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Global InsurTech Market


Global InsurTech Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2023

Report code: SDMRIC634817 | Industry: ICT & Semiconductor | Published On: 7/29/2019



Insurance Technology (InsurTech) is a technology used by the insurance industry for reducing the cost associated with the insurance companies for improving the efficiency and customer satisfaction. InsurTech uses various technologies such as artificial intelligence, in order to handle customers and brokers, and understand their requirements to provide better policies. In addition to this, insurers have recently moved to the new high-interaction model to attract customers by providing custom-tailored products. For instance, motorists can get insurance on the basis of data sent by their vehicles and thus, a responsible driver can avail benefits from the insurance companies.
The InsurTech market is expected to reach US$ 1019.1 million by 2023, growing with a CAGR of 13.8% during the forecast period. The market is witnessing significant growth owing to the growing need for implementation of automation, better communication between clients and agents, and better personalized offerings. This helps insurance agents to cater to their customers and at the same time, help customers to choose the best plans available. Moreover, the insurance companies are investing primarily in the digitization to improve the payment systems functionality and ease the transaction process. The adoption of InsurTech in various organizations has allowed the insurance companies to reduce the risks associated with the operation, market, liquidity, and counterparty credit. In addition, the InsurTech market is adopting the technologies like embedded analytics to help the insurance companies to understand the market pattern consumer behavior, and make informed business-related decisions.
This InsurTech market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage is provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
The InsurTech market is segmented on the basis of component, type, and application. Based on the component, the market has been segmented as software, and services. Among which software was dominating the market in the year 2018 owing to its maintenance and integration is high in the North American region. In addition, the software segment is expected to grow with a highest CAGR during the forecast period. The insurance sector is adopting the advanced technologies and is focused on attracting the new customers along with retaining the clients delighting with services.
Health insurance segment is expected to grow at a higher CAGR
The applications segment primarily includes the health insurance, property and casualty insurance, life insurance, and others. The property and casualty segment was dominating the market in the year 2018 and is expected to witness high growth rate during the forecast period. The next significant share for the InsurTech market is attributed to healthcare insurance that simplifies the healthcare experience for customers with custom insurance offerings and easy claim processes. Moreover, the life insurance segment has is expected to witness significant growth during the forecast period as its adoption is expected to increase over the years, and will generate more revenue for the InsurTech market.
North America is accelerating the growth of the InsurTech market
The North American region is witnessing growth due to the growing adoption of InsurTech across U.S., Canada, and Others. In addition, the growing customer spending on insurance services. The flexibility and customization of various insurance products such as health, property, life insurance, and others is encouraging people to choose among the best plans.
The InsurTech market in the APAC region is expected to grow significantly during the forecast period, owing to the growing economies such as India, China, and Japan, and the focus of insurers on providing affordable insurance plans. In addition to these, these countries are increasing the adoption of mobile and cloud technologies, thereby encouraging InsurTech companies to adopt digital insurance platforms. The multinational companies operating in developing countries are increasing their market share by collaborating with local companies, technology, and channel partners.
The global InsurTech market is a highly competitive market due to the presence of various international and regional, and local vendors. The demands for InsurTech are expected to propel over the coming years due to the rising investments in the R&D by key players, such as Friendsurance, Oscar, and others. To expand the market, majority of the vendors are adapting new technologies, and product launches to gain the competitive advantage in the global market. The InsurTech market is largely driven by the new product launches and acquisition.
The competition in the global InsurTech market is intense as various international and regional vendors are providing the new technology to various end-use industries for expansion of the market. The InsurTech vendors are emphasized on investing in R&D facilities to increase the technology development. The key players and emerging vendors have improved the manufacturing techniques, and enhanced their products to have a competitive edge over others. Furthermore, the companies are involved in the acquisitions and expansion to improve their product offerings and increase the production process. Industry players have developed partnerships and collaborations with the leading automotive manufacturers for addressing the demand and strengthen their presence across globe.

