Report Overview

Global Insurtech Market- Industry Trends & Forecast Report 2027

Global Insurtech market was worth USD 5.3 billion in 2020 and is further projected to reach USD 10.7 billion by the year 2027, growing at a CAGR of 10.6% during the forecast period (2021-2027). The rapid growth in the banking and finance industry, along with significant innovation and technological development in the insurance sector is driving the growth of the global Insurtech market. Furthermore, the growing penetration of niche technologies, such as blockchain and cryptocurrency is anticipated to present lucrative growth opportunities to the market during the forecast period.
                                                   

                                                                                                Source: BlueWeave Consulting

Global Insurtech Market- Overview

Insurance technology (Insurtech) is the application of new technologies to improve the efficiency of the insurance industry, and boost customer engagement through IoT and AI. Insurtech helps companies boost their revenue by mitigating the risks involved and offering affordable insurance policies to policy seekers. Additionally, Insurtech can be used to streamline business operations to improve efficiency.

Insurtech Market Forecast and Trends

Growth Drivers

Rapid Digitization and Adoption of Advanced Technologies

The recent advancements in digital technologies, such as AI, quantum computing, blockchain, Robotic Process Automation (RPA), etc., and their rapid adoption in the insurance industry are giving a significant boost to the Insurtech market. For instance, Insurtech platform HealthCare.com has raised $180 million in funding for its artificial intelligence-powered tools that connect consumers with health plans. According to the National Association of Insurance Commissioners, United States, artificial intelligence (AI) is prominently being used in the insurance sector for claiming, processing, underwriting, fraud detection, and customer services. Its valuation now exceeds $1 billion. Such applications are anticipated to boost customer interaction, propelling the overall market growth.

Growing Investment in the Insurtech Startups

Since the Insurtech market is still in its infancy, it holds huge growth potential for the upcoming years. As a result, the Insurtech startups are attracting significant investment, which is providing them with resources for growth. Indonesian startup Fuse, for instance, recently announced to have raised USD 25 million in the Series B round to expand its market in Thailand and Vietnam. Another Insurtech startup OneAssure raised Rs. 5 crores (around USD 6.53 million in a pre-seed funding round.

Restraints

Concerns Over Data Privacy and Cyber Attacks

Insurtech tracks and records huge volume of data to improve insurance industry model. However, the collected data raises serious concerns about customer privacy. Due to the increasing penetration of technologies such as AI and IoT, concerns about people's privacy are also increasing, which is being exploited by companies to sell them their products and services. Moreover, Insurtech data is vulnerable to cyberattacks. According to estimates, more than 100 million Americans have had their PII (Personal Identifiable Information) compromised by attackers through this sector. Such factors are acting as major restraints for market growth.

Insurtech Market - By Type

Based on types, the Insurtech market is segmented into auto, business, health, home, specialty, travel, and others. Among these, the health segment holds the largest market share because of the increasing demand for health insurance. Growing demand for digital platforms that integrate offerings from insurers and brokers for better access to insurance plans for policy seekers is driving the adoption of Insurtech in the health sector. Moreover, health insurance companies are deploying advanced analytical tools to target customers according to their needs and behavior. On the other hand, the home segment is also anticipated to register a high growth rate during the forecast period.

Insurtech Market - By Technology

Based on technologies, the Insurtech market is segmented into the blockchain, cloud computing, IoT, machine learning, Robo-advisory, and others. Among these, the cloud computing sector holds the largest market share. As a result of remote data access and better expansion opportunities for startups and Insurtech companies, cloud computing is becoming increasingly popular across all verticals. However, blockchain technology is projected to witness the highest growth rate during the forecast period as it provides improved business efficiency and low operational cost, along with wider accessibility to insurance policies.

Global Insurtech Market - Regional Insights

Geographically, the Insurtech market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the Insurtech market due to the high awareness regarding the benefits of Insurtech as well as high level of consumer spending on insurance and its components. Furthermore, the high and rising number of Insurtech startups, such as Oscar, Slide, Root Insurance, Delos, etc., makes Insurtech services more accessible to policy seekers, which drives the overall market growth. Furthermore, the high and rising number of Insurtech companies and startups such as Oscar, Slide, Root Insurance, Delos, etc., also makes the Insurtech services accessible to policy seekers, which is driving the overall market growth.

Global Insurtech Market - Competitive Landscape

The leading players in the global Insurtech market are Zhongan Insurance, Damco Group, Wipro Limited, DXC Technology Company, Trov Insurance Solutions, LLC, Majesco, Shift Technology, Oscar Insurance, Quantemplate, OutSystems, Clover Health Insurance, Moonshot-Internet, Acko General Insurance Limited, ThingCo, Tractable, Halos, Sorcery, Sureify, Insurance Technology Services, and other prominent players.

