Global Insurtech Market Size study & Forecast, by Type, By Service, By Technology By End Use and Regional Analysis, 2023-2030

Description

List of Tables

Global Insurtech Market is valued approximately at USD 5.45 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 52.7% over the forecast period 2023-2030. "InsurTech" (Insurance Technology) represents the application of technology to the development, provision, and management of insurance products and services. By providing plans that are highly customised, providing social insurance and utilizing new data streams from devices that can connect to the Internet to dynamically price premiums, insurtech is finding answers. The most frequent insurance claims that consumers secure are a rising number of auto, life, health, and house insurance claims. The global insurtech industry is primarily driven by the expanding digitalization of business. Over the past several years, wearable technology use has grown dramatically, which has prompted insurtech to be adopted in the telemedicine sector.

Digital technologies are utilised to better understand client requirements and to improve products in response to changing customer demands. According to EIS Group in 2021, a software business, 59% of the insurance companies increased their investment in digital infrastructure. Blockchain technology's benefits, such as cost reductions, quicker payments, and fraud avoidance, are boosting demand among insurance businesses globally. Additionally, developing economies provide significant opportunity for insurtech solution providers to grow their products as certain insurers adopt new business models also managed services enable insurers to address challenges and opportunities in insurance IT and operations. However, data security and privacy concerns stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Insurtech Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with the largest market share due to a growth in the requirement for automation of insurance operations, prompt services, and enhanced efficiency. These solutions offer customizable and adaptable plans for property and health insurance. The expanding number of insurtech firms in the region is also propelling market expansion. The region's established internet infrastructure, along with the rising integration of modern technologies in the insurance sector, is fueling the expansion of the region's insurtech business. Asia Pacific is expected to fastest growing during the forecast period, owing to the presence of several emerging economies and financial centres in the area, such as Singapore, India, and Hong Kong, insurance service providers in the region are attempting to provide cheap insurance premium plans. As cloud technologies become more extensively utilised and internet users grow more widespread, the region's insurance businesses are increasingly moving to digital insurance platforms. The fast digitalization of business, the expanding vast quantity of data from many industries, and the growing prevalence of smartphone and internet platforms for banking and insurance services would boost the Asia-Pacific insurtech industry.

Major market player included in this report are:

Damco Solutions
DXC Technology Company
Insurance Technology Services
Majesco Ltd.
Oscar Insurance Corporation
Quantemplate
Shift Technology
Wipro Limited
Trov Insurance Solutions
ZhongAn Insurance Co.

Recent Developments in the Market:

In May 2023, Ebix Europe Welcomes a New Era in the Competitive London Market Electronic Placement with the Launch of "PlacingHub". PlacingHub is now online and garnering significant attention from prominent re/insurance brokers and carriers, providing London market users with a seamless move to the market platform, including all of their historical data.

Global Insurtech Market Report Scope:

Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Service, Technology , End Use, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.

By Type:

Auto
Business
Health
Home
Specialty
Others

By Service:

Consulting
Support & Maintenance
Managed Services

By Technology:

Blockchain
Cloud Computing
IoT
Machine Learning
Robo Advisory
Others

By End Use:

Automotive
Government
Healthcare
Manufacturing
Retail
Transportation
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Insurtech Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Insurtech Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Insurtech Market, by Service, 2020-2030 (USD Billion)
- 1.2.4. Insurtech Market, by Technology, 2020-2030 (USD Billion)
- 1.2.5. Insurtech Market, by End Use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Insurtech Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Insurtech Market Dynamics

3.1. Insurtech Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
  - 3.1.1.1. Increasing insurance claims
  - 3.1.1.2. Expanding digitalization of business
- 3.1.2. Market Challenges
  - 3.1.2.1. Data security
  - 3.1.2.2. Privacy Concerns
- 3.1.3. Market Opportunities
  - 3.1.3.1. Managed services

Chapter 4. Global Insurtech Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Impact Analysis
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

Chapter 5. Global Insurtech Market, by Type

5.1. Market Snapshot
5.2. Global Insurtech Market by Type, Performance - Potential Analysis
5.3. Global Insurtech Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Insurtech Market, Sub Segment Analysis
- 5.4.1. Auto
- 5.4.2. Business
- 5.4.3. Health
- 5.4.4. Home
- 5.4.5. Specialty
- 5.4.6. Others

Chapter 6. Global Insurtech Market, by Service

6.1. Market Snapshot
6.2. Global Insurtech Market by Service, Performance - Potential Analysis
6.3. Global Insurtech Market Estimates & Forecasts by Service 2020-2030 (USD Billion)
6.4. Insurtech Market, Sub Segment Analysis
- 6.4.1. Consulting
- 6.4.2. Support & Maintenance
- 6.4.3. Managed Services

Chapter 7. Global Insurtech Market, by Technology

7.1. Market Snapshot
7.2. Global Insurtech Market by Technology, Performance - Potential Analysis
7.3. Global Insurtech Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
7.4. Insurtech Market, Sub Segment Analysis
- 7.4.1. Blockchain
- 7.4.2. Cloud Computing
- 7.4.3. IoT
- 7.4.4. Machine Learning
- 7.4.5. Robo Advisory
- 7.4.6. Others

