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Insurtech Trends and Forecast
The future of the global insurtech market looks promising with opportunities in the automotive, BFSI, government, healthcare, manufacturing, retail, and transportation markets. The global insurtech market is expected to reach an estimated $46.3 billion by 2030 with a CAGR of 31.8% from 2024 to 2030. The major drivers for this market are growing adoption of cybersecurity measures, increasing demand for personalized insurance, and rising popularity of peer-to-peer insurance models.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Insurtech by Segment
The study includes a forecast for the global insurtech by type, technology, service, end use, and region.
Insurtech Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others
Insurtech Market by Technology [Shipment Analysis by Value from 2018 to 2030]:
• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others
Insurtech Market by Service [Shipment Analysis by Value from 2018 to 2030]:
• Consulting
• Support & Maintenance
• Managed Services
Insurtech Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
• Others
Insurtech Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Insurtech Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies insurtech companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the insurtech companies profiled in this report include-
• Damco Group
• DXC Technology Company
• Insurance Technology Services
• Majesco
• Oscar Insurance
• Quantemplate
• Wipro
Insurtech Market Insights
Lucintel forecasts that managed services will remain the largest segment over the forecast period because the providers offer insurers a structured pathway for transformation by integrating expertise and talent with emerging technologies, as well as, provide insurers with optimal procedures, methodologies, and compliance guidance.
North America will remain the largest region over the forecast period due to rising trend in customer expenditure on insurance-related products, as well as, these solutions provide adaptable and versatile property and health insurance plans.
Features of the Global Insurtech Market
Market Size Estimates: Insurtech market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Insurtech market size by various segments, such as by type, technology, service, end use, and region in terms of ($B).
Regional Analysis: Insurtech market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, technology, service, end use, and regions for the insurtech market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the insurtech market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the insurtech market size?
Answer: The global insurtech market is expected to reach an estimated $46.3 billion by 2030.
Q.2 What is the growth forecast for insurtech market?
Answer: The global insurtech market is expected to grow with a CAGR of 31.8% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the insurtech market?
Answer: The major drivers for this market are growing adoption of cybersecurity measures, increasing demand for personalized insurance, and rising popularity of peer-to-peer insurance models.
Q4. What are the major segments for insurtech market?
Answer: The future of the global insurtech market looks promising with opportunities in the automotive, BFSI, government, healthcare, manufacturing, retail, and transportation markets.
Q5. Who are the key insurtech market companies?
Answer: Some of the key insurtech companies are as follows:
• Damco Group
• DXC Technology Company
• Insurance Technology Services
• Majesco
• Oscar Insurance
• Quantemplate
• Wipro
Q6. Which insurtech market segment will be the largest in future?
Answer: Lucintel forecasts that managed services will remain the largest segment over the forecast period because the providers offer insurers a structured pathway for transformation by integrating expertise and talent with emerging technologies, as well as, provide insurers with optimal procedures, methodologies, and compliance guidance.
Q7. In insurtech market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to rising trend in customer expenditure on insurance-related products, as well as, these solutions provide adaptable and versatile property and health insurance plans.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the insurtech market by type (auto, business, health, home, specialty, travel, and others), technology (blockchain, cloud computing, IoT, machine learning, robo advisory, and others), service (consulting, support & maintenance, and managed services), end use (automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Insurtech Market, Insurtech Market Size, Insurtech Market Growth, Insurtech Market Analysis, Insurtech Market Report, Insurtech Market Share, Insurtech Market Trends, Insurtech Market Forecast, Insurtech Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Insurtech Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Insurtech Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Insurtech Market by Type
3.3.1: Auto
3.3.2: Business
3.3.3: Health
3.3.4: Home
3.3.5: Specialty
3.3.6: Travel
3.3.7: Others
3.4: Global Insurtech Market by Technology
3.4.1: Blockchain
3.4.2: Cloud Computing
3.4.3: IoT
3.4.4: Machine Learning
3.4.5: Robo Advisory
3.4.6: Others
3.5: Global Insurtech Market by Service
3.5.1: Consulting
3.5.2: Support & Maintenance
3.5.3: Managed Services
3.6: Global Insurtech Market by End Use
3.6.1: Automotive
3.6.2: BFSI
3.6.3: Government
3.6.4: Healthcare
3.6.5: Manufacturing
3.6.6: Retail
3.6.7: Transportation
3.6.8: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Insurtech Market by Region
4.2: North American Insurtech Market
4.2.1: North American Insurtech Market by Service: Consulting, Support & Maintenance, and Managed Services
4.2.2: North American Insurtech Market by End Use: Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others
4.3: European Insurtech Market
4.3.1: European Insurtech Market by Service: Consulting, Support & Maintenance, and Managed Services
4.3.2: European Insurtech Market by End Use: Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others
4.4: APAC Insurtech Market
4.4.1: APAC Insurtech Market by Service: Consulting, Support & Maintenance, and Managed Services
4.4.2: APAC Insurtech Market by End Use: Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others
4.5: ROW Insurtech Market
4.5.1: ROW Insurtech Market by Service: Consulting, Support & Maintenance, and Managed Services
4.5.2: ROW Insurtech Market by End Use: Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Insurtech Market by Type
6.1.2: Growth Opportunities for the Global Insurtech Market by Technology
6.1.3: Growth Opportunities for the Global Insurtech Market by Service
6.1.4: Growth Opportunities for the Global Insurtech Market by End Use
6.1.5: Growth Opportunities for the Global Insurtech Market by Region
6.2: Emerging Trends in the Global Insurtech Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Insurtech Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Insurtech Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Damco Group
7.2: DXC Technology Company
7.3: Insurance Technology Services
7.4: Majesco
7.5: Oscar Insurance
7.6: Quantemplate
7.7: Wipro
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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