The global Insurtech market is highly consolidated and dominated by industry giants. However, the market is still in its infancy. Thus, several Insurtech startups have emerged of late and are gaining ground in the market by offering new and varied services. Furthermore, they have attracted significant investments which helps them expand. This market is also characterized by the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc.

Recent Developments

• In December 2021, Insurance Samadhan, an Indian Insurtech platform, announced to have raised USD 5.5 crore (approx USD 720,000) in a pre-Series A funding round led by Equanimity, 9Unicorns, Venture Catalysts, and others.

• In December 2021, Coalition, a US-based commercial Insurtech provider, announced to be launching a new captive to manage risks from its cyber insurance programs, as well as oversee pricing, reserving, capital requirements, and regulatory compliance.

Scope of the Report:

By Type

• Auto

• Business

• Health

• Home

• Specialty

• Travel

• Others

By Service

• Consulting

• Support & Maintenance

• Managed Services

By Technology

• Blockchain

• Cloud Computing

• IoT

• Machine Learning

• Robo Advisory

• Others

By End-User

• Automotive

• BFSI

• Government

• Healthcare

• Manufacturing

• Retail

• Transportation

• Others

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

1. Research Framework
   1. Research Objective
   2. Service Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Rapid Digitization and Adoption of Advanced Technologies
         2. Growth Opportunities in The Untapped Market
      2. Market Restraints
         1. Concerns Over Data Privacy and Cyberattacks
      3. Market Challenges
         1. Lack of Digital Infrastructure in Low-Income Countries
      4. Market Opportunity
         1. Growing Adoption of Cloud Computing
         2. Rising demand for Managed Services
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Insurtech Market Overview
   1. Market Size & Forecast by Value, 2017-2027
   2. Market Size and Forecast, By Segment
      1. By Type
         1. Auto
         2. Business
         3. Health
         4. Home
         5. Specialty
         6. Travel
         7. Others
      2. By Service
         1. Consulting
         2. Support & Maintenance
         3. Managed Services
      3. By Technology
         1. Blockchain
         2. Cloud Computing
         3. IoT
         4. Machine Learning
         5. Robo Advisory
         6. Others
      4. By End-User
         1. Automotive
         2. BFSI
         3. Government
         4. Healthcare
         5. Manufacturing
         6. Retail
         7. Transportation
         8. Others
      5. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle East & Africa
6. North America Insurtech Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Service
      3. By Technology
      4. By End-User
      5. By Country
         1. U.S.
         2. Canada
7. Europe Insurtech Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Service
      3. By Technology
      4. By End-User
      5. By Country
         1. Germany
         2. U.K.
         3. Russia
         4. France
         5. Italy
         6. Spain
         7. Rest of Europe
8. APAC Insurtech Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Service
      3. By Technology
      4. By End-User
      5. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of APAC
9. LATAM Insurtech Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Service
      3. By Technology
      4. By End-User
      5. By Country
         1. Mexico
         2. Brazil
         3. Rest of LATAM
10. MEA Insurtech Market Overview
    1. Market Size and Forecast
       1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
    3. By Type
    4. By Service
    5. By Technology
    6. By End-User
    7. By Country
       1. Saudi Arabia
       2. UAE
       3. South Africa
       4. Rest of MEA
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking by Operating Parameters
12. Impact of COVID-19 on Insurtech Market
13. Company Profiles (Company Overview, Financial Matrix, Key Service landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Zhongan Insurance
    2. Damco Group
    3. Wipro Limited
    4. DXC Technology Company
    5. Trov Insurance Solutions, LLC
    6. Majesco
    7. Shift Technology
    8. Oscar Insurance
    9. Quantemplate
    10. OutSystems
    11. Clover Health Insurance
    12. Moonshot-Internet
    13. Acko General Insurance Limited
    14. ThingCo
    15. Tractable
    16. Halos
    17. Sorcero
    18. Sureify
    19. Insurance Technology Services
    20. Other Prominent Players
14. Key Strategic Recommendations

List of Figures

Figure 1: Insurtech Market Segmentation

Figure 2: Insurtech Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 5: Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 6: Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 7: Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 8: Insurtech Market Share (%), By End-User, By Value, 2017-2027

Figure 9: Insurtech Market Share (%), By Region, By Value, 2017-2027

Figure 10: North America Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 11: North America Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 12: North America Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 13: North America Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 14: North America Insurtech Market Share (%), By End-User, By Value, 2017-2027

