Insurtech Market Analysis and Forecast to 2032: By Offering (Solution and Service), Deployment Model (On-premise and Cloud), Technology (Artificial Intelligence, Cloud Computing, Blockchain, Others), and Region
Insurtech is an industry comprised of technology companies that aim to innovate and disrupt the insurance sector. These companies typically use technology to make the insurance buying process easier and more transparent for consumers or to develop new insurance products that are more tailored to customer needs.
Key Trends
Insurtech is a broad term that includes any technology that is used to support the insurance industry. This can include anything from customer relationship management (CRM) systems and claims processing software to data analytics and machine learning.
One of the key trends in insurtech is the use of data and analytics to drive decision-making. Insurers are using data to better understand their customers, identify risk factors, and price products more accurately. This is made possible by advances in data collection and storage, as well as improvements in data processing and analysis.
Another key trend is the use of artificial intelligence (AI) and machine learning to automate tasks and make decisions. This is particularly important in underwriting, where AI can help to identify risk factors more accurately. AI is also being used to detect fraud, which is a major problem for the insurance industry.
Finally, another key trend is the use of mobile technology to provide customers with convenient access to their insurance products and services. This includes everything from mobile apps that allow customers to submit claims and track their progress, to chatbots that provide customer service.
Key Drivers
The most important drivers of Insurtech are:
1. The increasing availability of data: Insurance companies have always relied on data to assess risk and set premiums. However, the amount of data available has increased exponentially in recent years, thanks to the growth of the internet and the proliferation of connected devices. This has made it possible for startups to develop new ways of collecting and analyzing data, which could potentially transform the insurance industry.
2. The rise of the sharing economy: The sharing economy has created new opportunities for insurance companies to develop innovative products and services. For example, companies such as Lemonade have introduced peer-to-peer insurance, which allows customers to pool their premiums and claims. This could potentially reduce the cost of insurance for everyone involved.
3. The proliferation of mobile devices: Mobile devices have become an essential part of our lives, and this is reflected in the insurance industry. Many insurance companies now offer mobile apps that allow customers to manage their policies and make claims. This has made it easier for people to shop around for the best deals and to find the right insurance for their needs.
4. The growth of artificial intelligence: Artificial intelligence is starting to have a major impact on the insurance industry. Insurance companies are using AI to automate the underwriting process, and to develop new products and services. For example, Allstate has developed an AI-powered chatbot that helps customers find the right insurance policy.
Restraints & Challenges
There are a few key restraints and challenges in the Insurtech market. One key challenge is the lack of understanding and awareness of the Insurtech sector among insurance incumbents. Many insurance companies are still struggling to define what Insurtech is and how it can be used to benefit their businesses. As a result, there is a lack of investment in Insurtech initiatives from these incumbents.
Another key challenge is the lack of standardization in the Insurtech space. Because the sector is still in its early stages of development, there is no one-size-fits-all solution for insurance companies looking to adopt Insurtech solutions. This lack of standardization makes it difficult for insurance companies to compare and contrast different Insurtech solutions, and ultimately choose the right one for their business.
Finally, another key restraint in the Insurtech market is the lack of talent. There is a shortage of skilled workers with experience in both the insurance and technology industries. This shortage makes it difficult for insurance companies to find the right employees to help them implement Insurtech solutions.
Market Segmentation
The Insurtech market share is segmented on the basis of offering, deployment model, technology, end user, application, and region. By offering, it is divided into solution and service. By deployment model, it is bifurcated into on-premise and cloud. Based on technology, the market is segmented into artificial intelligence, cloud computing, blockchain and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world
Key Players
Top Insurtech market players are Damco Group, DXC Technology Company, Majesco, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance.
Table of Contents
Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Insurtech Market Outlook
3.1. Insurtech Market segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Insurtech Market
Chapter 4. Economic Impact of COVID-19
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Insurtech Market
4.3. Economic Impact Analysis
Chapter 5. Insurtech Market by Offering
5.1. Market Overview
5.2. Solution
5.2.1. Market Size and Forecast, 2021-2031 ($Million)
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Service
5.3.1. Market Size and Forecast, 2021-2031 ($Million)
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 6. Insurtech Market by Deployment
6.1. Market Overview
6.2. On-Premise
6.2.1. Market Size and Forecast, 2021-2031 ($Million)
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Cloud
6.3.1. Market Size and Forecast, 2021-2031 ($Million)
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 7. Insurtech Market by Technology
7.1. Market Overview
7.2. Artificial Intelligence
7.2.1. Market Size and Forecast, 2021-2031 ($Million)
7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.3. Cloud Computing
7.3.1. Market Size and Forecast, 2021-2031 ($Million)
7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.4. Blockchain
7.4.1. Market Size and Forecast, 2021-2031 ($Million)
7.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.5. Others
7.5.1. Market Size and Forecast, 2021-2031 ($Million)
7.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 8. Insurtech Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends and Opportunities
8.2.2. North America Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.2.3. North America Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.2.4. North America Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.5. North America Insurtech Market Size and Forecast by Country, 2021-2031, ($Million)
