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Insurtech Global Market Report 2022, By Product, Technology, Offering, Deployment, Application

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    Report

  • 175 Pages
  • February 2022
  • Region: Global
  • The Business Research Company
  • ID: 5548343
Insurtech Global Market Report 2022 provides the strategists, marketers and senior management with the critical information they need to assess the global insurtech market.

This report focuses on insurtech market which is experiencing strong growth.

The report gives a guide to the insurtech market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Description:

Where is the largest and fastest growing market for the insurtech? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Insurtech market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
  • It traces the market’s historic and forecast market growth by geography.
  • It places the market within the context of the wider insurtech market, and compares it with other markets.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
  • It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies.
  • Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The insurtech market section of the report gives context.
  • It compares the insurtech market with other segments of the insurtech market by size and growth, historic and forecast.
  • It analyses GDP proportion, expenditure per capita, insurtech indicators comparison.

Scope


Markets Covered:
1) By Product: Health Insurance; Life Insurance; Travel Insurance; Car Insurance; Business Insurance; Home Insurance; Others
2) By Technology: Blockchain; Cloud Computing; IoT; Machine Learning; Robo Advisory; Others
3) By Offering: Solutions; Services
4) By Deployment: On-Premise; Cloud
5) By Application: Automotive Industry; Banking And Financial Services; Government Sector; Healthcare Industry; Manufacturing Industry; Retail Industry; Others

Companies Mentioned: Quantemplate Limited; Oscar Health; Shift Technologies Inc.; ZhongAn; Trov Inc.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Table of Contents

1. Executive Summary2. Insurtech Market Characteristics3. Insurtech Market Trends And Strategies4. Impact Of COVID-19 On Insurtech
5. Insurtech Market Size And Growth
5.1. Global Insurtech Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurtech Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurtech Market Segmentation
6.1. Global Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Health Insurance
  • Life Insurance
  • Travel Insurance
  • Car Insurance
  • Business Insurance
  • Home Insurance
  • Others
6.2. Global Insurtech Market, Segmentation By Technology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Blockchain
  • Cloud Computing
  • IoT
  • Machine Learning
  • Robo Advisory
  • Others
6.3. Global Insurtech Market, Segmentation By Offering, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Solutions
  • Services
6.4. Global Insurtech Market, Segmentation By Deployment, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • On-Premise
  • Cloud
6.5. Global Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Automotive Industry
  • Banking And Financial Services
  • Government Sector
  • Healthcare Industry
  • Manufacturing Industry
  • Retail Industry
  • Others

7. Insurtech Market Regional And Country Analysis
7.1. Global Insurtech Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Insurtech Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8. Asia-Pacific Insurtech Market
8.1. Asia-Pacific Insurtech Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8.3. Asia-Pacific Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
9. China Insurtech Market
9.1. China Insurtech Market Overview
9.2. China Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
9.3. China Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
10. India Insurtech Market
10.1. India Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
10.2. India Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11. Japan Insurtech Market
11.1. Japan Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.2. Japan Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Australia Insurtech Market
12.1. Australia Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12.2. Australia Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13. Indonesia Insurtech Market
13.1. Indonesia Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13.2. Indonesia Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14. South Korea Insurtech Market
14.1. South Korea Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14.2. South Korea Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15. Western Europe Insurtech Market
15.1. Western Europe Insurtech Market Overview
15.2. Western Europe Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15.3. Western Europe Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16. UK Insurtech Market
16.1. UK Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16.2. UK Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17. Germany Insurtech Market
17.1. Germany Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17.2. Germany Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18. France Insurtech Market
18.4. France Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18.5. France Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19. Eastern Europe Insurtech Market
19.1. Eastern Europe Insurtech Market Overview
19.2. Eastern Europe Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19.3. Eastern Europe Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20. Russia Insurtech Market
20.1. Russia Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20.2. Russia Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21. North America Insurtech Market
21.1. North America Insurtech Market Overview
21.2. North America Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21.3. North America Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22. USA Insurtech Market
22.1. USA Insurtech Market Overview
22.2. USA Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22.3. USA Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23. South America Insurtech Market
23.1. South America Insurtech Market Overview
23.2. South America Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23.3. South America Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24. Brazil Insurtech Market
24.1. Brazil Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24.2. Brazil Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25. Middle East Insurtech Market
25.1. Middle East Insurtech Market Overview
25.2. Middle East Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25.3. Middle East Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26. Africa Insurtech Market
26.1. Africa Insurtech Market Overview
26.2. Africa Insurtech Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26.3. Africa Insurtech Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
27. Insurtech Market Competitive Landscape And Company Profiles
27.1. Insurtech Market Competitive Landscape
27.2. Insurtech Market Company Profiles
27.2.1. Quantemplate Limited
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Oscar Health
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Shift Technologies Inc
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. ZhongAn
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Trov Inc.
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Insurtech Market29. Insurtech Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Research Inquiries
30.4. About The Publisher
30.5. Copyright And Disclaimer

Executive Summary

Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc, ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet and KFin Technologies Private Limited.

The global insurtech service market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022 at a compound annual growth rate (CAGR) of 29.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $29.75 billion in 2026 at a CAGR of30%.

The insurtech market consists of sales of insurtech solutions and services by entities (organizations, sole traders, and partnerships) that integrate the traditional insurance industry with modern technologies. The term insurtech refers to the application of technological innovations to extract cost and efficiency from the current insurance industry model. Insurtech intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches. The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products.

The main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others. The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan. The different technologies include blockchain, cloud computing, IoT, machine learning, robo advisory, others and are deployed in on-premise, cloud. It offers solutions, services and is used by various sectors such as automotive industry, banking and financial services, government sector, healthcare industry, manufacturing industry, retail industry, others.

North America was the largest region in the insurtech service market in 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy. For instance, according to Insurancedekho.com, an omnichannel insurance platform report in 2019, TATA AIG, a digital insurance company provides comprehensive car insurance at ₹13,616 ($182.19) whereas, Liberty general insurance, a traditional insurance provider offers comprehensive car insurance at ₹20,378 ($272.67). In Addition to this, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adapt digital ecosystems as it is having a major impact on the insurance industry.

Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the industry.

In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech services acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services.

The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Quantemplate Limited
  • Oscar Health
  • Shift Technologies Inc.
  • ZhongAn
  • Trov Inc.
  • Neos
  • Clover Health
  • Acko General Insurance
  • Lemonade Inc.
  • Metromile Inc.
  • Damco Group
  • DXC Technology
  • Insurance Technology Services
  • Majesco
  • Bauxy
  • Anorak Technologies
  • Moonshot-Internet
  • KFin Technologies Private Limited

Methodology

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