Insurtech Market is expected to reach a market size of 114 Billion by 2030 growing at a Staggering CAGR of 46.1%: Straits Research
The global Insurtech market size is expected to reach a valuation of USD 114,489 million by 2030, growing at a CAGR of 46.10% during the forecast period 2022–2030.
New York, United States, June 02, 2022 (GLOBE NEWSWIRE) — Insurtech focuses on applying technological advancements to the existing insurance sector paradigm to extract cost advantages and efficiencies. Influenced by the phrase fintech, Insurtech is a portmanteau of the concept’s “insurance” and “technology.”
The insurance organization’s perception is ripe for growth, and upheaval drives Insurtech companies’ and venture capitalists’ investments in the space. Insurtech is pursuing opportunities that traditional insurance companies are less likely to follow, such as providing ultra-customized policies, social insurance, and dynamically pricing premiums based on observed behavior leveraging new data streams via Internet-enabled devices.
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Rising Demand for Reinsurer Support and Customer Benefits about Insurtech to Drive the Insurtech Market
Reinsurers actively engage in two key roles: supporting Insurtech via funding and offering necessary underwriting capabilities. Reinsurers are designing digital technologies and putting capital into Insurtech. For example, Munich Re-established Digital Partners, a digital technology provider with direct investments in certain Insurtech.
– Ping A funded fin leap, a FinTech and Insurtech ecosystem incubator that Hannover Reinvested in.
– Swiss Recreated a separate subsidiary for iptiQ, its white-labeling digital insurance platform. iptiQ is a digital B2B2C platform that offers digital processes to partners and protective goods to clients. It creates alliances to sell insurance through well-known brands.
Reinsurers are turbocharging Insurtech development, especially for Insurtech full carriers, via these strategic bets while also maintaining their place as the custodian of asset allocations from across the insurance sector.
Consumers drive Insurtech because they can give value to any element of their lives. It permits friends, family, and other members of the community to be covered as well. Consumers are involved throughout the process from registration through claims, and they even have a voice in who sits on the insurance claim jury panel during a hearing. Customers benefit from increased knowledge and participation.
The majority of people nowadays work entirely on their smartphones. Customers want the same mobile convenience when it comes to insurance. Consumers can use Insurtech to study, confirm, and make decisions from the comfort of their own homes. By checking the progress of claims from their mobile devices, insurers and consumers will save time. As a result, consumer benefits such as empowerment, ease of access, convenience, better security, and personalization propel the global Insurtech market forward.
Insurtech Market Opportunities are Burgeoning
Over the forecast period, the Insurtech market is expected to grow at a CAGR of more than 46%. Surprisingly, development is being driven by large full-service carriers Lemonade, Root, and Metromile and a plethora of smaller enterprises. This one-of-a-kind incident highlights how Insurtech is finding momentum with clients and growing. This expansion has been facilitated by the growing digital environment, which has increased mobility, travel, health, and home coverage possibilities. As a result, many industry groups are eager to cooperate with Insurtech to take advantage of this mutually beneficial potential.
Insurtech enablers are launching new projects and collaborating with significant software businesses to get into the market.
– Upptec, a Swedish vendor of content-based automated claim technologies for home and travel insurance, has joined Guidewire PartnerConnect as a Solution Partner to assist underwriters with claim content automation.
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Impact of COVID-19
The COVID-19 outbreak increased the demand for coverage and provided chances for new participants.
Risks such as health and family security, accidents, property loss, and natural disasters have long been addressed by individuals and groups. Customers who were taken aback by COVID-19’s massive impact are now putting health and safety, financial security, and business continuity at the top of their priority list. Attitudes and actions toward insurers, on the other hand, have altered. Consumers desire a smooth digital experience throughout the insurance process after the pandemic. They’re looking for businesses that prioritize the CARE equation, including Convenience, Advice, and Reach as essential pillars of customer engagement.
As a result, people’s desire to buy insurance increased. Most insurers focused on tackling the new problems by implementing a smooth transition to a remote-work environment and providing premium relief. According to the Insurance Information Institute, US auto insurers declared USD 10.50 billion in refunds, discounts, dividends, and credits to thank policyholders who drove less frequently during COVID-19.
For the global Insurtech market, the post-pandemic period will be key. Due to a lack of understanding about Insurtech ‘s benefits and skilled individuals working with innovative technologies, the market’s growth is anticipated to be limited. Factors such as the increased need for reinsurance support and varied customer benefits, on the other hand, are expected to drive market expansion throughout the forecast period.
North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa make up the market’s five regions. North America and Europe are the two most important markets for Insurtech. Insurtech solutions are getting increasingly popular as clients spend more money on insurance-related products. Second, these solutions provide property and health insurance options that are flexible and adaptive. The growing number of Insurtech businesses also fuels North America’s market expansion.
Europe is expected to be the second-largest Insurtech market, with an expected market value of USD 34,182 million by 2030. The region is likely to grow significantly due to many rising economies and financial hubs in Germany, France, and the United Kingdom. Local insurers are seeking to offer low-cost insurance premium options. As smartphone penetration increases across Europe, the regional market will grow.
