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On-Demand Insurance Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
On-Demand Insurance Market Outlook
The size of the on-demand insurance sector has experienced significant growth in recent years. The expansion is projected to continue from $5.5 billion in 2024 to $6.33 billion in 2025, representing a compound annual growth rate (CAGR) of 15.2%. Factors contributing to the growth observed in the historic period include the rise of smartphone and internet use, consumers' preference for convenience, a transition from conventional to digital insurance channels, regulatory shifts towards digital insurance, and growing awareness about digital financial services.
In the coming years, swift expansion is anticipated in the on-demand insurance market, which is predicted to surge to $11.01 billion by 2029 with a CAGR of 14.8%. This expected growth in the projected period is due to various factors such as the expanding use of big data analytics, surging demand for tailored insurance products, prevalence of digital-only insurance service providers, augmented funding in Insurtech startups, and the escalating trend of peer-to-peer insurance models. Key trends to watch during this period include the incorporation of AI-powered chatbots for customer assistance, heightened application of blockchain for enhanced transparency and security, the broadening of on-demand insurance to fresh markets, heightened significance of cybersecurity insurance, and collaborations among conventional insurers and technology corporations.
What Is Stimulating Growth in the On-Demand Insurance Market?
The rising use of digital platforms is anticipated to boost the expansion of the on-demand insurance market. Digital platforms pertain to online systems that offer a range of services such as buying, managing, and modifying insurance policies. This uptick is due to the escalating consumer desire for convenience, financial progress, technological innovation, and enticing cost structures. Digital platforms fuel the expansion of on-demand insurance by streamlining the purchasing procedure, proposing competitive rates, and instilling confidence in customers about their insurance choices. For example, data disseminated by the Bureau of the Census, a Federal Statistical System agency based in the US, reveals that the initial quarter 2024 e-commerce prediction rose 8.6% (±1.1%) from the initial quarter of 2023. Whereas, overall retail sales saw an increase of 1.5% (±0.5%) in the same timeframe. E-commerce sales comprised 15.9% of entire sales in the first quarter of 2024. Thus, the rising utilization of digital platforms is propelling the expansion of the on-demand insurance market.
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Who Are the Dominant Companies Influencing On-Demand Insurance Market Trends?
Major companies operating in the on-demand insurance market are 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., Trōv, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.
How Is the On-Demand Insurance Market Evolving?
Leading firms in the on-demand insurance sector are concentrating on creating innovative goods such as mobile telematics-based all-inclusive motor insurance. This offers bespoke, adaptable coverage options and makes use of real-time driving data for accurate risk assessment, usage-based premiums, and improved customer interaction. Through the use of an app-based solution, mobile telematics fosters safer drivers and advances fleet management and other similar aspects. For example, in July 2023, the India-based Zuno General Insurance (previously Edelweiss General Insurance or EGI) rolled out their product, SWITCH. By employing mobile telematics and real-time driving data, it switches on coverage and calculates tailored premiums according to usage and driving patterns, thereby offering a flexible, usage-based insurance resolution. This groundbreaking approach promotes careful driving and challenges the traditional motor insurance setup by providing a personalised, data-led, and client-focused experience in the on-demand insurance sector.
What Are the Different Segmentations in the On-Demand Insurance Market?
The on-demand insurance market covered in this report is segmented -
1) By Coverage: Car Insurance, Home Appliances Insurance, Entertainment Insurance, Contractor Insurance, Electronic Equipment Insurance, Other Coverages
2) By Insurance: General Insurance, Life Insurance, Cybersecurity Insurance, Other Insurances
3) By End-User: Individuals, Business
Subsegments:
1) By Car Insurance: Personal Car Insurance, Commercial Car Insurance
2) By Home Appliances Insurance: Kitchen Appliances Insurance, Home Electronics Insurance, HVAC Insurance
3) By Entertainment Insurance: Event Cancellation Insurance, Media & Film Production Insurance, Ticket Refund Insurance
4) By Contractor Insurance: General Liability Insurance, Workers' Compensation Insurance, Professional Indemnity Insurance
5) By Electronic Equipment Insurance: Mobile Device Insurance, Laptop & Tablet Insurance, Wearable Technology Insurance
6) By Other Coverages: Travel Insurance, Health Insurance, Pet Insurance
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Which Region Is at the Forefront of the On-Demand Insurance Market?
North America was the largest region in the on-demand insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the on-demand insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The On-Demand Insurance Global Market Report?
- Market Size Analysis: Analyze the On-Demand Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the On-Demand Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall On-Demand Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the On-Demand Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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