InsurTech Market size to grow by USD 61,756.27 million from 2022 to 2027|Need to improve business efficiency to boost the market – Technavio

July 11, 2023 by Technavio

NEW YORK, July 10, 2023 /PRNewswire/ — The InsurTech market size is estimated to grow by USD 61,756.27 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 44.05% during the forecast period. Europe will contribute to 50% of the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

What’s New?

• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial  – buy the report!

InsurTech Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Deployment (On-premise and Cloud), Management (marketing and distribution, IT support, policy administration and management, claim management, and others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market share growth by the marketing and distribution segment will be significant for market growth during the forecast period. The rising use of smartphones and easy access to the Internet with the help of smartphones have fuelled the digital marketing and digital distribution of insurance policies via advanced technologies. Several countries have different regulations that enforce certifications for electronic promotion systems to improve security. There is a growing preference for mobile point-of-sales in the e-retail business by consumers, which is facilitating insurance companies in finding significant opportunities to identify the needs of a large number of customers and cater to their requirements. Hence, such factors are expected to drive market growth during the forecast period.

Geography Overview

By geography, the global InsurTech market is segmented into North America, Europe, APAC, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global InsurTech market.

Europe is estimated to account for 50% of the market’s growth during the forecast period. One of the significant factors for the growth of the insurance market in Europe is the presence of several prominent vendors in the region. There is an increasing demand for alternative finance options due to the minimal availability of debt finance across the traditional banking system. Furthermore, certain measures are being introduced by the European Central Bank (ECB) to fuel credit growth, such as lowering interest rates. Hence, such factors are expected to drive market growth in the region during the forecast period. 

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

InsurTech Market – Market Dynamics

Key factor driving market growth

The need to improve business efficiency drives the InsurTech market growth. There is an increase in data generation due to the massive number of connected devices. Insurance companies leverage these data to optimize costs, deliver personalized services, and increase revenues. Hence, it has become increasingly easy for insurance companies to collect and analyze consumer data using the InsurTech platform due to the rapid advancement in financial technologies. Hence, such factors are expected to drive market growth during the forecast period.

Leading trends influencing the market 

The partnership between InsurTech firms and investors is an emerging trend in the market. For instance, during the COVID-19 pandemic, a virtual Global InsurTech Summit was conducted, which was attended by 1,500 investors, entrepreneurs, and insurance executives from across the world. Furthermore, the rapid advancement in technology has transformed the entire insurance value chain. Some of the key transitions include up the appraisal process, enhancing the consumer experience, better process transparency, preventing fraud (including Big Data for increased security and data analysis), and simplifying the claim process for customers. Hence, such factors are expected to drive market growth during the forecast period.

Major challenges hindering the market growth

The high cost of investments can pose a major challenge to market growth. The selling of insurance products by leveraging the latest technology is a new and complex process for insurance firms. Hence, it needs specialized training as well as resources to educate the employees on the use of these advanced technologies. Furthermore, additional training is required to learn about the insurance products in-depth so that the insurance company staff is able to provide personalized products that match the needs of their clients. Hence, such factors are expected to hinder market growth during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this InsurTech Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the InsurTech market between 2023 and 2027
• Precise estimation of the InsurTech market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the InsurTech market across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of InsurTech Market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
  • Exhibit 01: Executive Summary – Chart on Market Overview
  • Exhibit 02: Executive Summary – Data Table on Market Overview
  • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
  • Exhibit 04: Executive Summary – Chart on Market by Geography
  • Exhibit 05: Executive Summary – Chart on Market Segmentation by Management
  • Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
  • Exhibit 07: Executive Summary – Chart on Incremental Growth
  • Exhibit 08: Executive Summary – Data Table on Incremental Growth
  • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
  • Exhibit 10: Parent market
  • Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
  • Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
  • Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
  • Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
  • Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
  • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
  • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global insurtech market 2017 – 2021
  • Exhibit 18: Historic Market Size – Data Table on Global insurtech market 2017 – 2021 ($ million)