Chapter  1  Preface
1.1  Report  Description
1.1.1  Purpose  of  the  Report
1.1.2  Target  Audience
1.1.3  USP  and  Key  Offerings
1.2  Research  Scope
1.3  Research  Methodology
1.3.1  Phase  I  –  Secondary  Research
1.3.2  Phase  II  –  Primary  Research
1.3.3  Phase  III  –  Expert  Panel  Review
1.3.4  Approach  Adopted
1.3.4.1  Top-Down  Approach
1.3.4.2  Bottom-Up  Approach
1.3.5  Assumptions
1.4  Market  Segmentation  Scope
Chapter  2  Executive  Summary
2.1  Market  Summary
2.1.1  Global  InsurTech    Market,  2016-2023,  (US$  Mn)
2.1  Market  Snapshot:  Global  InsurTech  Market
2.2  Market  Dynamics
2.3  Global  InsurTech  Market,  by  Segment,  2018
2.3.1  Global  InsurTech    Market,  by  Component,  2018,  (US$  Mn)
2.3.2  Global  InsurTech    Market,  by  Type,  2018,(US$  Mn)
2.3.3  Global  InsurTech  Market,  by  Application,  2018  (US$  Mn)
2.3.4  Global  InsurTech  Market,  by  Region,  2018  (US$  Mn)
2.4  Premium  Insights
2.4.1  InsurTech  Market  In  Developed  Vs.  Developing  Economies,  2018  vs  2023
2.4.2  Global  InsurTech  Market:  Regional  Life  Cycle  Analysis
Chapter  3  Market  Dynamics
3.1  Market  Overview
3.2  Market  Drivers
3.2.1  Enhanced  communication  with  clients
3.2.2  Growth  in  the  adoption  of  automation
3.2.3  Driver  3
3.3  Market  Restraints
3.3.1  Lack  of  awareness
3.3.2  Restraint  2
3.4  Market  Opportunities
3.4.1  Growing  regulation  concerns  for  the  adoption  of  InsurTech  application  across  financial  institutions
3.4.2  Opportunity  2
3.5  Industry  Value  Chain  Analysis
3.5.1  Analyst’s  Views
3.6  Industry  SWOT  Analysis
Chapter  4  Global  InsurTech  Market,  by  Component
4.1  Market  Overview,  by  Component
4.1.1  Global  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
4.1.2  Incremental  Opportunity,  by  Component,  From  2018-2023
4.2  Software
4.2.1  Global  InsurTech  Market,  by  Software  ,  2016-2023,  (US$  Mn)
4.3  Services
4.3.1  Global  InsurTech  Market,  by  Services,  2016-2023,  (US$  Mn)
Chapter  5  Global  InsurTech  Market,  by  Type
5.1  Market  Overview,  by  Type
5.1.1  Global  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
5.1.2  Incremental  Opportunity,  by  Type  ,  From  2018-2023
5.2  Retail
5.3  Commercial
5.3.1  Global  InsurTech  Market,  by  US$  21  to  US$  50  (Medium),  2016-2023,  (US$  Mn)
Chapter  6  Global  InsurTech  Market,  by  Application
6.1  Market  Overview,  by  Application
6.1.1  Global  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
6.1.2  Incremental  Opportunity,  by  Application,  From  2018-2023
6.2  Health  Insurance
6.2.1  Global  InsurTech  Market,  by  Health  Insurance,  2016-2023,  (US$  Mn)
6.3  Property  &  Casualty  Insurance
6.3.1  Global  InsurTech  Market,  by  Property  &  Casualty  Insurance,  2016-2023,  (US$  Mn)
6.4  Life  Insurance
6.4.1  Global  InsurTech  Market,  by  Life  Insurance,  2016-2023,  (US$  Mn)
6.5  Others
6.5.1  Global  InsurTech  Market,  by  Others,  2016-2023,  (US$  Mn)
Chapter  7  Global  InsurTech  Market,  by  Region
7.1  Market  Overview,  by  Region
7.1.1  Global  InsurTech  Market,  by  Region,  2016-2023,  (US$  Mn)
7.2  Attractive  Investment  Opportunity,  by  Region,  2018
