The global on-demand insurance market size is expected to reach USD 4.33 billion by 2030, expanding at a CAGR of 21.2% from 2023 to 2030. The increased consumer interest in flexible and personalized insurance schemes is the key driver of growth for the on-demand insurance industry. The nature of risks faced by individuals and businesses is changing rapidly, with new risks emerging every day. The on-demand insurance policies can be tailored to meet these evolving risks, providing customers with the coverage they need when they need it.
Technological advancement and digitalization have transformed the on-demand insurance industry in many ways. The market has undergone a digital revolution in recent years, with the adoption of new technologies such as online platforms, mobile apps, big data and analytics, artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain. Blockchain technology helps on-demand insurance providers prevent fraud by providing secure systems that reduce the risk of fraudulent activities, such as double claims, misrepresentation, and falsified documents.
On-demand insurance companies are collaborating to provide digital solutions to their customers. For instance, in December 2021, Zuno General Insurance Limited partnered with PhonePe Private Limited (PhonePe), a digital payments and financial services company based in India, for digital motor insurance products. Zuni General Insurance Limited launched need-based, on-demand, and bite-sized insurance products in partnership with PhonePe in the digital ecosystem. PhonePe’s extensive customer base would be accessible through this partnership, enabling it to provide simple and all-inclusive digital solutions.
The pandemic has highlighted the need for on-demand insurance coverage, particularly related to business interruption and event cancellations. The on-demand insurance companies have responded by introducing new products to meet these needs, such as trip cancellation, event cancellation insurance, and business interruption insurance. For instance, in September 2022, InsuranceDekho, an Indian insurance-tech startup, partnered with Reliance General, HDFC Ergo, Baja Allianz, Care, and ICICI Lombard, to offer travel insurance products in India.
This product will be delivered within 1-3 business days.
Technological advancement and digitalization have transformed the on-demand insurance industry in many ways. The market has undergone a digital revolution in recent years, with the adoption of new technologies such as online platforms, mobile apps, big data and analytics, artificial intelligence, machine learning, the Internet of Things (IoT), and blockchain. Blockchain technology helps on-demand insurance providers prevent fraud by providing secure systems that reduce the risk of fraudulent activities, such as double claims, misrepresentation, and falsified documents.
On-demand insurance companies are collaborating to provide digital solutions to their customers. For instance, in December 2021, Zuno General Insurance Limited partnered with PhonePe Private Limited (PhonePe), a digital payments and financial services company based in India, for digital motor insurance products. Zuni General Insurance Limited launched need-based, on-demand, and bite-sized insurance products in partnership with PhonePe in the digital ecosystem. PhonePe’s extensive customer base would be accessible through this partnership, enabling it to provide simple and all-inclusive digital solutions.
The pandemic has highlighted the need for on-demand insurance coverage, particularly related to business interruption and event cancellations. The on-demand insurance companies have responded by introducing new products to meet these needs, such as trip cancellation, event cancellation insurance, and business interruption insurance. For instance, in September 2022, InsuranceDekho, an Indian insurance-tech startup, partnered with Reliance General, HDFC Ergo, Baja Allianz, Care, and ICICI Lombard, to offer travel insurance products in India.
