Press release
InsurTech (Insurance Technology) Market Poised for 39 % Growth, Set to Hit $96.24 Billion by 2029
InsurTech (Insurance Technology) Market Industry
The upsurge in insurance demand is anticipated to boost the insurtech (insurance technology) market's expansion in the future. An agreement between an individual or organization (referred to as the insured) and an insurance corporation (identified as the insurer) is what insurance is, and it's granted to safeguard against monetary damage. Insurance firms are extensively adopting insurtech to amplify their procedures, enrich customer relationships, and enhance productivity. For example, data from the U.S. Department of Commerce carried out by the U.S. Census Bureau, a government agency in the United States, in September 2023 showed that an approximate 92.1% of individuals were insured at some point, a rise from 91.7% in 2021. Consequently, the escalating demand for insurance is fueling the development of the insurtech (insurance technology) market.
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What Is the projected market size and growth rate for the insurtech (insurance technology) market?
Recently, the insurtech (insurance technology) market has seen considerable growth. It's predicted to increase in size from $19.23 billion in 2024 to $25.95 billion in 2025, boasting a compound annual growth rate (CAGR) of 35.0%. Factors that contributed to the increase in the historic period include the digital transformation of insurance, heightened customer expectations, the use of data analysis and risk evaluation, changes in regulations and compliance, and the surge of various insurtech startups.
The market size for insurtech (insurance technology) is predicted to undergo a substantial expansion in the coming years, with an estimated value of ""$96.24 billion by 2029, growing at a compound annual growth rate (CAGR) of 38.8%. The expected growth during the projection period can be attributed to a heightened focus on customization, the broadening applications of IoT in the insurance sector, the incorporation of blockchain technology, AI integration, and an evolving cyber insurance market. Key trends anticipated during this period encompass the integration of big data analytics, the development of regulatory technology (regtech) solutions, personalized and on-demand insurance offerings, AI-driven claim processing, and an emphasis on ecosystem integration.
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What new trends are reshaping the insurtech (insurance technology) market and its opportunities?
A building trend in the insurtech (insurance technology) market is the incorporation of robotics systems. To maintain a competitive edge, companies in the insurtech industry are turning to robotics technology. Koop Technologies, an American insurance technology firm, exemplified this in September 2022, when they introduced the robotic errors and omissions insurance for insurance firms. This type of insurance, developed for the insurtech market, manages the risk factors related to automation. It is aimed at manufacturers, operators, and service providers of robots and off-road autonomous vehicles in various sectors. A specialized risk assessment process is used to deliver customized ratings based on specific software and hardware elements. Tailored to fit the distinct needs of the robotics environment, this policy takes into account the technological and safety engineering aspects of the sector. The insurance concentrates on a specific group of off-road robots, focusing on automation as a class risk category, shifting from a software-defined exposure to a human-centric exposure in actual operational environments.
What major market segments define the scope and growth of the insurtech (insurance technology) market?
The insurtech (insurance technology) market covered in this report is segmented -
1) By Offering: Solution, Service
2) By Insurance Type: Commercial Insurance, Property And Casualty Insurance, Health Insurance, Life Insurance, Other Insurance Types
3) By Technology: Cloud Computing, Blockchain, Big Data And Analytics, Artificial Intelligence, Internet Of Things (IoT), Machine Learning, Other Technologies
4) By Deployment Model: On-Premise, Cloud
5) By End-Use: Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Government, Retail, Other End Users
Subsegments:
1) By Solution: Claims Management Solutions, Policy Administration Systems, Analytics And Reporting Solutions, Customer Relationship Management (CRM) Solutions, Fraud Detection Solutions
2) By Service: Managed Services, Consulting Services, Implementation Services, Support And Maintenance Services
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Which region dominates the insurtech (insurance technology) market?
North America was the largest region in the InsurTech (insurance technology) market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global InsurTech (insurance technology) market report during the forecast period. The regions covered in the insurtech (insurance technology) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the insurtech (insurance technology) industry growth?
Major companies operating in the insurtech (insurance technology) market include DXC Technology Company, Shift Technology, Wipro Limited, Oscar Insurance Corporation, Quantemplate, Zhongan Insurance Company, Trov Insurance Solutions LLC, Clover Healt*h Insurance, Insurance Technology Services, EIS Group, Acko General Insurance Company, Policy Bazaar, Simplesurance GmbH, Amodo, MetLife Inc., The Travelers Companies Inc., Root Insurance, Next Insurance, Hippo Insurance, Government Employees Insurance Company, Haven Life, Clearcover Insurance, Slice Labs Inc., Kin Insurance, Collective Health
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What Is Covered In The InsurTech (Insurance Technology) Global Market Report?
• Market Size Forecast: Examine the insurtech (insurance technology) market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the insurtech (insurance technology) market for a structured understanding.
• Key Players Overview: Analyze major players in the insurtech (insurance technology) market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurtech (insurance technology) market.
• Segment Contributions: Evaluate how different segments drive overall growth in the insurtech (insurance technology) market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurtech (insurance technology) market.
• Industry Challenges: Identify potential risks and obstacles affecting the insurtech (insurance technology) market.
• Competitive Landscape: Review strategic developments in the insurtech (insurance technology) market, including expansions, agreements, and new product launches.
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