Insurtech Market Size, Share, Trends, Growth Report and Forecast 2023 - 2030

According to the report published by Zion Market Research, the global Insurtech Market size was valued at USD 5.48 Billion in 2022 and is predicted to reach USD 146.43 Billion by the end of 2030. The market is expected to grow with a CAGR of 50.78% during the forecast period.

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The report analyzes the global Insurtech Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Insurtech Market Industry.

Global Insurtech Market: Overview

Over the past few years, there is the emergence of insurtechs in the insurance space. Insurtech is a new insurance technology that increases competition, simplifies policy management, and improves the customer experience. It is a varied set of technologies that are used in the insurance industry. Insurtech is counted as a subdivision of fintech which has made the buying process of all types of insurance convenient and easier, from consumer products to small business insurance.

Global Insurtech Market: Growth Factors

The major factors that are spurring the growth of the global insurtech market include rapid digital transformation in the insurance industry, growing use of smartphones & tablets, and growing distribution & marketing of insurance policies through digital technologies. Further, consumer empowerment, convenience, efficiency, and reduced costs are some of the benefits that the consumer can avail of insurtech. Additionally, there is a rise in adoption of insurtech from small and mid-sized enterprises.

This is because SMEs demand new & personalized products and insurtech provide them the required solutions with the help of artificial intelligence and easy access to open data. All such factors and the growing adoption of insurtech in the retail sector are fostering the growth of the global insurtech market. In addition to this, increase in the number of insurtech startups, strong presence of key vendors and financial sectors are also some of the factors that are propelling the growth of the global market. Moreover, rise in the emergence of insurtech across the lines of business & value chain with a concentration in distribution is also majorly contributing to the overall market growth.

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Furthermore, continuous advancement in the technologies in insurance industry including blockchain, machine learning, and artificial intelligence will result in beneficial opportunities for the growth of the global insurtech market over the forecast period. However, high initial cost required for insurtech may hinder the growth of the global insurtech market.

The COVID-19 pandemic catastrophe continues to have a substantial impact on business and economy of many nations around the world. The insurance sector also took hit from the pandemic however, the insurance sector is recovering at rapid rate. Though the pandemic affected the overall market growth for some duration but increasing concerns related to health after experiencing devastating effects of the COVID 19 pandemic, the number of new health insurance has increased at a substantial rate.

In addition to this, advancement in the insurance sectors such as online or app-based insurance purchase and improved health insurance plans are expected to boost the market growth over the forecast period.

Global Insurtech Market Report Scope:

Global Insurtech Market: Segmentation

The global Insurtech market is bifurcated based on type, services, technology, and region. Based on type, the insurtech market is categorized into health, business, auto, home, specialty, travel, and others. Different services such as consulting, support & maintenance, and managed services are considered in the report. Based on technology, the global Insurtech market is divided into cloud computing, blockchain, IoT, Robo advisory, machine learning, and others.

Global Insurtech Market: Regional Analysis

North America is expected to hold the maximum share in the Insurtech market over the forecast period. Some of the key factors contributing to the dominant share of the market in this region include increasing spending customers in the area of insurance-related products. In addition to this, technological advancement in the insurance sector is also propelling the growth of the market in North America. Asia Pacific is expected to be the most lucrative market for Insurtech over the forecast period. Factors such as increasing awareness regarding the importance of insurance in health and business sectors, coupled with large number of insurance providers are propelling the growth of the market.

Global Insurtech Market: Competitive Players

The global Insurtech market is highly competitive. Major market players are adopting advanced technical platforms to expand the reach to new customers.

Some of the key players operating in the global Insurtech market include:

• DXC Technology Company
• Damco Group
• Majesco
• Insurance Technology Services
• Oscar Insurance
• Quantemplate
• Trov Inc.
• Shift Technology
• Zhongan Insurance
• Wipro Limited
• Others

The Global Insurtech Market: Segmentation

By Type:

• Health
• Business
• Auto
• Home
• Specialty
• Travel
• Others

By Services:

• Consulting
• Support & Maintenance
• And Managed Services

By Technology:

• Cloud Computing
• Blockchain
• IoT
• Robo Advisory
• Machine Learning
• Others

By Region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.