7.3  North  America  InsurTech  Market
7.3.1  North  America  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
7.3.2  North  America  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
7.3.3  North  America  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
7.3.4  United  States  Country  Profile
7.3.4.1  United  States  InsurTech  Market,  2016-2023  (US$  Mn)
7.3.5  Canada  Country  Profile
7.3.5.1  Canada  InsurTech    Market,  2016-2023  (US$  Mn)
7.3.6  Mexico  Country  Profile
7.3.6.1  Mexico  InsurTech  Market,  2016-2023  (US$  Mn)
7.4  Europe  InsurTech  Market
7.4.1  Europe  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
7.4.2  Europe  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
7.4.3  Europe  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
7.4.4  United  Kingdom  Country  Profile
7.4.4.1  United  Kingdom  InsurTech  Market,  2016-2023  (US$  Mn)
7.4.5  Germany  Country  Profile
7.4.5.1  Germany  InsurTech  Market,  2016-2023  (US$  Mn)
7.4.6  France  Country  Profile
7.4.6.1  France  InsurTech    Market,  2016-2023  (US$  Mn)
7.4.7  Italy  Country  Profile
7.4.7.1  Italy  InsurTech    Market,  2016-2023  (US$  Mn)
7.4.8  Spain  Country  Profile
7.4.8.1  Spain  InsurTech  Market,  2016-2023  (US$  Mn)
7.4.9  Rest  of  Europe
7.4.9.1  Rest  of  Europe  InsurTech  Market,  2016-2023  (US$  Mn)
7.5  Asia  Pacific  InsurTech  Market
7.5.1  Asia  Pacific  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
7.5.2  Asia  Pacific  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
7.5.3  Asia  Pacific  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
7.5.4  China  Country  Profile
7.5.4.1  China  InsurTech  Market,  2016-2023  (US$  Mn)
7.5.5  Japan  Country  Profile
7.5.5.1  Japan  InsurTech  Market,  2016-2023  (US$  Mn)
7.5.6  India  Country  Profile
7.5.6.1  India  InsurTech  Market,  2016-2023  (US$  Mn)
7.5.7  South  Korea  Country  Profile
7.5.7.1  South  Korea  InsurTech  Market,  2016-2023  (US$  Mn)
7.5.8  Southeast  Asia  Country  Profile
7.5.8.1  Southeast  Asia  InsurTech  Market,  2016-2023  (US$  Mn)
7.5.9  Rest  of  Asia  Pacific
7.5.9.1  Rest  of  Asia  Pacific  InsurTech  Market,  2016-2023  (US$  Mn)
7.6  Latin  America  InsurTech  Market
7.6.1  Latin  America  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
7.6.2  Latin  America  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
7.6.3  Latin  America  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
7.6.4  Brazil  Country  Profile
7.6.4.1  Brazil  InsurTech    Market,  2016-2023  (US$  Mn)
7.6.5  Argentina  Country  Profile
7.6.5.1  Argentina  InsurTech    Market,  2016-2023  (US$  Mn)
7.6.6  Rest  of  Latin  America
7.6.6.1  Rest  of  Latin  America  InsurTech    Market,  2016-2023  (US$  Mn)
7.7  Middle  East  &  Africa  InsurTech    Market
7.7.1  Middle  East  &  Africa  InsurTech  Market,  by  Component,  2016-2023  (US$  Mn)
7.7.2  Middle  East  &  Africa  InsurTech  Market,  by  Type  ,  2016-2023  (US$  Mn)
7.7.3  Middle  East  &  Africa  InsurTech  Market,  by  Application,  2016-2023  (US$  Mn)
7.7.4  Southern  Africa
7.7.4.1  Southern  Africa  InsurTech  Market,  2016-2023  (US$  Mn)
7.7.5  Northern  Africa
7.7.5.1  Northern  Africa  InsurTech  Market,  2016-2023  (US$  Mn)
