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Growing Digital Platform Adoption Drives On-Demand Insurance Market Growth Significantly Driver: Leading Transformation in the On-Demand Insurance Market in 2025
On-Demand Insurance Market Size
The growing use of digital platforms is expected to drive the growth of the on-demand insurance market. Digital platforms simplify insurance purchases, offer competitive pricing, and enhance consumer confidence. A Bureau of the Census report indicated that e-commerce sales grew by 8.6% in the first quarter of 2024, contributing to the rise of digital insurance platforms. This shift toward digital platforms is driving the growth of the on-demand insurance market.
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What growth opportunities are expected to drive the on-demand insurance market's CAGR through 2034?
The on-demand insurance market has seen strong growth, increasing from $5.5 billion in 2024 to $6.33 billion in 2025 at a CAGR of 15.2%. Growth has been fueled by increased smartphone and internet penetration, consumer demand for convenience, a shift to digital insurance channels, regulatory changes favoring digital insurance, and heightened awareness of digital financial services.
The On-Demand Insurance Market is projected to reach $11.01 billion by 2029, with a CAGR of 14.8%. Growth is driven by the increasing use of big data analytics, demand for personalized insurance products, expansion of digital-only providers, rising InsurTech investments, and the popularity of peer-to-peer insurance models. Key trends include AI-driven chatbots, blockchain adoption for transparency, market expansion, growing cybersecurity insurance, and partnerships between traditional insurers and tech firms.
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What are the emerging trends shaping the future of the on-demand insurance market?
Companies in the on-demand insurance market are focusing on developing innovative mobile telematics-based motor insurance products to offer personalized and flexible coverage. Mobile telematics enables real-time driving data to assess risk, offer usage-based premiums, and enhance customer engagement. In July 2023, Zuno General Insurance, an Indian insurance company, launched SWITCH, which uses mobile telematics to activate coverage and calculate personalized premiums based on driving behavior. This solution incentivizes safe driving and transforms the insurance experience by offering flexible, data-driven, and customer-centric coverage.
Which growth-oriented segments of the on-demand insurance market are leading the industry's development?
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 regions are key players in the growth 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 companies are at the forefront of innovation in the on-demand insurance market?
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., Trov, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.
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What Is Covered In The On-Demand Insurance Global Market Report?
•Market Size Forecast: Examine the on-demand insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the on-demand insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the on-demand insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the on-demand insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the on-demand insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the on-demand insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the on-demand insurance market.
•Competitive Landscape: Review strategic developments in the on-demand insurance market, including expansions, agreements, and new product launches.
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