Figure 15: North America Insurtech Market Share (%), By Country, By Value, 2017-2027

Figure 16: Europe Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 17: Europe Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 18: Europe Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 19: Europe Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 20: Europe Insurtech Market Share (%), by End-User, By Value, 2017-2027

Figure 21: Europe Insurtech Market Share (%), By Country, By Value, 2017-2027

Figure 22: Asia-Pacific Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 23: Asia-Pacific Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 24: Asia-Pacific Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 25: Asia-Pacific Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 26: Asia-Pacific Insurtech Market Share (%), By End-User, By Value, 2017-2027

Figure 27: Asia-Pacific Insurtech Market Share (%), By Country, By Value, 2017-2027

Figure 28: Latin America Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 29: Latin America Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 30: Latin America Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 31: Latin America Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 32: Latin America Insurtech Market Share (%), By End-User, By Value, 2017-2027

Figure 33: Latin America Insurtech Market Share (%), By Country, By Value, 2017-2027

Figure 34: Middle East & Africa Insurtech Market Size, By Value (USD Billion), 2017-2027

Figure 35: Middle East & Africa Insurtech Market Share (%), By Type, By Value, 2017-2027

Figure 36: Middle East & Africa Insurtech Market Share (%), By Service, By Value, 2017-2027

Figure 37: Middle East & Africa Insurtech Market Share (%), By Technology, By Value, 2017-2027

Figure 38: Middle East & Africa Insurtech Market Share (%), By End-User, By Value, 2017-2027

Figure 39: Middle East & Africa Insurtech Market Share (%), By Region, By Value, 2017-2027

List of Tables

Table 1: Insurtech Market Size, By Type, By Value, 2017-2027

Table 2: Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 3: Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 4: Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027

Table 5: Insurtech Market Size, By Region, By Value (USD Billion), 2017-2027

Table 6: North America Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027

Table 7: North America Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 8: North America Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 9: North America Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027,

Table 10: Europe Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027

Table 11: Europe Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 12: Europe Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 13: Europe Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027

Table 14: the Asia-Pacific Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027

Table 15: the Asia-Pacific Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 16: the Asia-Pacific Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 17: the Asia-Pacific Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027

Table 18: Latin America Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027

Table 19: Latin America Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 20: Latin America Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 21: Latin America Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027

Table 22: The Middle-East & Africa Insurtech Market Size, By Type, By Value (USD Billion), 2017-2027

Table 23: The Middle-East & Africa Insurtech Market Size, By Service, By Value (USD Billion), 2017-2027

Table 24: The Middle-East & Africa Insurtech Market Size, By Technology, By Value (USD Billion), 2017-2027

Table 25: The Middle-East & Africa Insurtech Market Size, By End-User, By Value (USD Billion), 2017-2027

Table 26: Zhongan Insurance Financial Analysis

Table 27: Zhongan Insurance Business Overview

Table 28: Damco Group Financial Analysis

Table 29: Damco Group Business Overview

Table 30: Wipro Limited Corporation Financial Analysis

Table 31: Wipro Limited Corporation Business Overview

Table 32: DXC Technology Company Financial Analysis

Table 33: DXC Technology Company Business Overview

Table 34: Trov Insurance Solutions, LLC Financial Analysis

Table 35: Trov Insurance Solutions, LLC Business Overview

Table 36: Majesco Financial Analysis

Table 37: Majesco Business Overview

Table 38: Shift Technology Financial Analysis

Table 39: Shift Technology Business Overview

Table 40: Oscar Insurance Financial Analysis

Table 41: Oscar Insurance Business Overview

Table 42: Quantemplate Financial Analysis

Table 43: Quantemplate Business Overview

Table 44: OutSystems Financial Analysis

Table 45: OutSystems Business Overview

Table 46: Clover Health Insurance Financial Analysis

Table 47: Clover Health Insurance Financial Analysis

Table 48: Moonshot-Internet Financial Analysis

Table 49: Moonshot-Internet Business Overview

Table 50: Acko General Insurance Limited Financial Analysis

Table 51: Acko General Insurance Limited Business Overview

Table 52: ThingCo Financial Analysis

Table 53: ThingCo Business Overview

Table 54: Tractable Financial Analysis

Table 55: Tractable Business Overview

Table 56: Halos Financial Analysis

Table 57: Halos Business Overview

Table 58: Sorcero Financial Analysis

Table 59: Sorcero Business Overview

Table 60: Sureify Financial Analysis

Table 61: Sureify Business Overview

Table 62: Insurance Technology Services Financial Analysis

Table 63: Insurance Technology Services Business Overview