• 4.2 Management Segment Analysis 2017 – 2021
  • Exhibit 19: Historic Market Size – Management Segment 2017 – 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 – 2021
  • Exhibit 20: Historic Market Size – Deployment Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
  • Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
  • Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
  • Exhibit 23: Five forces analysis – Comparison between2022 and 2027

• 5.2 Bargaining power of buyers 
  • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
  • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
  • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
  • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
  • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
  • Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Management

• 6.1 Market segments 
  • Exhibit 30: Chart on Management – Market share 2022-2027 (%)
  • Exhibit 31: Data Table on Management – Market share 2022-2027 (%)

• 6.2 Comparison by Management 
  • Exhibit 32: Chart on Comparison by Management
  • Exhibit 33: Data Table on Comparison by Management

• 6.3 Marketing and distribution – Market size and forecast 2022-2027 
  • Exhibit 34: Chart on Marketing and distribution – Market size and forecast 2022-2027 ($ million)
  • Exhibit 35: Data Table on Marketing and distribution – Market size and forecast 2022-2027 ($ million)
  • Exhibit 36: Chart on Marketing and distribution – Year-over-year growth 2022-2027 (%)
  • Exhibit 37: Data Table on Marketing and distribution – Year-over-year growth 2022-2027 (%)

• 6.4 IT support – Market size and forecast 2022-2027
  • Exhibit 38: Chart on IT support – Market size and forecast 2022-2027 ($ million)
  • Exhibit 39: Data Table on IT support – Market size and forecast 2022-2027 ($ million)
  • Exhibit 40: Chart on IT support – Year-over-year growth 2022-2027 (%)
  • Exhibit 41: Data Table on IT support – Year-over-year growth 2022-2027 (%)

• 6.5 Policy administration and management – Market size and forecast 2022-2027 
  • Exhibit 42: Chart on Policy administration and management – Market size and forecast 2022-2027 ($ million)
  • Exhibit 43: Data Table on Policy administration and management – Market size and forecast 2022-2027 ($ million)
  • Exhibit 44: Chart on Policy administration and management – Year-over-year growth 2022-2027 (%)
  • Exhibit 45: Data Table on Policy administration and management – Year-over-year growth 2022-2027 (%)

• 6.6 Claim management – Market size and forecast 2022-2027
  • Exhibit 46: Chart on Claim management – Market size and forecast 2022-2027 ($ million)
  • Exhibit 47: Data Table on Claim management – Market size and forecast 2022-2027 ($ million)
  • Exhibit 48: Chart on Claim management – Year-over-year growth 2022-2027 (%)
  • Exhibit 49: Data Table on Claim management – Year-over-year growth 2022-2027 (%)

• 6.7 Others – Market size and forecast 2022-2027
  • Exhibit 50: Chart on Others – Market size and forecast 2022-2027 ($ million)
  • Exhibit 51: Data Table on Others – Market size and forecast 2022-2027 ($ million)
  • Exhibit 52: Chart on Others – Year-over-year growth 2022-2027 (%)
  • Exhibit 53: Data Table on Others – Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Management 
  • Exhibit 54: Market opportunity by Management ($ million)

7 Market Segmentation by Deployment

• 7.1 Market segments 
  • Exhibit 55: Chart on Deployment – Market share 2022-2027 (%)
  • Exhibit 56: Data Table on Deployment – Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
  • Exhibit 57: Chart on Comparison by Deployment
  • Exhibit 58: Data Table on Comparison by Deployment

• 7.3 On-premise – Market size and forecast 2022-2027
  • Exhibit 59: Chart on On-premise – Market size and forecast 2022-2027 ($ million)
  • Exhibit 60: Data Table on On-premise – Market size and forecast 2022-2027 ($ million)
  • Exhibit 61: Chart on On-premise – Year-over-year growth 2022-2027 (%)
  • Exhibit 62: Data Table on On-premise – Year-over-year growth 2022-2027 (%)

