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 24x7, 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 2018 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. 

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

  • To analyze and forecast the market size of global insurtech market.
  • To forecast global insurtech market based on technology, deployment mode, insurance type and regional distribution.
  • To identify drivers and challenges for global insurtech market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in global insurtech market.
  • To conduct the pricing analysis for global insurtech market.
  • To identify and analyze the profile of leading players operating in the global insurtech market.


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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.


Key Target Audience:

  • Insurtech service providers, investors and other stakehodlers
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to insurtech market
  • Market research and consulting firms

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.

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:

  • Market, By Technology:

o    Cloud Computing

o    Big Data & Analytics

o    Blockchain

o    Internet of Things

o    Artificial Intelligence

o    Others

  • Market, By Deployment:
    • Cloud
    • On-premise
  • Market, By Insurance Type:
    • Commercial Insurance
    • P&C Insurance
    • Others
  • Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • India 
      • South Korea
      • Singapore
    • Europe
      • France
      • Germany
      • United Kingdom
      • Spain
      • Italy
    • North America
      • United States
      • Mexico
      • Canada
    • South America
      • Brazil
      • Argentina
      • Colombia
    • Middle East & Africa
      • UAE
      • South Africa
      • Saudi Arabia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global insurtech market.

Available Customizations:

With the given market data, TechSci Research offers customizations according a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Profit Margin Analysis

  • Profit margin analysis in case of direct and indirect sales channel.
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1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Voice of Customer

5.    Global Insurtech Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Technology (Cloud Computing, Big data & Analytics, Blockchain, Artificial Intelligence, Internet of Things, Others)

5.2.2.     By Deployment Mode (Cloud and On-premise)

5.2.3.     By Insurance Type (Commercial Insurance, P&C Insurance, Others)

5.2.4.     By Company (2018)

5.2.5.     By Region

5.2.6.     By Company

5.3.  Product Market Map

6.    Asia-Pacific Insurtech Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Technology

6.2.2.     By Insurance Type

6.2.3.     By Country

6.3.  Asia-Pacific: Country Analysis

6.3.1.     China Insurtech Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Technology

6.3.1.2.2.             By Insurance Type

6.3.2.     India Insurtech Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Technology

6.3.2.2.2.             By Insurance Type

6.3.3.     Japan Insurtech Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Technology

6.3.3.2.2.             By Insurance Type

6.3.4.     South Korea Insurtech Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Value

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.             By Technology

6.3.4.2.2.             By Insurance Type

6.3.5.     Singapore Insurtech Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Value

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.             By Technology

6.3.5.2.2.             By Insurance Type

7.    Europe Insurtech Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Technology

7.2.2.     By Insurance Type

7.2.3.     By Country

7.3.  Europe: Country Analysis

7.3.1.     France Insurtech Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Technology

7.3.1.2.2.             By Insurance Type

7.3.2.     Germany Insurtech Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Technology

7.3.2.2.2.             By Insurance Type

7.3.3.     United Kingdom Insurtech Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Technology

7.3.3.2.2.             By Insurance Type

7.3.4.     Italy Insurtech Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Technology

7.3.4.2.2.             By Insurance Type

7.3.5.     Spain Insurtech Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Technology

7.3.5.2.2.             By Insurance Type

8.    North America Insurtech Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Technology

8.2.2.     By Insurance Type

8.2.3.     By Country

8.3.  North America: Country Analysis

8.3.1.     United States Insurtech Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Technology

8.3.1.2.2.             By Insurance Type

8.3.2.     Mexico Insurtech Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Technology

8.3.2.2.2.             By Insurance Type

8.3.3.     Canada Insurtech Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Technology

8.3.3.2.2.             By Insurance Type

9.    South America Insurtech Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Technology

9.2.2.     By Insurance Type

9.2.3.     By Country

9.3.  South America: Country Analysis

9.3.1.     Brazil Insurtech Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Technology

9.3.1.2.2.             By Insurance Type

9.3.2.     Argentina Insurtech Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Technology

9.3.2.2.2.             By Insurance Type

9.3.3.     Colombia Insurtech Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Technology

9.3.3.2.2.             By Insurance Type

10.  Middle East and Africa Insurtech Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Technology

10.2.2.  By Insurance Type

10.2.3.  By Country

10.3.              MEA: Country Analysis

10.3.1.  South Africa Insurtech Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Technology

10.3.1.2.2.           By Insurance Type

10.3.2.  Saudi Arabia Insurtech Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Technology

10.3.2.2.2.           By Insurance Type

10.3.3.  UAE Insurtech Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Technology

10.3.3.2.2.           By Insurance Type

11.  Market Dynamics

11.1.              Drivers

11.2.              Challenges

12.  Market Trends & Developments

13.  Competitive Landscape

13.1.              Acko General Insurance

13.2.              Lemonade

13.3.              Friendsurance

13.4.              ZhongAn Online P&C Insurance Co. Ltd.

13.5.              Oscar Health Insurance

13.6.              Quantemplate Limited

13.7.              BIMA

13.8.              Trōv

13.9.              Neos Insurance

13.10.            Clover Health

14. Strategic Recommendations

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