Global Insurtech Market Size 2024, Forecast To 2033
11 Mar, 2024
The insurtech market size has grown exponentially in recent years. It will grow from $13.2 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies and increased number of insurtech startups. The insurtech market size is expected to see exponential growth in the next few years. It will grow to $53.35 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%. The growth in the forecast period can be attributed to the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry and favorable government initiatives. Major trends in the forecast period include use of artificial intelligence (ai), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations and focus on use of iot (internet of things) technology.
Global Insurtech Market Key Driver
The increase in insurance claims is anticipated to propel the growth of the insurtech market. Insurtech, leveraged for more efficient claims processing, risk evaluation, contract processing, and policy underwriting, is becoming increasingly essential. The surge in hospitalization cases during the COVID-19 pandemic has led to a notable increase in insurance claims. For instance, The Print reported in February 2022 that life insurance claims settled in the second quarter of the financial year 2021-22 reached 9,56,846, a significant rise from 4,97,909 settled in the first quarter. A study by Digit Insurance revealed a more than 3.5 times surge in health insurance claims in 2021. This upswing in insurance claims is expected to be a driving force behind the growth of the insurtech market, with market sizes in 2023, 2024, and 2028 playing a crucial role in understanding industry dynamics.
Get A Free Sample Of The Global Insurtech Market ReportGlobal Insurtech Market Segments
The insurtech market covered in this report is segmented –
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet of Things), Artificial Intelligence, Big Data and Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
By Geography:The regions covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the insurtech service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Insurtech Industry Players
DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
Get The Full Global Insurtech Market ReportInsurtech Market Overview
Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business's creation, distribution, and management.
Insurtech Global Market Report 2023 provides data on the global insurtech market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insurtech market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.