InsureTech Market Analysis

By 2030, the InsureTech Market is projected to reach a value of over 158.91 Billion, expanding at a CAGR  31.70% between 2022 and 2030.

InsureTech, also known as insurance technology, is a subset of fintech, also known as financial technology. InsureTech refers to the use of technologies like AI, IoT, cloud, and blockchain to help simplify and improve the insurance industry's efficiency. These technologies enable insurance companies to provide interactive and enhanced services to their clients, like interactive chatbots, customized claims settlement, behavioral premium pricing, and fraud and risk identification and management, allowing them to remain competitive in the market, push operational excellence, and boost growth.

The need among insurance service providers to provide personalized insurance services and automate the operational process by adopting digital technologies is growing, which is a key factor driving the growth of the InsureTech market. Customers or policyholders are ready to adopt new insurance models today. According to a recent survey, 41% of customers are considering usage-based insurance, and over 37% are ready to explore the on-demand insurance coverage model, even though it is still in its early stages. Insurance companies that are embracing advanced technologies are experimenting with new business models such as usage-based, on-demand, parametric, and microinsurance to fill gaps and meet customer demands for personalization and convenience. Usage-based insurance models provide as-you-go coverage or premium based on a customer's propensity for taking a risk. The on-demand models help the customers to get cost-effective and convenient coverage as and when they need. The parametric insurance model covers previously uninsured risks based on predefined parameters or an objective-triggering event, while the microinsurance model offers smaller insurance packages with lower premiums and offers coverage to those with low-income brackets and limited access to traditional insurance services or the means to manage risks. The risks associated with data leaks and security breaches are a major challenge that vendors are working on to ensure security, but a lack of technical expertise can impede the market growth. The market is anticipated to witness growth opportunities due to advances in AI technology. The InsureTech market is projected to be influenced by the advent of emerging technologies like big data, blockchain, AI, and IoT. Interactive chatbots, customized claims settlement, fraud and risk identification and management, behavioral premium pricing, and UAVs and smart devices for extreme surveillance are the evolving trends in the global InsureTech market.

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COVID-19 Impact on the Global InsureTech Market

The implementation of a set of regulations by various governments to deal with the COVID-19 crisis, including a complete shutdown of manufacturing units, has been expected to have an influence on the growth of the global InsureTech market.

Market Segmentation

The global InsureTech market has been segmented into components, deployment, technology, and insurance type.

By component, the global InsureTech market has been segmented into software and services.

By deployment, the global InsureTech market has been segmented into on-cloud and on-premise.

By technology, the global InsureTech market has been segmented into cloud computing, blockchain, artificial intelligence, the internet of things, and others.

By insurance type, the global InsureTech market has been segmented into property and casualty insurance, health and life insurance, commercial insurance, and others.

Regional Analysis

By region, the global InsureTech market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America currently dominates and holds a sizable market share in the global InsureTech market. This is due to the existence of major market players who are heavily investing in the research and development of innovative technology platforms for insurance services in order to improve customer satisfaction and operational performance. The region has the highly skilled technical expertise, is an early adopter of technology, and is also seeing an increase in the adoption of advanced technologies like AI blockchain and IoT, which propels the market growth. Europe is also expected to have a sizable market share. The European government is increasingly promoting the use of cloud-based services.

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Key Players

The prominent players in the global InsureTech market are Microsoft Corporation (US), Tractable (UK), Amazon Web Services Inc. (US), IBM Corporation (US), Oracle Corporation (US), Google (US), Untangl Limited (UK), Quantemplate (UK), Wipro Limited (India), Intel Corporation (US), Baidu (China), BIMA (UK), Pentation Analytics Pvt Ltd (India), Shift Technology (France), and eWise (Switzerland).

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