Press release
Global Embedded Insurance Market Forecast and Opportunities 2024
Embedded Insurance Market Forecast
The new report published by The Business Research Company, titled Embedded Insurance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the embedded insurance market size has grown rapidly in recent years. It will grow from $82 billion in 2023 to $97.57 billion in 2024 at a compound annual growth rate (CAGR) of 19%. The embedded insurance market size is expected to see rapid growth in the next few years. It will grow to $196.5 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
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What Is Driving The Growth Of The Global Embedded Insurance Market?
Growing Digital Platform Adoption Drives On-Demand Insurance Market Growth Significantly
The growing adoption of digital platforms is expected to propel the growth of the embedded insurance market going forward. Digital platforms refer to online systems that facilitate various services, including the purchasing, management, and customization of insurance policies. Rising adoption results from increasing consumer demand for convenience, economic growth, technological advancements, and attractive pricing options. Digital platforms facilitate integrating insurance services into non-insurance platforms through APIs, enabling businesses to offer insurance products directly within their digital ecosystems. For instance, according to data published by the Bureau of the Census, a US-based Federal Statistical System agency, the first quarter of 2024 e-commerce estimate increased 8.6% (±1.1%) from the first quarter of 2023, while total retail sales increased 1.5% (±0.5%) in the same period, with e-commerce sales accounting for 15.9% of total sales in the first quarter of 2024. Therefore, the growing adoption of digital platforms is driving the growth of the embedded insurance market.
What Is The Key Trend In The Global Embedded Insurance Market?
Technological Advancements Revolutionizing Embedded Insurance Solutions
Major companies operating in the embedded insurance market are developing advanced embedded insurance solutions interacting with artificial intelligence to streamline claims processing, personalize insurance offerings, enhance risk assessment, and improve customer support. AI enhances embedded insurance by automating processes, improving risk assessment, personalizing offerings, and streamlining claims. For instance, in June 2024, Qover, a Belgium-based insurance company, launched an AI-powered embedded insurance solution. Qover's AI-powered embedded insurance solution uses advanced data extraction technologies, including generative artificial intelligence (GenAI) and optical character recognition (OCR), to streamline and accelerate the claims process. This integration enables claim settlements within minutes of approval, enhancing efficiency and user satisfaction.
How Is The Global Embedded Insurance Market Segmented?
The embedded insurance market covered in this report is segmented -
1) By Type: Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance, Billboard Insurance
2) By Channel: Online, Offline
3) By Industry: Automotive, Healthcare, Real Estate, Consumer Products, Travel And Hospitality, Other Industries
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How Is The Competitive Landscape Of The Global Embedded Insurance Market?
Major companies operating in the embedded insurance market are Zurich Insurance Group Ltd., The Chubb Corporation, Acko General Insurance Ltd., Root Insurance Company, Next Insurance Inc., Zego, Lemonade Insurance Agency LLC, Vouch Inc., Getsafe GmbH, Hippo Enterprises Inc, Qover S.A./N.V, Hepster, Cover Genius Insurance Services LLC, Cuvva, Sure Inc., wefox Insurance AG, SimpleSurance, Akur8 SAS, Trōv, CoverWallet Inc., Slice Insurance Technologies Inc., Boost Insurance USA Inc., Kasko Ltd., Bimaplan, Bsurance GmbH
Contents Of The Global Embedded Insurance Market
1. Executive Summary
2. Embedded Insurance Market Report Structure
3. Embedded Insurance Market Trends And Strategies
4. Embedded Insurance Market - Macro Economic Scenario
5. Embedded Insurance Market Size And Growth
…..
27. Embedded Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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