• 7.4 Cloud – Market size and forecast 2022-2027
  • Exhibit 63: Chart on Cloud – Market size and forecast 2022-2027 ($ million)
  • Exhibit 64: Data Table on Cloud – Market size and forecast 2022-2027 ($ million)
  • Exhibit 65: Chart on Cloud – Year-over-year growth 2022-2027 (%)
  • Exhibit 66: Data Table on Cloud – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
  • Exhibit 67: Market opportunity by Deployment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
  • Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
  • Exhibit 69: Chart on Market share by geography 2022-2027 (%)
  • Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
  • Exhibit 71: Chart on Geographic comparison
  • Exhibit 72: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
  • Exhibit 73: Chart on North America – Market size and forecast 2022-2027 ($ million)
  • Exhibit 74: Data Table on North America – Market size and forecast 2022-2027 ($ million)
  • Exhibit 75: Chart on North America – Year-over-year growth 2022-2027 (%)
  • Exhibit 76: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
  • Exhibit 77: Chart on Europe – Market size and forecast 2022-2027 ($ million)
  • Exhibit 78: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
  • Exhibit 79: Chart on Europe – Year-over-year growth 2022-2027 (%)
  • Exhibit 80: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
  • Exhibit 81: Chart on APAC – Market size and forecast 2022-2027 ($ million)
  • Exhibit 82: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
  • Exhibit 83: Chart on APAC – Year-over-year growth 2022-2027 (%)
  • Exhibit 84: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
  • Exhibit 85: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
  • Exhibit 86: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
  • Exhibit 87: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
  • Exhibit 88: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
  • Exhibit 89: Chart on South America – Market size and forecast 2022-2027 ($ million)
  • Exhibit 90: Data Table on South America – Market size and forecast 2022-2027 ($ million)
  • Exhibit 91: Chart on South America – Year-over-year growth 2022-2027 (%)
  • Exhibit 92: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
  • Exhibit 93: Chart on US – Market size and forecast 2022-2027 ($ million)
  • Exhibit 94: Data Table on US – Market size and forecast 2022-2027 ($ million)
  • Exhibit 95: Chart on US – Year-over-year growth 2022-2027 (%)
  • Exhibit 96: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 UK – Market size and forecast 2022-2027
  • Exhibit 97: Chart on UK – Market size and forecast 2022-2027 ($ million)
  • Exhibit 98: Data Table on UK – Market size and forecast 2022-2027 ($ million)
  • Exhibit 99: Chart on UK – Year-over-year growth 2022-2027 (%)
  • Exhibit 100: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.10 France – Market size and forecast 2022-2027
  • Exhibit 101: Chart on France – Market size and forecast 2022-2027 ($ million)
  • Exhibit 102: Data Table on France – Market size and forecast 2022-2027 ($ million)
  • Exhibit 103: Chart on France – Year-over-year growth 2022-2027 (%)
  • Exhibit 104: Data Table on France – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
  • Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 ($ million)
  • Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
  • Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)
  • Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 China – Market size and forecast 2022-2027
  • Exhibit 109: Chart on China – Market size and forecast 2022-2027 ($ million)
  • Exhibit 110: Data Table on China – Market size and forecast 2022-2027 ($ million)
  • Exhibit 111: Chart on China – Year-over-year growth 2022-2027 (%)
  • Exhibit 112: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
  • Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
  • Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
  • Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
  • Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
  • Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
  • Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
  • Exhibit 119: Matrix on vendor position and classification

• 12.3 Acko General Insurance Ltd. 
  • Exhibit 120: Acko General Insurance Ltd. – Overview
  • Exhibit 121: Acko General Insurance Ltd. – Product / Service
  • Exhibit 122: Acko General Insurance Ltd. – Key offerings

• 12.4 Alan SA 
  • Exhibit 123: Alan SA – Overview
  • Exhibit 124: Alan SA – Product / Service
  • Exhibit 125: Alan SA – Key offerings

