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 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. 

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 dominant region or segments in global Insurtech market.
  • To identify and analyze the profile of leading players operating in the global insurtech market.


Click here to download the sample

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 stakeholders
  • 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.

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:

  • Global Insurtech Market, By Technology:

o    Cloud Computing

o    Big Data & Analytics

o    Blockchain

o    Internet of Things

o    Artificial Intelligence

o    Others

  • Global Insurtech Market, By Deployment:
    • Cloud
    • On-premise
  • Global Insurtech Market, By Insurance Type:
    • Commercial Insurance
    • P&C Insurance
    • Others
  • Global Insurtech 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.

Global Insurtech market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at sales@techsciresearch.com  

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Insurtech Market

4.    Executive Summary

5.    Voice of Customer

6.    Global Insurtech Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

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

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

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

6.2.4.     By Company (2020)

6.2.5.     By Region

6.2.6.     By Company

6.3.  Product Market Map

7.    Asia-Pacific 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.  Asia-Pacific: Country Analysis

7.3.1.     China 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.     India 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.     Japan 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.     South Korea 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.     Singapore 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.    Europe 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.  Europe: Country Analysis

8.3.1.     France 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.     Germany 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.     United Kingdom 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

8.3.4.     Italy Insurtech Market Outlook

8.3.4.1.         Market Size & Forecast

8.3.4.1.1.             By Value

8.3.4.2.         Market Share & Forecast

8.3.4.2.1.             By Technology

8.3.4.2.2.             By Insurance Type

8.3.5.     Spain Insurtech Market Outlook

8.3.5.1.         Market Size & Forecast

8.3.5.1.1.             By Value

8.3.5.2.         Market Share & Forecast

8.3.5.2.1.             By Technology

8.3.5.2.2.             By Insurance Type

9.    North 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.  North America: Country Analysis

9.3.1.     United States 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.     Mexico 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.     Canada 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.  South America 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.              South America: Country Analysis

10.3.1.  Brazil 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.  Argentina 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.  Colombia 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.  Middle East and Africa Insurtech Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Value

11.2.              Market Share & Forecast

11.2.1.  By Technology

11.2.2.  By Insurance Type

11.2.3.  By Country

11.3.              MEA: Country Analysis

11.3.1.  South Africa Insurtech Market Outlook

11.3.1.1.      Market Size & Forecast

11.3.1.1.1.           By Value

11.3.1.2.      Market Share & Forecast

11.3.1.2.1.           By Technology

11.3.1.2.2.           By Insurance Type

11.3.2.  Saudi Arabia Insurtech Market Outlook

11.3.2.1.      Market Size & Forecast

11.3.2.1.1.           By Value

11.3.2.2.      Market Share & Forecast

11.3.2.2.1.           By Technology

11.3.2.2.2.           By Insurance Type

11.3.3.  UAE Insurtech Market Outlook

11.3.3.1.      Market Size & Forecast

11.3.3.1.1.           By Value

11.3.3.2.      Market Share & Forecast

11.3.3.2.1.           By Technology

11.3.3.2.2.           By Insurance Type

12.  Market Dynamics

12.1.              Drivers

12.2.              Challenges

13.  Market Trends & Developments

14.  Competitive Landscape

14.1.              Acko General Insurance

14.2.              Lemonade

14.3.              Friendsurance

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

14.5.              Oscar Health Insurance

14.6.              Quantemplate Limited

14.7.              BIMA

14.8.              Trōv

14.9.              Neos Insurance

14.10.            Clover Health

15. Strategic Recommendations

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com