The Global InsurTech Market was valued at USD 5,480 Mn in 2020 is expected to reach USD 11,234 Mn by 2027, with a growing CAGR of 10.80% during the forecast period (2020-2027).
Insurtech or insurance technology refers to solutions and mechanisms used to simplify policy management, minimize costs, and improve the overall customer experience. It involves the use of various innovative technologies, such as big data, Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT), to gain insight into consumer behaviour, manage brokers, and provide personalized products. InsurTech operates through chatbots, interactive dashboards, and smartphone applications to respond to real-time queries, detect fraud, process claims, underwrite, and model risks and needs. Therefore, Insurtech is widely used to manage life, accident, medical, personal, and commercial insurance.
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The remarkable growth of the global Banking, Financial Services, and Insurance (BFSI) industry is one of the key factors that create a positive outlook for the global InsurTech market. Moreover, the rapid digitization of insurance services is also driving the market growth. Insurance providers are using advanced technology solutions to improve communication with customers and effectively implement automated processes. As the coronavirus (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for customized insurance policies, which are available through online platforms and smartphone apps. Health insurance providers are also adopting InsurTech solutions to simplify claims processing procedures. In addition, it has been addressed various technological advancements, and the use of digital core legacy systems to automate background operations have also promoted the InsurTech market growth.
The Global InsurTech Market Industry Segmentation:
By Product
By Technology
By Deployment Mode
By Insurance Type
By Platform
By Region
The unique insights provided by this report also includes the following:
Based on product, health insurance held the largest share in 2020
Based on type, the InsurTech market has been segmented into health insurance, business insurance, travel insurance, life insurance, home insurance, personal liability, car insurance, and specialty.
The maximum share held by the health insurance segment in the global InsurTech market can be attributed to increasing demand for digital platforms, which connect exchanges, providers, brokers & carriers in health insurance.
The home insurance segment is expected to witness the fastest growth during the forecast period due to its increased efforts by home insurance companies to create innovative products for commercial & residential real estate professionals and their respective residents and tenants. The rise in the adoption of InsurTech solutions is seen by the companies owing to its offering of faster list-to-lease time. These solutions use AI technology to create & deliver personalized insurance policies & handle claims for customers without the need of insurance brokers.
Based on technology, the cloud computing segment accounted for the largest share of the market
The global InsurTech market is segmented into cloud computing, artificial intelligence, block chain, Internet of Things, big data & analytics, others.
In 2020, cloud computing segment accounted for the largest share of the InsurTech market. Cloud computing has changed the insurance industry with its resourcefulness, ease of deployment and flexibility. The widespread acceptance of the Bring Your Own Device (BYOD) policy, coupled with the increasing amount of data collected by insurance companies, is expected to drive the growth of the cloud computing industry.
However, block-chain is anticipated to propel the global InsurTech market with the highest growth during the forecast period. Blockchain technology enables insurance companies to reduce operating costs and improve operational efficiency. This technology can be used to drive growth and integrate various InsurTech platforms.
Based on deployment mode, cloud held the largest segment in 2020 and is expected to maintain dominance during the forecast period
Based on deployment mode, cloud segment held the largest share of the market and is witnessing significant growth during the forecast period. Insurance companies are adopting cloud solutions as it provides various benefits such as rapid deployment, cost-effectiveness, and high scalability.
The On-Premises segment is expected to witness the fastest growth during the forecast period.
Based on insurance type, P & C Insurance held the largest segment in 2020 and is expected to maintain its dominance during the forecast period
Based on insurance type & C insurance segment held the largest share of the market and is witnessing significant growth during the forecast period.
However, commercial insurance led the market growth owing to its several beneficial features. The trend of using geospatial analysis for property insurance is increasing. Organizations are combining affordable aerial imagery with machine learning for property insurance. The use of geospatial analysis provides enhanced decision-making and fewer actions during property inspections.
Based on platform, the brokers segment accounted for the largest share of the market
The global InsurTech market is segmented into brokers, full-stack insurers, agents. In 2020, the broker segment accounted for the largest share of the market. Insurance brokers are investing in digital technology to provide online services to increase sales and improve profit margins. Digitization is the process of converting information into a digital format. This includes providing tools and resources to agents and brokers in digital format through insurance portals, exchange websites and digital distribution channels.
Succeeding, brokers, the agent's segment is also anticipated to propel the global InsurTech market with the highest growth during the forecast period.
Geographically, North America accounted for the largest share of the global InsurTech market industry
North America accounted for the largest share of the InsurTech market in 2020 and is expected to maintain its dominance during the forecast period owing to increasing customer expenditures in the field of insurance-related products. In addition, these solutions provide customizable and flexible insurance plans for property and health. Also, the large presence of technology providers in North America and the growing demand for end-to-end digital financial solutions are expected to drive the growth of the InsurTech market in this region.
Asia Pacific is expected to grow at the fastest rate during the forecast period from 2021 to 2027. This can be attributed to the several emerging economies and financial hubs in Singapore, India, and Hong Kong. Insurance service providers in the region aim to provide affordable premium plans.
The report also provides an in-depth analysis of InsurTech market dynamics such as drivers, restraints, and opportunities
Drivers
Restraints
Opportunities
COVID-19 Impact on the InsurTech Market
Market Analysis
The outbreak of COVID-19 is expected to have a positive impact on the global InsurTech market. Many insurance companies are restructuring their long-term strategies and short-term needs. COVID-19 impact is rapidly accelerating the implementation of online platforms and new mobile applications to meet consumer demand.
The report also provides an in-depth analysis of key trends in the global InsurTech Market
The report also provides an in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the global InsurTech market are:
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