Chapter 8. Global Insurtech Market, by End Use

8.1. Market Snapshot
8.2. Global Insurtech Market by End Use, Performance - Potential Analysis
8.3. Global Insurtech Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
8.4. Insurtech Market, Sub Segment Analysis
- 8.4.1. Automotive
- 8.4.2. Government
- 8.4.3. Healthcare
- 8.4.4. Manufacturing
- 8.4.5. Retail
- 8.4.6. Transportation
- 8.4.7. Others

Chapter 9. Global Insurtech Market, Regional Analysis

9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Insurtech Market, Regional Market Snapshot
9.4. North America Insurtech Market
- 9.4.1. U.S. Insurtech Market
  - 9.4.1.1. Type breakdown estimates & forecasts, 2020-2030
  - 9.4.1.2. Service breakdown estimates & forecasts, 2020-2030
  - 9.4.1.3. Technology breakdown estimates & forecasts, 2020-2030
  - 9.4.1.4. End Use breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Insurtech Market
9.5. Europe Insurtech Market Snapshot
- 9.5.1. U.K. Insurtech Market
- 9.5.2. Germany Insurtech Market
- 9.5.3. France Insurtech Market
- 9.5.4. Spain Insurtech Market
- 9.5.5. Italy Insurtech Market
- 9.5.6. Rest of Europe Insurtech Market
9.6. Asia-Pacific Insurtech Market Snapshot
- 9.6.1. China Insurtech Market
- 9.6.2. India Insurtech Market
- 9.6.3. Japan Insurtech Market
- 9.6.4. Australia Insurtech Market
- 9.6.5. South Korea Insurtech Market
- 9.6.6. Rest of Asia Pacific Insurtech Market
9.7. Latin America Insurtech Market Snapshot
- 9.7.1. Brazil Insurtech Market
- 9.7.2. Mexico Insurtech Market
9.8. Middle East & Africa Insurtech Market
- 9.8.1. Saudi Arabia Insurtech Market
- 9.8.2. South Africa Insurtech Market
- 9.8.3. Rest of Middle East & Africa Insurtech Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Damco Solutions
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Recent Developments
- 10.3.2. DXC Technology Company
- 10.3.3. Insurance Technology Services
- 10.3.4. Majesco Ltd.
- 10.3.5. Oscar Insurance Corporation
- 10.3.6. Quantemplate
- 10.3.7. Shift Technology
- 10.3.8. Wipro Limited
- 10.3.9. Trov Insurance Solutions
- 10.3.10. ZhongAn Insurance Co.

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Insurtech Market, report scope
TABLE 2. Global Insurtech Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3. Global Insurtech Market estimates & forecasts by Type 2020-2030 (USD Billion)
TABLE 4. Global Insurtech Market estimates & forecasts by Service 2020-2030 (USD Billion)
TABLE 5. Global Insurtech Market estimates & forecasts by Technology 2020-2030 (USD Billion)
TABLE 6. Global Insurtech Market estimates & forecasts by End Use 2020-2030 (USD Billion)
TABLE 7. Global Insurtech Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Insurtech Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Insurtech Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Insurtech Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Insurtech Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Insurtech Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Insurtech Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Insurtech Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. Global Insurtech Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. Global Insurtech Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17. U.S. Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 18. U.S. Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19. U.S. Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 20. Canada Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 21. Canada Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22. Canada Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 23. UK Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 24. UK Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25. UK Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 26. Germany Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 27. Germany Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28. Germany Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 29. France Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 30. France Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31. France Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 32. Italy Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 33. Italy Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34. Italy Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 35. Spain Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 36. Spain Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37. Spain Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 38. RoE Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 39. RoE Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40. RoE Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 41. China Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 42. China Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43. China Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 44. India Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 45. India Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46. India Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 47. Japan Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 48. Japan Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49. Japan Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 50. South Korea Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 51. South Korea Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52. South Korea Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 53. Australia Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 54. Australia Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55. Australia Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 56. RoAPAC Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 57. RoAPAC Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58. RoAPAC Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 59. Brazil Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 60. Brazil Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61. Brazil Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 62. Mexico Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 63. Mexico Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64. Mexico Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 65. RoLA Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 66. RoLA Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67. RoLA Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 68. Saudi Arabia Insurtech Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 69. South Africa Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70. RoMEA Insurtech Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 71. List of secondary sources, used in the study of global Insurtech Market
TABLE 72. List of primary sources, used in the study of global Insurtech Market
TABLE 73. Years considered for the study
TABLE 74. Exchange rates considered

List of tables and figures are dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

List of figures

FIG 1. Global Insurtech Market, research methodology
FIG 2. Global Insurtech Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Insurtech Market, key trends 2022
FIG 5. Global Insurtech Market, growth prospects 2023-2030
FIG 6. Global Insurtech Market, porters 5 force model
FIG 7. Global Insurtech Market, pest analysis
FIG 8. Global Insurtech Market, value chain analysis
FIG 9. Global Insurtech Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Insurtech Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Insurtech Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Insurtech Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Insurtech Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Insurtech Market, regional snapshot 2020 & 2030
FIG 15. North America Insurtech Market 2020 & 2030 (USD Billion)
FIG 16. Europe Insurtech Market 2020 & 2030 (USD Billion)
FIG 17. Asia pacific Insurtech Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Insurtech Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Insurtech Market 2020 & 2030 (USD Billion)