Insurtech Market is Projected to Reach USD 3729 million by 2027, growing at a CAGR of 37.9% during 2020-2027 | Industry Share, Size, & Analysis

Insurtech Market

The Insurtech Market is expected to reach USD 3729 million by 2027, growing at a CAGR of 37.9% over the forecast period (2020-2027).

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The factors driving the growth of Insurtech Market includes rise in the number of insurance claims across the globe, increase in consumer spending on insurance, Government initiatives promoting digitalization and growing penetration of smartphones. According to the report published by Statista, household spending on insurance in the United Kingdom has increased from 6.2 billion British pounds in 2000 to 19.1 billion British pounds in 2020, which is expected to accelerate the Insurtech Market share in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Blockchain and Internet of Things (IoT), rise in the launch of innovative insurance products, trending concept of remote working and increasing acceptance of cryptocurrency-based payments in the insurance industry, are some of the additional factors supplementing the market growth. In addition, increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further propelling the Insurtech Market size.

However, growth of the Insurtech Market is hindered attributed to strict regulations related to security and data privacy.

The prominent players operating in the market are Majesco, Quantemplate, Wipro Limited, DXC Technology Company, Damco Group, Insurance Technology Services, Zhongan Insurance, Shift Technology, Oscar Insurance, and Trōv, Inc., among others.

Based on Technology, the Cloud Computing segment is predicted to grow at a significant CAGR during the forecast period

Cloud computing helps in unusual activity during the transaction process, is the major factor pushing the growth of the segment.

Based on End-Use, the BSFI segment is projected to expand at a remarkable CAGR over the forecast period

Advanced technologies help banks to enhance customer's experience, provides access to customer's data base and secures transactions, are some of the factors propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Increasing consumers on spending on insurance policies, rise in the number of Insurtech startups, growing adoption of advanced technologies, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the Insurtech Market Growth in Asia-Pacific region.

Key Developments

In 2020, Oscar Insurance, collaborated with MercyOne, a connected system of health care facilities and services to enhance consumers experience with more savings.
In 2020, Majesco introduced the version 11 R2 of its product, P&C Core Suite to shift the insurance sector to a next-generation digital era of insurance. This product has the capability to improve the speed to value, ecosystem connectivity, customer experience, and cloud activity.

Market Segmentation

Segmentation by Type

Auto
Business
Health
Home
Speciality
Travel
Others

Segmentation by Service

Consulting
Support & Maintenance
Managed Services

Segmentation by Technology

Blockchain
Cloud Computing
IoT
Machine Learning
Robo Advisory
Others

Segmentation by End-Use

Automotive
BFSI
Government
Healthcare
Manufacturing
Retail
Transportation
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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