Insurtech Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Type (Auto, Business, Health, Home, Specialty, Travel, Others); By Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Others), By Services (Consulting, Support & Maintenance, Managed Services); By End User (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, Others) and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
Global Insurtech Market Size & Forecast
The Global Insurtech market was valued at USD 7850 million in 2023 and is expected to grow at a strong CAGR of around 40.21% during the forecast period (2024-2032) owing to rising demand for Insurtech across the globe.
Global Insurtech Market Analysis
Insurtech refers to Insurance Technology services designed to offer digital services to insurance providers. These digital services offer real-time information to the insurance providers assisting in product customization, real-time information, money and savings, improving competitiveness, and making insurance services more sustainable. As the vast information is collected through various user patterns, a better-suited insurance product is offered further improving the expansion of insurance services.
The Global Insurtech market was valued at USD 7850 million in 2023 and is expected to grow at a strong CAGR of around 40.21% during the forecast period (2024-2032). One of the key factors that has contributed to the growth of the Insurtech market is rising regulatory support by various governments across the globe. These insurance policy measures are targeted to improve the digitalization efforts as well as enable the insurance services providers to reduce the issues related to customer handling and claim disbursements. For instance, in 2024, the Insurance Regulatory Development Authority of India (IRDAI) approved eight principle-based regulations for insurance companies in India. These regulations target on adoption of standard procedures and best practices of insurance companies and distribution channels for grievance redressal risk management. The regulations also promote BIMA Sugam an online marketplace for facilitating insurance-related activities.
In another instance, in 2024, the Ministry of Business, Innovation & Employment New Zealand announced that it would modernize and improve insurance law so that consumers and businesses can effectively protect themselves against risk.
With the higher focus of the governments across the globe towards the speedy digitalization in the insurance sector for easy customer query redressal and expansion of insurance services in different sectors the demand for the Insurtech market is anticipated to rise during 2024-2032.
Global Insurtech Market Trends
This section discusses the key market trends that are influencing the various segments of the Global Insurtech Market as identified by our team of research experts.
Digital Transformation
Insurance companies are increasingly adopting digital solutions in order to cater to a wide number of customers with their suited needs. These companies are relying on digital solutions for a user-friendly experience, streamlining operations, and enhancing the decision-making process.
In line with this many of the companies have extensively invested in integrating Insurtech solutions in recent years which has paved the growth path for the expansion of the market.
Additionally, to tap the growth opportunities present in the market many of the Insurtech companies have announced to undergo collaboration with other industry players which would help the technological expansion and services offering in the long-term. For instance, in 2023, a coalition of multiple insurance technology providers named Boost, Branch, Clearcover, Lemonade, and Root Insurance announced their plans to launch the Insurtech coalition. This coalition is aimed at re-imagining the service offering and managing the risks involved with efficiency.
Considering the rampant expansion of insurance technology services and digital transformation the Global Insurtech market would experience growth during 2024-2032.
North America is Expected to Hold Major Market Share During Forecast Period
North America Insurtech market has grabbed a sizeable market share across the globe. North America has gained significant growth due to advanced infrastructure, an innovative ecosystem, consumer demand for digital solutions, enhanced government support, and a vast insurance market. North America has a vast and mature insurance market, of which healthcare, automotive, business, retail sectors, etc., are prominent. Of these, the US, and Canada are some of the prominent countries that have held a major position for Insurtech in the region. For instance, according to the Allianz Group, in 2023, the US continued to dominate the global healthcare insurance market with a total of around two-thirds of the global premium. Considering the high focus of the customers for insurance for both life and general insurance the region is further anticipated to require increased investment on Insurtech services further improving the market growth during 2024-2032.
Global Insurtech Industry Overview
The Global Insurtech market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, InsureMo Corporation, Wipro Limited and Zhogan Insurance.
Global Insurtech Market News
- In 2024, Allianz Partners announced the launch of the Allyz mobile app for digital assistance and services to travelers for insurance benefits in Germany and France.
- IN 2023, Digital First Insurance launched its mobile app for making insurance transactions easier with the integration of AI and chatbot.
- In 2024, Roojai Insurance acquired FWD General Insurance Public Company Limited (FWDGI) in its aim to become a full-stack digital insurance company.
Global Insurtech Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Insurtech market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Insurtech Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Insurtech market were the three major steps undertaken to create and analyze the adoption of Global Insurtech in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Insurtech market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Global Insurtech market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Insurtech market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by type, by technology, by services and by end user. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Insurtech market. Further, we conducted factor analysis using dependent and independent variables such as by type, by technology, by services and by end user in the Global Insurtech market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Insurtech market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Insurtech market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Insurtech market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Global Insurtech market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Insurtech market. Data was split into several segments and sub-segments after studying various parameters and trends by type, by technology, by services and by end user in the Global Insurtech market.
The main objective of the Global Insurtech Market Study
The current & future market trends of the Global Insurtech market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Global Insurtech market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of by type, by technology, by services and by end user.
- Define and analyze the regulatory framework for global Insurtech industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Global Insurtech market for the major regions.
- Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
- Company profiles of the Global Insurtech market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Global Insurtech market?
Q2: What is the driving factor for the growth of the Global Insurtech market?
Q3: Which segment has the largest share of the Global Insurtech market by type?
Q4: Which region will dominate the Global Insurtech market?
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