According to the latest report by IMARC Group, titled "Insurtech Market Report by Type (Auto, Business, Health, Home, Specialty, Travel, and Others), Service (Consulting, Support and Maintenance, Managed Services), Technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, and Others), and Region 2025-2033," the global insurtech market size reached USD 10.3 Billion in 2024. Insurtech involves the utilization of advanced technology to process claims and contracts, evaluate risks or underwrite policies. It combines insurance services and technology in order to make the insurance model more efficient. It aids in powering the creation, administration and distribution of the insurance business. Additionally, it helps large insurance companies in exploring new options outside of traditional human efforts, such as small business insurance, dynamically priced insurance policies and social insurance options while creating a dynamic pricing system based on customer behavior and market conditions. With the rising need for improving customer experience, there has been a significant increase in the deployment of insurtech among leading insurance enterprises.
Global Insurtech Market Trends:
The global market is primarily driven by continual improvements in the insurance sector. Along with this, continuous technological advancements, such as the introduction of the internet of things (IoT), blockchain, advanced analytics, artificial intelligence (AI) and machine learning (ML), are also providing a boost to the insurtech market. In line with this, the penetration of high-speed internet connectivity and the growing adoption of smartphones on account of rapid digitization are creating a positive market outlook. In line with this, numerous leading players are heavily investing in drone technology to conduct aerial surveys for inspecting properties in dangerous zones and documenting vehicular crash sites, which is acting as a major growth-inducing factor. With the sudden outbreak of coronavirus disease (COVID-19) across the globe, the demand for insurance policies that can be availed through online platforms has rapidly increased. The market is further driven by the emerging banking, financial services and insurance (BFSI) and information technology industries. Other factors, including the rising awareness regarding the benefits of insurance among individuals, reduction in insurance premium rates, and intensive business competition, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of USD 152.9 Billion by 2033, exhibiting a CAGR of 31.51% during 2025-2033.
Market Summary:
- On the basis of the type, the market has been segmented into auto, business, health, home, specialty, travel and others.
- Based on the service, the market has been classified into consulting, support and maintenance and managed services.
- On the basis of the technology, the market has been categorized into blockchain, cloud computing, IoT, machine learning, robo advisory and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Clover Health LLC, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco (Aurum PropTech Limited), Oscar Insurance Corporation, Quantemplate, Shift Technology, Travelers Companies, Inc., Wipro and ZhongAn Online P&C Insurance Co. Ltd.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2024 |
Historical Period |
2019-2024 |
Forecast Period |
2025-2033 |
Units |
Billion USD |
Segment Coverage |
Type, Service, Technology, Region |
Region Covered |
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, China, Japan, India, South Korea, Australia, Indonesia, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico |
Companies Covered |
Clover Health LLC, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco (Aurum PropTech Limited), Oscar Insurance Corporation, Quantemplate, Shift Technology, Travelers Companies, Inc., Wipro and ZhongAn Online P&C Insurance Co. Ltd. |
Customization Scope |
10% Free Customization |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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