8.2.6. The U.S.
8.2.6.1. The U.S. Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.2.6.2. The U.S. Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.2.6.3. The U.S. Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.7. Canada
8.2.7.1. Canada Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.2.7.2. Canada Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.2.7.3. Canada Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.8. Mexico
8.2.8.1. Mexico Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.2.8.2. Mexico Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.2.8.3. Mexico Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Europe Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.3. Europe Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.4. Europe Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.5. Europe Insurtech Market Size and Forecast by Country, 2021-2031, ($Million)
8.3.6. Germany
8.3.6.1. Germany Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.6.2. Germany Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.6.3. Germany Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.7. France
8.3.7.1. France Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.7.2. France Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.7.3. France Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.8. U.K.
8.3.8.1. U.K. Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.8.2. U.K. Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.8.3. U.K. Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.9. Spain
8.3.9.1. Spain Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.9.2. Spain Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.9.3. Spain Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.10. Italy
8.3.10.1. Italy Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.10.2. Italy Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.10.3. Italy Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.11. Rest of Europe
8.3.11.1. Rest of Europe Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.3.11.2. Rest of Europe Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.3.11.3. Rest of Europe Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Asia-Pacific Insurtech Market Size and Forecast by Country, 2021-2031, ($Million)
8.4.3. Asia-Pacific Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.4. Asia-Pacific Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.5. Asia-Pacific Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.6. China
8.4.6.1. China Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.6.2. China Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.6.3. China Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.7. India
8.4.7.1. India Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.7.2. India Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.7.3. India Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.8. Japan
8.4.8.1. Japan Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.8.2. Japan Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.8.3. Japan Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.9. South Korea
8.4.9.1. South Korea Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.9.2. South Korea Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.9.3. South Korea Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.10. Rest of APAC
8.4.10.1. Rest of APAC Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.4.10.2. Rest of APAC Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.4.10.3. Rest of APAC Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5. Rest of the World
8.5.1. Key Market Trends and Opportunities
8.5.2. Rest of the World Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.5.3. Rest of the World Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.5.4. Rest of the World Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.5. Rest of the World Insurtech Market Size and Forecast by Country, 2021-2031, ($Million)
8.5.6. Latin America
8.5.6.1. Latin America Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.5.6.2. Latin America Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.5.6.3. Latin America Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.7. Middle East
8.5.7.1. Middle East Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.5.7.2. Middle East Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.5.7.3. Middle East Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.8. Africa
8.5.8.1. Africa Insurtech Market Size and Forecast by Offering, 2021-2031, ($Million)
8.5.8.2. Africa Insurtech Market Size and Forecast by Deployment, 2021-2031, ($Million)
8.5.8.3. Africa Insurtech Market Size and Forecast by Technology, 2021-2031, ($Million)
Chapter 9. Competitive Landscape
9.1. Market Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Developmental Strategy Benchmarking
9.3.1. New Product Development
9.3.2. Product Launches
9.3.3. Business Expansions
9.3.4. Partnerships, Joint Ventures, and Collaborations
9.3.5. Mergers and Acquisitions
Chapter 10. Company Profiles
10.1. Damco Group
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Strategic Initiatives
10.1.5. SWOT Analysis
10.2. DXC Technology Company
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product offerings
10.2.4. Key Strategic Initiatives
10.2.5. SWOT Analysis
10.3. Majesco
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product offerings
10.3.4. Key Strategic Initiatives
10.3.5. SWOT Analysis
10.4. Oscar Insurance
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product offerings
10.4.4. Key Strategic Initiatives
10.4.5. SWOT Analysis
10.5. OutSystems
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product offerings
10.5.4. Key Strategic Initiatives
10.5.5. SWOT Analysis
10.6. Quantemplate
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product offerings
10.6.4. Key Strategic Initiatives
10.6.5. SWOT Analysis
10.7. Shift Technology
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product offerings
10.7.4. Key Strategic Initiatives
10.7.5. SWOT Analysis
10.8. Trov Insurance Solutions, LLC
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product offerings
10.8.4. Key Strategic Initiatives
10.8.5. SWOT Analysis
10.9. Wipro Limited
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product offerings
10.9.4. Key Strategic Initiatives
10.9.5. SWOT Analysis
10.10. Zhongan Insurance
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product offerings
10.10.4. Key Strategic Initiatives
10.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
- Damco Group
- DXC Technology Company
- Majesco
- Oscar Insurance
- OutSystems
- Quantemplate
- Shift Technology
- Trov Insurance Solutions, LLC
- Wipro Limited
- Zhongan Insurance
Market Segmentation
By Offering
- Solution
- Service
By Deployment Model
- On-premise
- Cloud
By Technology
- Artificial Intelligence
- Cloud Computing
- Blockchain
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Spain
- Rest of Europe
- The Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Africa