Press release
Global On-Demand Insurance Market Set to Reach USD 23.9 Billion by 2033, Driven by Smartphone Use and Digital Transformation
On-Demand Insurance Market
With more people connected through mobile phones and internet services, insurers are now able to reach customers more easily through digital platforms. Consumers can browse, compare, and purchase insurance policies directly from their phones through user-friendly mobile apps. This convenience has opened up insurance access to a broader population, especially in regions where traditional insurance channels are limited.
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Mobile apps from insurance providers allow customers to explore policy options, get quotes, and obtain coverage quickly and efficiently. As a result, insurers are better equipped to meet evolving consumer needs by offering timely and flexible protection.
India is a prime example of this trend. According to the Internet and Mobile Association of India (IAMAI), the country is expected to surpass 1 billion smartphone users by 2025. This surge in digital connectivity is creating major opportunities for insurers to offer personalized insurance products to a tech-savvy population.
The rise of digital transformation is also helping insurers understand customer behavior better. Through technologies like artificial intelligence (AI), Internet of Things (IoT), and data analytics, insurers can offer coverage tailored to how individuals live, drive, or use electronics. This usage-based model allows for more accurate pricing and risk assessment, leading to better outcomes for both insurers and customers.
In December 2024, companies like Compass UOL and Sand Technologies announced partnerships to advance AI capabilities for businesses, including insurance firms. These innovations are expected to enhance product development, reduce time-to-market, and boost overall customer satisfaction across digital platforms.
Market Drivers: Flexibility and Technology
One of the key factors driving the growth of the on-demand insurance market is the increasing customer demand for flexible and customizable insurance options. People now want coverage that adapts to their lifestyle, rather than being locked into traditional long-term policies. The growing popularity of mobile apps, along with improved internet services, has made it easier for insurers to offer on-demand policies to more people in different regions.
IoT devices and smartphones also enable real-time data collection, helping insurers provide accurate, usage-based insurance products. This benefits both customers and insurers by improving the accuracy of risk assessment and pricing.
In India, where the insurance market was opened to private players in 2000, companies like ICICI Prudential, HDFC Life, and SBI Life have helped make insurance more accessible and innovative, contributing to the growing demand for customized insurance offerings.
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Market Challenges: Privacy and Connectivity Gaps
Despite its growth, the on-demand insurance market faces some challenges. The reliance on digital tools and data means that people without smartphones or reliable internet access may be excluded from these services. Additionally, privacy concerns remain a major issue, as many consumers hesitate to share personal or behavioral data required for personalized insurance plans.
Furthermore, insurers must strike a balance in assessing risk using real-time data. Inaccurate assessments can either result in higher costs for customers or financial losses for insurance companies.
Segment Insights: Car Insurance Leads, Electronics Coverage Rising
In 2024, the car insurance segment held the largest share of the on-demand insurance market. Flexible coverage options appeal to drivers who do not need year-round insurance, allowing them to choose coverage based on their needs, driving habits, and vehicle type.
Meanwhile, the electronic equipment insurance segment is expected to grow the fastest over the forecast period. With the growing use of personal electronics like phones, laptops, and cameras, more people are seeking quick and convenient insurance solutions to protect their devices.
With our new report, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Emergen Research study is for everybody needing commercial analyses for the On Demand Insurance Market, 2022 to 2030, market-leading companies. You will find data, trends and predictions.
Major Players/Manufacturers profiled in the report are:
Slice Insurance Technologies Inc.
VSure.life
Xceedance, Inc.
SkyWatch Insurance Services, Inc.
Zuno General Insurance Limited
JaSure
Thimble
JAUNTIN
Cuvva
Snap-it Cover
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On-demand Insurance Market Segmentation Analysis
By Coverages Outlook (Revenue, USD Billion; 2020-2033)
Car Insurance
Home Appliances Insurance
Entertainment Insurance
Contractor Insurance
Electronic Equipment Insurance
Others
By End-user Outlook (Revenue, USD Billion; 2020-2033)
Individuals
Businesses
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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A detailed analysis of the factors that drive and restrict the growth of the minimally invasive surgical systems market is provided.
Extensive analysis of key segments demonstrates the types of energy devices, access equipment, and visualization & documentation systems used in minimally invasive surgeries.
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Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs. Emergen Research also offers a country-wise customized report as per clients' needs.
Read Similar Reports By Emergen Research:
On Demand Insurance Market Size @ https://www.emergenresearch.com/industry-report/on-demand-insurance-market/market-size
On Demand Insurance Market Share @ https://www.emergenresearch.com/industry-report/on-demand-insurance-market/market-share
On Demand Insurance Market Trends @ https://www.emergenresearch.com/industry-report/on-demand-insurance-market/market-trends
On Demand Insurance Regional Market Demand @ https://www.emergenresearch.com/industry-report/on-demand-insurance-market/regional-market-demand
On Demand Insurance Market Analysis @ https://www.emergenresearch.com/industry-report/on-demand-insurance-market/market-analysis
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