7.7.6  GCC
7.7.6.1  GCC  InsurTech  Market,  2016-2023  (US$  Mn)
7.7.7  Rest  of  Middle  East  &  Africa
7.7.7.1  Rest  of  Middle  East  &  Africa  InsurTech  Market,  2016-2023  (US$  Mn)
Chapter  8  Competitive  Intelligence
8.1  Market  Players  Present  in  Market  Life  Cycle
8.2  Top  5  Players  Comparison
8.3  Market  Positioning  of  Key  Players,  2018
8.4  Market  Players  Mapping
8.4.1  By  Component
8.4.2  By  Type
8.4.3  By  Application
8.4.4  By  Region
8.5  Strategies  Adopted  by  Key  Market  Players
8.6  Recent  Developments  in  the  Market
8.6.1  Mergers  &  Acquisitions,  Partnership,  New  Product  Developments
8.7  Operational  Efficiency  Comparison  by  Key  Players
Chapter  9  Company  Profiles
9.1  Oscar
9.1.1  Oscar  Overview
9.1.2  Key  Stakeholders/Person  in  Shift  Technology
9.1.3  Oscar  Co.  Products  Portfolio
9.1.4  Oscar  Financial  Overview
9.1.5  Oscar  Co.    News/Recent  Developments
9.2  Quantemplate
9.2.1  Quantemplate  Overview
9.2.2  Key  Stakeholders/Person  in  Quantemplate
9.2.3  Quantemplate  Products  Portfolio
9.2.4  Quantemplate  Financial  Overview
9.2.5  Quantemplate  News/Recent  Developments
9.3  Shift  Technology
9.3.1  Shift  Technology  Overview
9.3.2  Key  Stakeholders/Person  in  Shift  Technology
9.3.3  Shift  Technology  Products  Portfolio
9.3.4  Shift  Technology  Financial  Overview
9.3.5  Shift  Technology  News/Recent  Developments
9.4  Trov
9.4.1  Trov    Overview
9.4.2  Key  Stakeholders/Person  in  Trov
9.4.3  Trov    Products  Portfolio
9.4.4  Trov    Financial  Overview
9.4.5  Trov    News/Recent  Developments
9.5  ZhongAn
9.5.1  ZhongAn  Overview
9.5.2  Key  Stakeholders/Person  in  ZhongAn
9.5.3  ZhongAn  Products  Portfolio
9.5.4  ZhongAn  Financial  Overview
9.5.5  ZhongAn  News/Recent  Developments
9.6  Friendsurance
9.6.1  Friendsurance    Overview
9.6.2  Key  Stakeholders/Person  in  Friendsurance
9.6.3  Friendsurance    Products  Portfolio
9.6.4  Friendsurance    Financial  Overview
9.6.5  Friendsurance    News/Recent  Developments
9.7  GetInsured
9.7.1  GetInsured  Overview
9.7.2  Key  Stakeholders/Person  in  GetInsured
9.7.3  GetInsured  Products  Portfolio
9.7.4  GetInsured  Financial  Overview
9.7.5  GetInsured  News/Recent  Developments
9.8  Bayzat
9.8.1  Bayzat  Overview
9.8.2  Key  Stakeholders/Person  in  Bayzat
9.8.3  Bayzat  Products  Portfolio
9.8.4  Bayzat  Financial  Overview
9.8.5  Bayzat  News/Recent  Developments
9.9  Claim  Di
9.9.1  Claim  Di  Overview
9.9.2  Key  Stakeholders/Person  in  Claim  Di
9.9.3  Claim  Di  Products  Portfolio
9.9.4  Claim  Di  Financial  Overview
9.9.5  Claim  Di  News/Recent  Developments
9.10  CommonEasy.
9.10.1  CommonEasy.  Overview
9.10.2  Key  Stakeholders/Person  in  CommonEasy.
9.10.3  CommonEasy.  Products  Portfolio
9.10.4  CommonEasy.  Financial  Overview
9.10.5  CommonEasy.  News/Recent  Developments

TABLE 1 Market Snapshot: Global InsurTech Market Value
TABLE 2 Global InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 3 Global InsurTech Market, by Type , 2016-2023
TABLE 4 Global InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 5 Global InsurTech Market, by Region, 2016-2023 (US$ Mn)