On-demand Insurance Market Report Highlights
- The car insurance segment dominated the market in 2022. Pay-per-mile on-demand car insurance is a more affordable option for drivers who don't drive very often or who use alternative forms of transportation. By paying only for the miles they drive, drivers are liable to pay reduced insurance premiums as compared to the traditional insurance policy
- The business segment dominated the market in 2022. The growth of the segment can be attributed to the need for cost-saving insurance policies as it allows businesses to purchase coverage for specific events or projects without having to pay for the full year. This can result in significant cost savings for businesses, particularly for those that operate in industries with seasonal fluctuations. On-demand insurance also allows businesses to tailor coverage to meet the specific needs of their employees, customers, or members
- The North American region dominated the market in 2022. North America is one of the most technologically advanced regions. The widespread adoption of smartphones, the internet, and other digital technologies has made it easier for insurers to reach customers and offer on-demand insurance services
This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
1.4. Information Analysis
1.4.1. Market Formulation & Data Visualization
1.4.2. Data Validation & Publishing
1.5. Research Scope and Assumptions
1.6. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.1.1. Technological advancement and digitalization across the insurance industry
3.3.1.2. Rising demand for personalized, usage-based, and on-demand insurance
3.3.1.3. Growing internet penetration and smartphone users
3.3.2. Market Challenge Impact Analysis
3.3.2.1. Potential fraudulent claims
3.3.3. Market Opportunity Impact Analysis
3.3.3.1. Growth of the gig economy
3.4. Impact of the COVID-19 Pandemic
3.5. Industry Analysis Tools
3.5.1. Porter’s Analysis
3.5.2. PESTEL Analysis
Chapter 4. On-demand Insurance Market: Coverage Estimates & Trend Analysis
4.1. Coverage Movement Analysis & Market Share, 2022 & 2030
4.2. On-demand Insurance Market Estimates & Forecast, By Coverage
4.2.1. Car insurance
4.2.2. Home appliances insurance
4.2.3. Entertainment insurance
4.2.4. Contractor Insurance
4.2.5. Electronic equipment insurance
4.2.6. Others
Chapter 5. On-demand Insurance Market: End-User Estimates & Trend Analysis
5.1. End-User Movement Analysis & Market Share, 2022 & 2030
5.2. On-demand Insurance Market Estimates & Forecast, By End-User
5.2.1. Individuals
5.2.2. Businesses
Chapter 6. On-demand Insurance Market: Regional Estimates & Trend Analysis
6.1. On-demand Insurance Market: Regional Outlook
6.2. North America
6.2.1. North America on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.2.2. U.S.
6.2.2.1. U.S. on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.2.3. Canada
6.2.3.1. Canada on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.3. Europe
6.3.1. Europe on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.3.2. U.K.
6.3.2.1. U.K. on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.3.3. Germany
6.3.3.1. Germany on-demand Insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.3.4. France
6.3.4.1. France on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.3.5. Italy
6.3.5.1. Italy on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4. Asia Pacific
6.4.1. Asia Pacific on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4.2. India
6.4.2.1. India on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4.3. China
6.4.3.1. China on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4.4. Japan
6.4.4.1. Japan on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4.5. South Korea
6.4.5.1. South Korea on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.4.6. Australia
6.4.6.1. Australia on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.5. Latin America
6.5.1. Latin America on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.5.2. Brazil
6.5.2.1. Brazil on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.5.3. Mexico
6.5.3.1. Mexico on-demand Insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.6. Middle East & Africa
6.6.1. Middle East & Africa on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.6.2. Kingdom of Saudi Arabia (KSA)
6.6.2.1. Kingdom of Saudi Arabia (KSA) on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.6.3. UAE
6.6.3.1. UAE on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
6.6.4. South Arica
6.6.4.1. South Africa on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Participant’s Overview
7.2.1. Slice Insurance Technologies Inc.
7.2.2. VSure.life
7.2.3. Xceedance, Inc.
7.2.4. SkyWatch Insurance Services, Inc.
7.2.5. Zuno General Insurance Limited
7.2.6. JaSure
7.2.7. Thimble
7.2.8. JAUNTIN