Due to the increased use of data-driven analysis by investors, Asia-Pacific is expected to be one of the fastest-growing regional marketplaces. The regional market will likely benefit companies from developing economies such as Thailand, Singapore, India, and China.
Business digitalization has far-reaching ramifications for regional economies, education, and employment across Latin America, the Middle East, and Africa, among other things. To develop private-sector jobs and encourage partnerships, Saudi Arabia prioritizes digital transformation in its 2030 Strategy and National Transformation Program (NTP) 2020. Such a fast-rising economy will almost probably bring unequaled market potential during the foreseeable future.
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- The global Insurtech market was valued at USD 3,774 million in 2021 and is anticipated to grow at a CAGR of 46.10% by 2030.
- By type, the health type segment is expected to reach USD 31,944 million by 2030.
- By service, the support and maintenance service segment is expected to be dominant over others.
- By technology, the cloud computing technology segment is expected to reach USD 28,052 million by 2030.
- By end-user, the healthcare segment is expected to reach USD 12,890 million by 2030
- The global Insurtech market is geographically divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.
Competitive Players in the Global Insurtech Market
- Damco Group
- DXC Technology
- Insurance Technology Services
- Oscar Insurance
- Shift Technology
- Trov Inc.
- Wipro Limited
- ZhongAn Insurance
Global Insurtech Market: Segmentation
- Support and Maintenance
- Managed Services
- Cloud Computing
- Machine Learning
- Robo Advisory
- North America
- Latin America
- The Middle East and Africa
TABLE OF CONTENT
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Insurtech Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
126.96.36.199 North America
188.8.131.52 Central and South America and the Caribbean
184.108.40.206 The Middle East and Africa
5 Type Overview
5.1.1 Market Size & Forecast (Value & Volume)
5.2.1 Market Size & Forecast (Value & Volume)
5.3.1 Market Size & Forecast (Value & Volume)
5.4.1 Market Size & Forecast (Value & Volume)
5.5.1 Market Size & Forecast (Value & Volume)
5.6.1 Market Size & Forecast (Value & Volume)
5.7.1 Market Size & Forecast (Value & Volume)
5.8.1 Market Size & Forecast (Value & Volume)
6 Service Overview
6.1.1 Market Size & Forecast (Value & Volume)
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Support and Maintenance
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Managed Services
6.4.1 Market Size & Forecast (Value & Volume)
7 Technology Overview
7.1.1 Market Size & Forecast (Value & Volume)
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Cloud Computing
7.3.1 Market Size & Forecast (Value & Volume)
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Machine Learning
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Robo Advisory
7.6.1 Market Size & Forecast (Value & Volume)
7.7.1 Market Size & Forecast (Value & Volume)
8 End User Overview
8.1.1 Market Size & Forecast (Value & Volume)
8.2.1 Market Size & Forecast (Value & Volume)
8.3.1 Market Size & Forecast (Value & Volume)
8.4.1 Market Size & Forecast (Value & Volume)
8.5.1 Market Size & Forecast (Value & Volume)
8.6.1 Market Size & Forecast (Value & Volume)
8.7.1 Market Size & Forecast (Value & Volume)
8.8.1 Market Size & Forecast (Value & Volume)
8.9.1 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.3 Central and South America and the Caribbean
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.6 Rest of Central and South America and the Caribbean
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.5 The U.K.
9.4.7 The Rest Of Europe
9.5 Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.7 South Korea
9.5.8 Rest Of APAC
9.6 Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 South Arabia
9.6.4 The UAE
9.6.8 The Rest Of Middle East
9.7.1 Economic Overview
9.7.2 Market Scenario
9.7.4 South Africa
9.7.5 The Rest Of Africa
10 Competitive Landscape — Manufacturers & Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 Damco Group
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.4 DXC Technology
10.5 Insurance Technology Services
10.7 Oscar Insurance
10.9 Shift Technology
10.10 Trov Inc.
10.11 Wipro Limited
10.12 ZhongAn Insurance
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
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- In November 2021, property and casualty insurer Heritage Insurance Holdings Inc. established a relationship with Slide, an Insurtech P&C carrier. Due to this relationship, the former company would use Slide’s skills to better underwriting and rating judgments.
- In October 2018, Acko teamed up with DriveU to develop a program covering car owners who hire drivers to take them to various locations. Separately, SoftBank Investment Advisers business manager Kabir Misra’s RPS Investment Fund is allegedly in talks to invest up to USD 5 million in Acko.
- In May 2018, Coya was on the verge of acquiring a German insurance license, which would give the company access to all 550 million European Union people under BaFin’s supervision. Property, accident, personal responsibility, and personal finance are among the products in the works.
- In September 2018, in terms of policies per employee and customers per human, Lemonade outperformed traditional carriers. The loss ratio for Lemonade has decreased from 260% in the first half of 2017 to 130% in the first half of 2018.
- In August 2018, Tokio Marine Holdings, Japan’s largest P&C insurance group, announced a strategic enterprise relationship with Metromile to license Metromile’s Connected Intelligence Platform. The platform was approved for the first time by Tokio Marine Holdings.
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