Market Overview:
The global insurtech market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2027, exhibiting a CAGR of 41.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Insurtech, or insurance technology, refers to the solutions and mechanisms used to simplify policy management, minimize costs and improve 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 insights regarding consumer behavior, managing brokers and providing personalized products. Insurtech operates through chatbots, interactive dashboards and smartphone applications to respond to real-time queries, detecting frauds, processing claims, underwriting and risk and demand modeling. As a result, insurtech is widely used for managing life, accident, medical, personal and commercial insurances.
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe represents one of the key factors creating a positive outlook for the market. Moreover, the rapid digitization of insurance services is also driving the market growth. Insurance providers are using advanced technological solutions to improve communications with the clients and implement automated processes efficiently. As the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for customized insurance policies, which can be availed through online platforms and smartphone applications. Health insurance providers are also adopting insurtech solutions to streamline claims processing procedures. Additionally, various technological advancements and the adoption of digital core legacy systems for the automation of back-office operations are contributing to the growth of the market. Other factors, including the widespread adoption of the platform and peer-to-peer business models, along with the declining insurance premium rates leading to an increase in the number of policy takers, are anticipated to drive the market further.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global insurtech market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, service and technology.
Breakup by Type:
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Breakup by Service:
- Consulting
- Support and Maintenance
- Managed Services
Breakup by Technology:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
Breakup by Region:
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- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Clover Health Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| 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 Insurance, Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Inc., Wipro Limited and Zhongan Insurance |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| 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) |
Key Questions Answered in This Report:
- How has the global insurtech market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global insurtech market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the technology?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global insurtech market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Insurtech Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Auto
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Business
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Health
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Home
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Specialty
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Travel
6.6.1 Market Trends
6.6.2 Market Forecast
6.7 Others
6.7.1 Market Trends
6.7.2 Market Forecast
7 Market Breakup by Service
7.1 Consulting
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Support and Maintenance
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Managed Services
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Technology
8.1 Blockchain
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Cloud Computing
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 IoT
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Machine Learning
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Robo Advisory
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Clover Health Insurance
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Damco Group
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 DXC Technology Company
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Insurance Technology Services
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 Majesco
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Oscar Insurance
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Quantemplate
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Shift Technology
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 Trov Inc.
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Wipro Limited
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Zhongan Insurance
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
List of Figures
Figure 1: Global: Insurtech Market: Major Drivers and Challenges
Figure 2: Global: Insurtech Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Insurtech Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Insurtech Market: Breakup by Type (in %), 2021
Figure 5: Global: Insurtech Market: Breakup by Service (in %), 2021
Figure 6: Global: Insurtech Market: Breakup by Technology (in %), 2021
Figure 7: Global: Insurtech Market: Breakup by Region (in %), 2021
Figure 8: Global: Insurtech (Auto) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Insurtech (Auto) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Insurtech (Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Insurtech (Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Insurtech (Health) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Insurtech (Health) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Insurtech (Home) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Insurtech (Home) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Insurtech (Specialty) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Insurtech (Specialty) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Insurtech (Travel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Insurtech (Travel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Insurtech (Other Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Insurtech (Other Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Insurtech (Consulting) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Insurtech (Consulting) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Insurtech (Support and Maintenance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Insurtech (Support and Maintenance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Insurtech (Managed Services) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Insurtech (Managed Services) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Insurtech (Blockchain) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Insurtech (Blockchain) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Insurtech (Cloud Computing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Insurtech (Cloud Computing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Insurtech (IoT) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Insurtech (IoT) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Insurtech (Machine Learning) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Insurtech (Machine Learning) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Insurtech (Robo Advisory) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Insurtech (Robo Advisory) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Insurtech (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Insurtech (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: North America: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: North America: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: United States: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: United States: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Canada: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Canada: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Asia-Pacific: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Asia-Pacific: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: China: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: China: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Japan: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Japan: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: India: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: India: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: South Korea: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: South Korea: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Australia: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Australia: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Indonesia: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Indonesia: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Others: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Others: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Europe: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Europe: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Germany: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Germany: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: France: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: France: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: United Kingdom: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: United Kingdom: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Italy: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Italy: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Spain: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Spain: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Russia: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Russia: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Others: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Others: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Latin America: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Latin America: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Brazil: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Brazil: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Mexico: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Mexico: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Others: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Others: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Middle East and Africa: Insurtech Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Middle East and Africa: Insurtech Market: Breakup by Country (in %), 2021
Figure 88: Middle East and Africa: Insurtech Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 89: Global: Insurtech Industry: SWOT Analysis
Figure 90: Global: Insurtech Industry: Value Chain Analysis
Figure 91: Global: Insurtech Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Insurtech Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Insurtech Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Insurtech Market Forecast: Breakup by Service (in Million US$), 2022-2027
Table 4: Global: Insurtech Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 5: Global: Insurtech Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Insurtech Market: Competitive Structure
Table 7: Global: Insurtech Market: Key Players