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On-Demand Insurance Market Demand, Share, Trends, Forecast, and Overview 2024-2033
On-Demand Insurance Market Demand
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According to The Business Research Company's, The on-demand insurance market size has grown rapidly in recent years. It will grow from $4.79 billion in 2023 to $5.50 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to increased smartphone and internet penetration, consumer demand for convenience, a shift from traditional to digital insurance channels, regulatory changes favoring digital insurance, and increased awareness of digital financial services.
The on-demand insurance market size is expected to see rapid growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing use of big data analytics, rising demand for personalized insurance products, proliferation of digital-only insurance providers, increased investment in insurtech startups, and growing popularity of peer-to-peer insurance models. Major trends in the forecast period include integration of AI-driven chatbots for customer service, increased use of blockchain for transparency and security, expansion of on-demand insurance into new markets, growing importance of cybersecurity insurance, and partnerships between traditional insurers and tech firms.
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Market Drivers and Trends:
The growing adoption of digital platforms is expected to propel the growth of the on-demand 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 is a result of increasing consumer demand for convenience, economic growth, technological advancements, and attractive pricing options. Digital platforms contribute to the rise in on-demand insurance by simplifying the purchasing process, offering competitive pricing, and providing consumers with more confidence in their insurance decisions. For instance, according to data published by the Bureau of the Census, a US-based Federal Statistical System agency, the first quarter 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 on-demand insurance market.
Major companies in the on-demand insurance market are focusing on developing innovative products, such as mobile telematics-based comprehensive motor insurance, to offer more personalized and flexible coverage options and to leverage real-time driving data to assess risk accurately, provide usage-based premiums, and enhance customer engagement. Mobile telematics is an app-based solution that creates safer drivers, transforms insurance, fleet management, and more. For instance, in July 2023, Zuno General Insurance (formerly known as Edelweiss General Insurance (EGI)), an India-based insurance company, launched SWITCH. This utilizes mobile telematics and real-time driving data to activate coverage and calculate personalized premiums based on usage and driving behavior, providing a flexible, usage-based insurance solution. This innovation incentivizes safe driving and disrupts traditional motor insurance by offering a personalized, data-driven, and customer-centric experience in the on-demand insurance market.
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Major Key Players of the Market:
Life Insurance Corporation of India, Tata Consultancy Services Limited, Infosys Limited, DXC Technology, Pegasystems Inc., Bajaj Allianz General Insurance, Xceedance Inc., Zego, Appian, Getsafe, Metromile, Max Life Insurance Company, Cuvva, Sure Inc., Trov, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.
On-Demand Insurance Market 2024 Key Insights:
• The on-demand insurance market size is expected to see rapid growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.
• Growing Digital Platform Adoption Drives On-Demand Insurance Market Growth Significantly
• Edelweiss SWITCH Uses Mobile Telematics For Flexible Personalized Motor Insurance
• North America was the largest region in the on-demand insurance market in 2023
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