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Emerging Trends Influencing The Growth Of The Insurtech Market: Innovative AI-Powered Platforms Transforming the Insurtech Sector
Insurtech Market Size
How Big Is the Insurtech Market Size Expected to Be by 2034?
In recent times, the insurtech market has seen substantial expansion. The projected growth indicates an increase from $17.08 billion in 2024 to $22.08 billion in 2025, showcasing a compound annual growth rate (CAGR) of 29.3%. The historical growth of the market primarily stems from robust economic development in the emerging economies, heightened digital transformation in insurance services, greater utilization of robotic process automation within insurance firms, and an upswing in the number of insurtech startups.
Expectations are high for a significant expansion in the insurtech market size in the upcoming years. A rise to $82.3 billion by 2029 is projected, with a compound annual growth rate (CAGR) of 38.9%. This substantial growth anticipated within this period can be attributed to a surge in insurance claims, a growing embrace of cutting-edge technologies in the insurance sector, and supportive government initiatives. Key trends shaping this forecast period encompass the integration of artificial intelligence (AI), a focus on smart automation solutions, emphasis on product innovation, adoption of blockchain technology, forging partnerships and collaborations, and utilizing IoT (Internet of Things) technology.
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What Are the Emerging Segments Within the Insurtech Market?
The insurtech market covered in this report is segmented -
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet Of Things), Artificial Intelligence, Big Data And Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
Subsegments:
1) By Health Insurance: Individual Health Insurance, Group Health Insurance, Critical Illness Insurance
2) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
3) By Travel Insurance: Single Trip Insurance, Annual Multi-Trip Insurance, Medical Travel Insurance
4) By Car Insurance: Third-Party Liability Insurance, Comprehensive Car Insurance, Collision Coverage
5) By Business Insurance: General Liability Insurance, Property Insurance, Workers' Compensation Insurance
6) By Home Insurance: Homeowners Insurance, Renters Insurance, Landlord Insurance
7) By Other Products: Pet Insurance, Cyber Insurance, Event Insurance
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What Long-Term Drivers Are Shaping Insurtech Market Trends?
The anticipated surge in insurance claims is predicted to fuel the expansion of the insurtech market. Insurtech is deployed to enhance the efficiency of claims processing, risk assessment, contract processing, and policy underwriting. Due to the COVID-19 pandemic, there has been a surge in the count of hospitalizations, resulting in a rise in insurance claims. For example, in a report released by LV=, the UK's largest personal lines insurer, in April 2024, it was revealed that LV=, a prominent life and pensions mutual insurer, settled individual protection claims worth $175.16 million (£135 million) in 2023, indicating a 6% increment compared to 2022. Hence, the surge in insurance claims is forecasted to boost the insurtech market's growth.
Who Are the Top Competitors in Key Insurtech Market Segments?
Major companies operating in the insurtech market include DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
What Are the Major Trends Shaping the Insurtech Market?
A primary focus for predominant companies in the insurtech market is the advancement of innovative solutions such as AI-powered insurance platforms to improve the customer experience. These digital systems employ artificial intelligence to automate and refine numerous insurance procedures including underwriting, handling claims, and customer service, thereby boosting efficacy and enhancing decision-making processes. For example, Sapiens International Corporation, an Israeli computer software firm, unveiled the Next-Gen Intelligent Insurance Platform in June 2024. This platform merges AI, machine learning, and cloud-based technology to streamline insurance operations and bolster data-driven decision-making. This platform allows insurance providers to swiftly innovate, boost operational efficiency, and offer superior customer service through a robust ecosystem.
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Which Regions Are Becoming Hubs for Insurtech Market Innovation?
North America was the largest region in the insurtech service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurtech Market?
2. What is the CAGR expected in the Insurtech Market?
3. What Are the Key Innovations Transforming the Insurtech Industry?
4. Which Region Is Leading the Insurtech Market?
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