TABLE 6 North America InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 7 North America InsurTech Market, by Type , 2016-2023 (US$ Mn)
TABLE 8 North America InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 9 Europe InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 10 Europe InsurTech Market, by Type , 2016-2023 (US$ Mn)
TABLE 11 Europe InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 12 Asia Pacific InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 13 Asia Pacific InsurTech Market, by Type , 2016-2023 (US$ Mn)
TABLE 14 Asia Pacific InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 15 Latin America InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 16 Latin America InsurTech Market, by Type , 2016-2023 (US$ Mn)
TABLE 17 Latin America InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 18 Middle East & Africa InsurTech Market, by Component, 2016-2023 (US$ Mn)
TABLE 19 Middle East & Africa InsurTech Market, by Type , 2016-2023 (US$ Mn)
TABLE 20 Middle East & Africa InsurTech Market, by Application, 2016-2023 (US$ Mn)
TABLE 21 Top 5 Players Comparison
TABLE 22 Market Players Mapping – By Component
TABLE 23 Top Players Market Mapping – By Type
TABLE 24 Top Players Market Mapping – By Application
TABLE 25 Top Players Market Mapping – By Region
TABLE 26 Strategies Adopted by Key Market Players
TABLE 27 Mergers & Acquisitions, Partnership, New Product Developments
TABLE 28 Oscar Overview
TABLE 29 Key Stakeholders/Person in Shift Technology
TABLE 30 Oscar Co. Product Portfolio
TABLE 31 Oscar Co. News/Recent Developments
TABLE 32 Quantemplate Overview
TABLE 33 Key Stakeholders/Person in Quantemplate
TABLE 34 Board of Director
TABLE 35 Quantemplate Product Portfolio
TABLE 36 Quantemplate News/Recent Developments
TABLE 37 Shift Technology Overview
TABLE 38 Key Stakeholders/Person in Shift Technology
TABLE 39 Board of Director
TABLE 40 Shift Technology Product Portfolio
TABLE 41 Shift Technology News/Recent Developments
TABLE 42 Trov Overview
TABLE 43 Key Stakeholders/Person in Trov
TABLE 44 Board of Director
TABLE 45 Trov Product Portfolio
TABLE 46 Trov News/Recent Developments
TABLE 47 ZhongAn Overview
TABLE 48 Key Stakeholders/Person in ZhongAn
TABLE 49 Board of Director
TABLE 50 ZhongAn Product Portfolio
TABLE 51 ZhongAn News/Recent Developments
TABLE 52 Friendsurance Overview
TABLE 53 Key Stakeholders/Person in Friendsurance
TABLE 54 Board of Director
TABLE 55 Friendsurance Product Portfolio
TABLE 56 Friendsurance News/Recent Developments
TABLE 57 GetInsured Overview
TABLE 58 Key Stakeholders/Person in GetInsured
TABLE 59 Board of Director
TABLE 60 GetInsured Product Portfolio
TABLE 61 GetInsured News/Recent Developments
TABLE 62 Bayzat Overview
TABLE 63 Key Stakeholders/Person in Bayzat
TABLE 64 Board of Director
TABLE 65 Bayzat Product Portfolio
TABLE 66 Bayzat News/Recent Developments
TABLE 67 Claim Di Overview
TABLE 68 Key Stakeholders/Person in Claim Di
TABLE 69 Board of Director
TABLE 70 Claim Di Product Portfolio
TABLE 71 Claim Di News/Recent Developments
TABLE 72 CommonEasy. Overview
TABLE 73 Key Stakeholders/Person in CommonEasy.
TABLE 74 Board of Director
TABLE 75 CommonEasy. Product Portfolio
TABLE 76 CommonEasy. News/Recent Developments

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