According to TechSci Research, Global insurtech market is anticipated to grow at CAGR of over 30% during the forecast period. Factors such as personalized product offerings by analyzing data, improved functionality of payment and risk assessment, among others are anticipated to drive the growth of the insurtech market, globally. However, lack of awareness and unwillingness of insurance providers to transform business model could impede the growth of the market.
Insurtech is a collective term which is used for companies that use innovative technologies such as artificial intelligence, big data, internet of things, among others to improve their functioning and increase customer engagement. Unlike, traditional insurers, insurtech driven insurers are investing in digitization in order to cut down cost on the part of agents and directly offer insurance policies to the customers. Also, online presence can now be used for assisting customers 24×7, which was impossible earlier.
Based on technology, market can be segmented into cloud computing, big data & analytics, blockchain, artificial intelligence, internet of things and others where others segment includes robotics. Big data & analytics dominated the market in 2020 and will continue to do so in the coming years as it helps to identify hidden patterns from complex models and understand customer behaviour so that informed decisions can be taken.
Geographically, global insurtech market can be classified into Asia-Pacific, North America, South America, Europe and Middle East & Africa. Asia-Pacific is expected to grow at the highest rate as several insurance providers are considering countries like China, India, Japan, among others as lucrative countries to expand business and gain initial advantage. China is expected to dominate in the Asia-Pacific region due to presence of well-established insurance industry and favourable regulations.
Major companies operating in the insurtech market include Acko General Insurance, Lemonade, Friendsurance, ZhongAn Online P&C Insurance Co. Ltd., Oscar Health Insurance, Quantemplate Limited, BIMA, Trōv, Neos Insurance and Clover Health, among others. The companies are using growth strategies such as expansion to new geographies, personalized product offering and collaboration with traditional insurers so as increase their share in the market.
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Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of insurtech service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the marketplaces which could not be identified due to the limitations of secondary research.
TechSci Research calculated global insurtech market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
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Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as solution providers and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million and CAGR for 2017-2021 and 2022E-2027F |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Technology · Deployment · Insurance Type |
| Regional scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
| Country scope | United States, Mexico, Canada, China, India, Japan, South Korea, Singapore; Germany, France, United Kingdom, Spain, Italy, South Africa, UAE, Saudi Arabia, Brazil, Argentina, Colombia; |
| Key companies profiled | Acko General Insurance, Lemonade, Friendsurance, ZhongAn Online P&C Insurance Co. Ltd., Oscar Health Insurance, Quantemplate Limited, BIMA, Trōv, Neos Insurance and Clover Health. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Report Scope:
In this report, global insurtech market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
o Cloud Computing
o Big Data & Analytics
o Blockchain
o Internet of Things
o Artificial Intelligence
o Others
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global insurtech market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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