Insurtech Market Report

The global insurtech market is expected to benefit from the rising demand for cloud-based insurance software and growing use of internet-connected devices in the insurance industry. The increasing need to evaluate market and other risks, provide faster services, and manage and monitor increasing customer data could create a surge in the demand for insurtech solutions in the insurance industry.

Robust Growth and Digitalization of Insurance Industry Expected to Improve Demand

The global insurtech market is anticipated to take advantage of the implementation of tight government policies related to vehicle and health insurances. Some countries require vehicle owners to have mandatory auto insurance and citizens to have compulsory medical insurance. Thus, with the continuous expansion of the insurance industry, the demand for insurtech solutions is expected to grow strong in the coming years. Insurance companies use insurtech solutions to increase profits, reduce costs, save operational time, easily identify money laundering and other frauds, and streamline transaction processes.

The need for advanced data analytics, proper structuring of data, better payment processing technologies, and digitalization in the insurance industry could create more demand for insurtech in future. Insurtech plays a crucial role in helping insurance firms to launch ultra-customized policies, increase customer engagement, and improve their payment systems.

Market Segments

By Technology

●  Blockchain

●  Robo Advisory

●  Cloud Computing

●  Machine Learning

●  IoT

●  Others

By Service

●  Consulting

●   Managed Services

●  Support and Maintenance

By Type

●  Auto

●   Travel

●  Business

●   Specialty

●  Health

●  Home

●  Others

By End Use

●   Automotive

●  Transportation

●  BFSI

●  Retail

●  Government

●  Manufacturing

●   Healthcare

●  Others

The BFSI industry is likely to significantly contribute to the growth of the global insurtech market. This could be due to high relevance of insurtech products to BFSI applications and the implementation of government initiatives encouraging the adoption of insurtech solutions. Among technology segments, cloud computing is expected to account for a substantial share of the global insurtech market because of the increasing use of cloud technology in insurance companies to reduce fraud risks. Insurance companies use cloud technology for integrating all kinds of risk data, including key risk indicators, risk and control assessments, and loss events, within a single environment.

Among service segments, managed services are anticipated to attract strong growth in the global insurtech market mainly on the back of the need of insurance companies to manage risks, identify growth opportunities, and improve and personalize services for customers. With health insurance companies increasing the demand for digital solutions, IoT, machine learning, and AI for process automation and providing better customer experience, the health segment could exhibit high growth in the global insurtech market.

By Region

North America is prophesied to secure a commanding share of the global insurtech market as it rides on the increasing demand for digital products and services in the financial sector. Strong adoption of modern technological solutions used in BFSI industry, the presence of key players, and growing need for end-to-end digital financial solutions could help strengthen the growth of the insurtech market in North America. Asia Pacific could be another region with high growth in the insurtech market. The increasing requirement for advanced banking platforms and tools, cloud technologies, and insurance services is predicted to benefit the Asia pacific insurtech market.

Insurtech Companies to Focus on Product Innovation to Offer Better Features

The report covers the competitive landscape and key players operating in the global insurtech market, including Damco Group, ZhongAn Insurance, DXC Technology Company, Wipro Limited, Majesco, Tr?v, Inc., Oscar Insurance, Shift Technology, Insurance Technology Services, and Quantemplate. Insurtech companies are anticipated to attract new customers by launching new and innovative solutions that can help strengthen their decision-making and automation capabilities and enhance their operational efficiency. Investment in product upgrades and research and development projects could be another strategy adopted by players competing in the global insurtech market. Early in 2020, Laka, a London-based insurtech, announced that it secured €4.2 million in an investment round. The company will use the funds for the ongoing development and expansion of its bicycle insurance platform.

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