• 12.5 Anywhere 2 go Co. Ltd. 
  • Exhibit 126: Anywhere 2 go Co. Ltd. – Overview
  • Exhibit 127: Anywhere 2 go Co. Ltd. – Product / Service
  • Exhibit 128: Anywhere 2 go Co. Ltd. – Key offerings

• 12.6 Clover Health 
  • Exhibit 129: Clover Health – Overview
  • Exhibit 130: Clover Health – Product / Service
  • Exhibit 131: Clover Health – Key offerings

• 12.7 Cytora Ltd. 
  • Exhibit 132: Cytora Ltd. – Overview
  • Exhibit 133: Cytora Ltd. – Product / Service
  • Exhibit 134: Cytora Ltd. – Key offerings

• 12.8 Friendsurance 
  • Exhibit 135: Friendsurance – Overview
  • Exhibit 136: Friendsurance – Product / Service
  • Exhibit 137: Friendsurance – Key offerings

• 12.9 Haven Life Insurance Agency LLC 
  • Exhibit 138: Haven Life Insurance Agency LLC – Overview
  • Exhibit 139: Haven Life Insurance Agency LLC – Product / Service
  • Exhibit 140: Haven Life Insurance Agency LLC – Key offerings

• 12.10 iCarbonX 
  • Exhibit 141: iCarbonX – Overview
  • Exhibit 142: iCarbonX – Product / Service
  • Exhibit 143: iCarbonX – Key offerings

• 12.11 Jetty National Inc. 
  • Exhibit 144: Jetty National Inc. – Overview
  • Exhibit 145: Jetty National Inc. – Product / Service
  • Exhibit 146: Jetty National Inc. – Key offerings

• 12.12 Kin Insurance Technology Hub LLC 
  • Exhibit 147: Kin Insurance Technology Hub LLC – Overview
  • Exhibit 148: Kin Insurance Technology Hub LLC – Product / Service
  • Exhibit 149: Kin Insurance Technology Hub LLC – Key offerings

• 12.13 Oscar Insurance Corp. 
  • Exhibit 150: Oscar Insurance Corp. – Overview
  • Exhibit 151: Oscar Insurance Corp. – Product / Service
  • Exhibit 152: Oscar Insurance Corp. – Key offerings

• 12.14 Quantemplate Technologies Inc. 
  • Exhibit 153: Quantemplate Technologies Inc. – Overview
  • Exhibit 154: Quantemplate Technologies Inc. – Product / Service
  • Exhibit 155: Quantemplate Technologies Inc. – Key offerings

• 12.15 Shift Technology 
  • Exhibit 156: Shift Technology – Overview
  • Exhibit 157: Shift Technology – Product / Service
  • Exhibit 158: Shift Technology – Key offerings

• 12.16 simplesurance GmbH 
  • Exhibit 159: simplesurance GmbH – Overview
  • Exhibit 160: simplesurance GmbH – Product / Service
  • Exhibit 161: simplesurance GmbH – Key offerings

• 12.17 ZhongAn Online Property Insurance Co. Ltd.
  • Exhibit 162: ZhongAn Online Property Insurance Co. Ltd. – Overview
  • Exhibit 163: ZhongAn Online Property Insurance Co. Ltd. – Business segments
  • Exhibit 164: ZhongAn Online Property Insurance Co. Ltd. – Key offerings
  • Exhibit 165: ZhongAn Online Property Insurance Co. Ltd. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
  • Exhibit 166: Inclusions checklist
  • Exhibit 167: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
  • Exhibit 168: Currency conversion rates for US$

• 13.4 Research methodology 
  • Exhibit 169: Research methodology
  • Exhibit 170: Validation techniques employed for market sizing
  • Exhibit 171: Information sources

• 13.5 List of abbreviations 
  • Exhibit 172: List of abbreviations

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SOURCE Technavio

Originally Posted at CISION PR Newswire on July 10, 2023 by Technavio.