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