentation By Offering, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solutions
- Services
- 6.4. Global Insurtech Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On-Premise
- Cloud
- 6.5. Global Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Automotive Industry
- Banking And Financial Services
- Government Sector
- Healthcare Industry
- Manufacturing Industry
- Retail Industry
- Other Applications
7. Insurtech Market Regional And Country Analysis
- 7.1. Global Insurtech Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Insurtech Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Insurtech Market
- 8.1. Asia-Pacific Insurtech Market Overview
- Region Information, Impact Of COVID_19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Insurtech Market
- 9.1. China Insurtech Market Overview
- 9.2. China Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Insurtech Market
- 10.1. India Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Insurtech Market
- 11.1. Japan Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Insurtech Market
- 12.1. Australia Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Insurtech Market
- 13.1. Indonesia Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Insurtech Market
- 14.1. South Korea Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Insurtech Market
- 15.1. Western Europe Insurtech Market Overview
- 15.2. Western Europe Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Insurtech Market
- 16.1. UK Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Insurtech Market
- 17.1. Germany Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Insurtech Market
- 18.1. France Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Insurtech Market
- 19.1. Eastern Europe Insurtech Market Overview
- 19.2. Eastern Europe Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Insurtech Market
- 20.1. Russia Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Insurtech Market
- 21.1. North America Insurtech Market Overview
- 21.2. North America Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Insurtech Market
- 22.1. USA Insurtech Market Overview
- 22.2. USA Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Insurtech Market
- 23.1. South America Insurtech Market Overview
- 23.2. South America Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Insurtech Market
- 24.1. Brazil Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Insurtech Market
- 25.1. Middle East Insurtech Market Overview
- 25.2. Middle East Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Insurtech Market
- 26.1. Africa Insurtech Market Overview
- 26.2. Africa Insurtech Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Insurtech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Insurtech Market Competitive Landscape And Company Profiles
- 27.1. Insurtech Market Competitive Landscape
- 27.2. Insurtech Market Company Profiles
- 27.2.1. Quantemplate Limited
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Oscar Health
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Shift Technologies Inc
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. ZhongAn
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Trov Inc.
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Insurtech Market
29. Insurtech Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer