Global Embedded Insurance Market Insights Forecast 2024 - 2033

5 Dec, 2024

What Is The Definition Of The Global Embedded Insurance Market?

Embedded insurance integrates coverage directly into the purchase process of products or services, bundling insurance with related goods or services to simplify the process for customers. This approach aims to make insurance more accessible and convenient, increasing adoption by eliminating the need for a separate purchase decision.

Embedded Insurance Global Market Report 2024 provides data on the global embedded insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The embedded insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Embedded Insurance Market Size Expected To Change, And What Are The Growth Rate Projections?

The embedded insurance market grew from $82 billion in 2023 to $97.57 billion in 2024 at a CAGR of 19%, driven by regulatory support, cost-efficiency, and growing awareness of risks. It is projected to reach $196.5 billion by 2028 at a CAGR of 19.1%, supported by improved customer experiences, increased market penetration, and risk management enhancements. Emerging trends include IoT integration, blockchain, microinsurance, and telematics-based solutions.

Which Drivers Are Accelerating Growth In The Embedded Insurance Market?

The increasing adoption of digital platforms is driving the growth of the embedded insurance market. Digital platforms enable the integration of insurance services into non-insurance platforms, providing customers with convenient options to purchase and manage insurance policies. This trend is supported by consumer demand for convenience, technological advancements, and attractive pricing. For example, e-commerce sales accounted for 15.9% of total retail sales in the first quarter of 2024, signaling the growing reliance on digital platforms. This shift is propelling the embedded insurance market forward.

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What Are The Core Segments Of The Global Embedded Insurance Market?

The embedded insurance market covered in this report is segmented –
1) By Type: Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance, Billboard Insurance
2) By Channel: Online, Offline
3) By Industry: Automotive, Healthcare, Real Estate, Consumer Products, Travel And Hospitality, Other Industries

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Which Emerging Trends Are Reshaping The Embedded Insurance Market Size?

Companies in the embedded insurance sector are increasingly incorporating artificial intelligence (AI) to improve claims processing, offer personalized insurance products, enhance risk assessment, and elevate customer service. AI enables faster claims processing and more tailored offerings. For example, in June 2024, Belgium-based Qover launched an AI-driven embedded insurance solution that uses generative AI and optical character recognition (OCR) to speed up the claims process, allowing for claim settlements within minutes after approval, enhancing user satisfaction.

What Is The Largest Region In The Embedded Insurance Market?

Asia-Pacific was the largest region in the embedded insurance market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the embedded insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.