7.2.9. Cuvva
7.2.10. Snap-it Cover
7.3. Financial Performance
7.4. Product Benchmarking
7.5. Company Market Positioning
7.6. Company Market Share Analysis, 2022
7.7. Company Heat Map Analysis
7.8. Strategy Mapping
7.8.1. Expansion
7.8.2. Collaborations
7.8.3. Mergers & Acquisitions
7.8.4. New Product Launches
7.8.5. Partnerships
7.8.6. Others
List of Tables
Table 1. Global On-demand Insurance Market, by Coverage, 2017 - 2030 (USD Million)
Table 2. Global On-demand Insurance Market, by End-User, 2017 - 2030 (USD Million)
Table 3. Global On-demand Insurance Market, by Region, 2017 - 2030 (USD Million)
Table 4. Company Market Share, 2022
Table 5. Company Heat Map Analysis
Table 6. Key Companies Undergoing Expansion
Table 7. Key Companies Undergoing Collaborations
Table 8. Key Companies Undergoing New Product Launch
Table 9. Key Companies Undergoing Mergers & Acquisitions
Table 10. Key Companies Undergoung Other Strategies
List of Figures
Fig. 1. On-demand Insurance Market Segmentation
Fig. 2. Information Procurement
Fig. 3. Data Analysis Models
Fig. 4. Market Formulation and Valuation
Fig. 5. Data Validating & Publishing
Fig. 6. Market Snapshot
Fig. 7. Segment Snapshot
Fig. 8. Competitive Landscape Snapshot
Fig. 9. Parent Market Value, 2022 (USD Million)
Fig. 10. On-demand Insurance Market - Industry Value Chain Analysis
Fig. 11. On-demand Insurance Market Dynamics
Fig. 12. On-demand Insurance Market: PORTER’s Analysis
Fig. 13. On-demand Insurance Market: PESTEL Analysis
Fig. 14. On-demand Insurance Market, by Coverage: Key Takeaways
Fig. 15. On-demand Insurance Market, by Coverage: Market Share, 2022 & 2030
Fig. 16. On-demand insurance market estimates & forecasts, by car insurance, 2017 - 2030 (USD Million)
Fig. 17. On-demand insurance market estimates & forecasts, by home appliances insurance, 2017 - 2030 (USD Million)
Fig. 18. On-demand insurance market estimates & forecasts, by entertainment insurance, 2017 - 2030 (USD Million)
Fig. 19. On-demand insurance market estimates & forecasts, by contractor insurance, 2017 - 2030 (USD Million)
Fig. 20. On-demand insurance market estimates & forecasts, by electronic equipment insurance, 2017 - 2030 (USD Million)
Fig. 21. On-demand insurance market estimates & forecasts, by others, 2017 - 2030 (USD Million)
Fig. 22. On-demand Insurance Market, by End-User: Key Takeaways
Fig. 23. On-demand Insurance Market, by End-User: Market Share, 2022 & 2030
Fig. 24. On-demand Insurance market estimates & forecasts, by individuals, 2017 - 2030 (USD Million)
Fig. 25. On-demand Insurance market estimates & forecasts, by businesses, 2017 - 2030 (USD Million)
Fig. 26. On-demand Insurance market revenue, by region, 2022 & 2030 (USD Million)
Fig. 27. Regional marketplace: Key Takeaways
Fig. 28. North America on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 29. U.S. on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 30. Canada on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 31. Europe on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 32. U.K. on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 33. Germany on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 34. France on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 35. Italy on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 36. Asia Pacific on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 37. India on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 38. China on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 39. Japan on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 40. South Korea on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 41. Australia on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 42. Latin America on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 43. Brazil on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 44. Mexico on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 45. Middle East & Africa on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 46. Kingdom of Saudi Arabia (KSA) on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 47. UAE on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 48. South Africa on-demand insurance market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 49. Key Company Categorization
Fig. 50. Company Market Positioning
Fig. 51. Company Market Share Analysis, 2022
Fig. 52. Strategic framework
Companies Mentioned
- Slice Insurance Technologies Inc.
- VSure.life
- Xceedance, Inc.
- SkyWatch Insurance Services, Inc.
- Zuno General Insurance Limited
- JaSure
- Thimble
- JAUNTIN
- Cuvva
- Snap-it Cover
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 955.3 Million |
| Forecasted Market Value ( USD | $ 4330 Million |
| Compound Annual Growth Rate | 21.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
