The insurtech market is anticipated to experience significant growth, with a projected value of US$ 20,667.5 million in 2023, increasing to US$ 210,664.3 million by 2033.
This growth is driven by shifting business models and the adoption of innovative digital solutions by companies to meet niche client demands and enhance their product offerings. However, the insurtech market expansion is limited by factors such as varying insurance sector norms and laws, as well as concerns related to privacy and security.
The increasing demand for insurtech solutions in emerging economies like Australia, China, India, Singapore, and South Korea presents opportunities for market growth.
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The utilization of technologies such as cloud computing, artificial intelligence, and blockchain further contributes to the potential growth of the insurtech market by enabling loss prediction, risk monitoring, and streamlined claim processing.
Insurtech companies are disrupting the traditionally conservative insurance sector, with a majority of insurers planning to innovate and improve their business models to stay competitive in the market.
The digitalization of insurance business models drives the demand for insurtech solutions. However, the existence of different regulatory norms and regulations across countries poses a challenge for insurtech companies to develop solutions that comply with multiple regulations, hindering market expansion.
The solution segment is expected to dominate the global insurtech market during the forecast period, with a CAGR of 25.8%. Insurance businesses are significantly adopting these solutions to create technology-based service platforms for their consumers.
Cloud computing is predicted to lead the insurtech market by technology, with a projected CAGR of 25.2%. Its resourcefulness, ease of deployment, and flexibility have revolutionized the insurance market.
The United States holds a significant position in the insurtech market, capturing a share of 16.6% in its growth and development. The United States insurance industry has embraced technology-driven innovations, leading to the emergence of numerous insurtech startups and attracting substantial investments.
Countries in Europe have been at the forefront of embracing technological advancements in insurance, resulting in the emergence of digital insurance solutions and platforms. Europe has a prominent market share of 21.2% in the global insurtech market.
India is emerging as a promising player in the insurtech market, showcasing significant growth of 28.7% between 2023 and 2033. Insurtech startups in India leverage technology to disrupt traditional insurance models and cater to evolving customer needs.
Key Takeaways
- As per the market analysis report, the absolute growth of the global insurtech market size in terms of value is predicted to be around US$ 148.8 Bn over the forecast years 2022 to 2032.
- As the concept of insurtech insurance companies is expanding to new areas of service, the solution segment is growing at a faster rate than the service segment. The CAGR predicted for the solution segment is nearly 25.8% for the coming decade.
- On the basis of various technologies adopted by life insurance tech companies, cloud computing has emerged to be the most attractive segment in the present market. The estimated growth of this segment over the forecast years is nearly 25.2%.
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Competitive Landscape
The Global Insurtech Market is fragmented as a result of several small businesses catering to the demands of the life and non-life insurance sectors. The number of transactions has steadily increased in recent years, owing to an increased preference in the insurance business for technical breakthroughs like artificial intelligence, machine learning, and blockchain technology.
The potential of Insurtech companies to promote innovation in the insurance market by generating new products might assist insurance companies in meeting the changing needs of their customers.
- In December 2020, Amodo, an insurtech startup, announced a partnership with Galileo Platforms Limited, a technology firm. As a result of their cooperation, the companies are going to use blockchain technologies to enable insurance companies to deliver new insurance products and change their client experience.
- Amazon Web Services Inc. announced in November 2021 that it has been selected as American International Group, Inc.’s preferred public cloud supplier. Through this effort, the American International Group wants to improve customer service.
Key Segments
By Offering
- Solution
- Service
By Deployment Model
- On-premise
- Cloud
By Technology
- Artificial Intelligence
- Cloud Computing
- Blockchain
- Big Data & Business Analytics
- IoT
- Others
By End User
- Life & Health Insurance
- Property and Casualty (P&C) Insurance
- Auto Insurance
- Buildings Insurance
- Commercial Buildings Insurance
- Home Insurance
- Dwelling Coverage
- Contents Coverage
- Marine Insurance
- Liability Insurance
- Others
By Application
- Product Development & Underwriting
- Sales & Marketing
- Policy Admin Collection & Disbursement
- Claims Management
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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