Press release
Embedded Insurance Market Poised for 19 % Growth, Set to Hit $1.07 Billion by 2029
Embedded Insurance Market Share
The increasing use of digital platforms is projected to boost the growth of the embedded insurance market. Digital platforms enable online access to various services, including insurance, and their growing use is driven by consumer demand for convenience, technological progress, and competitive pricing. These platforms allow businesses to seamlessly integrate insurance services into their ecosystems via APIs. For example, in the first quarter of 2024, e-commerce sales in the U.S. increased by 8.6% compared to 2023, with e-commerce making up 15.9% of total retail sales. As a result, the increasing adoption of digital platforms is positively influencing the embedded insurance market.
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How will the growth rate of the embedded insurance market shape industry trends by 2034?
The embedded insurance market has seen rapid growth in recent years. It is expected to grow from $97.57 billion in 2024 to $116.49 billion in 2025, at a CAGR of 19.4%. The growth is linked to regulatory support, cost-effectiveness, increasing awareness of cyber and environmental risks, and the growing trend of urbanization.
The embedded insurance market is expected to grow rapidly, reaching $233.83 billion by 2029 at a CAGR of 19.0%. The growth is driven by improved customer experience, increased market penetration, better risk management, and operational efficiency. Trends include sustainability focus, IoT integration, blockchain technology, microinsurance, and telematics-based insurance.
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What trends are poised to drive the future success of the embedded insurance market?
Companies in the embedded insurance market are focusing on integrating artificial intelligence to improve claims processing, personalize insurance offerings, enhance risk assessment, and optimize customer support. For instance, in June 2024, Belgium-based Qover launched an AI-powered embedded insurance solution that utilizes generative AI and optical character recognition (OCR) to speed up claims processing. This innovation enables claims to be settled within minutes of approval, increasing operational efficiency and customer satisfaction.
Which primary segments of the embedded insurance market are driving growth and industry transformations?
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
Subsegments:
1) By Intrinsic Insurance: Embedded In Consumer Products (Smartphones, Electronics), Embedded In Automotive (Car Insurance Included With Vehicle Purchase), Embedded In Travel Services (Travel Insurance Included In Booking), Embedded In Financial Products (Life Insurance With Loans)
2) By Opt-Out Bundled Insurance: Insurance Bundled With Services (Consumers Automatically Enrolled But Can Opt Out), Travel Insurance With Ticket Purchase (Opt-Out At Checkout), Extended Warranties With Product Purchases (Electronics, Appliances), Health Insurance With Subscription Services (Wellness Programs)
3) By Opt-In Bundled Insurance: Insurance Bundled With Services But Requires Customer Opt-In, Car Rental Insurance (Optional At Booking), Product Insurance For Electronics Or Appliances (Opt-In At Point Of Sale), Travel Insurance (Optional When Booking Flights, Hotels, Or Vacation Packages)
4) By Billboard Insurance: Insurance Offered Through Advertisements (In-app Insurance Offers Or Digital Billboards), Insurance Ads Via E-Commerce Platforms (Insurance Offers During Online Checkout), Mobile App Insurance Offers (Banners Or Push Notifications For Insurance Products)
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Which geographical regions are pioneering growth in the embedded insurance market?
Asia-Pacific was the largest region in the embedded insurance market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the embedded insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the embedded insurance market landscape?
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
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What Is Covered In The Embedded Insurance Global Market Report?
•Market Size Forecast: Examine the embedded insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the embedded insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the embedded insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the embedded insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the embedded insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the embedded insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the embedded insurance market.
•Competitive Landscape: Review strategic developments in the embedded insurance market, including expansions, agreements, and new product launches.
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