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Growing Digital Platform Adoption Drives On-Demand Insurance Market Growth Significantly: A Significant Driver Propelling The Embedded Insurance Market In 2025
Embedded Insurance
What Is the Embedded Insurance Market Size and Projected Growth Rate?
The embedded insurance market is set to grow from $97.57 billion in 2024 to $116.49 billion in 2025, at a CAGR of 19.4%. Its rise was driven by cost efficiency, cyber risk awareness, regulatory support, and urbanization.
The embedded insurance market is projected to experience significant growth in the coming years, expected to reach $233.83 billion by 2029, with a compound annual growth rate (CAGR) of 19.0%. This growth is driven by an enhanced customer experience, increased market penetration, improved risk management, operational efficiency, and advancements in data privacy and security. Major trends during the forecast period include a focus on sustainability, the integration of IoT devices, blockchain technology, microinsurance, and telematics-based insurance.
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What Are the Major Segments in the Embedded Insurance Market?
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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What Are The Driving Embedded Insurance Market Evolution?
The increasing adoption of digital platforms is expected to drive the growth of the embedded insurance market. Digital platforms, such as online systems for purchasing, managing, and customizing insurance policies, are gaining popularity due to their convenience and accessibility. The growing demand for integrated services and technological advancements is fueling the adoption of digital platforms in the insurance sector. For instance, in the first quarter of 2024, e-commerce sales in the U.S. rose by 8.6% from the previous year, with digital platforms accounting for 15.9% of total retail sales. As digital platforms continue to expand, so does the embedded insurance market.
Which Firms Dominate The Embedded Insurance Market Segments?
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, Tr?v, CoverWallet Inc., Slice Insurance Technologies Inc., Boost Insurance USA Inc., Kasko Ltd., Bimaplan, Bsurance GmbH
What Embedded Insurance Market Trends Are Gaining Traction Across Different Segments?
Leading firms within the embedded insurance market are innovating by creating sophisticated embedded insurance services that work with artificial intelligence. This enhances the efficiency of claim processing, tailors insurance packages to individual's needs, refines risk evaluation, and boosts customer service performance. The role of AI in embedded insurance involves automating tasks, refining risk evaluation, personalizing services, and making claims handling more efficient. For example, in June 2024, a Belgium-based insurance company called Qover launched an AI-bolstered embedded insurance service. This service from Qover, armed with artificial intelligence, leverages cutting-edge data extraction tools like generative artificial intelligence (GenAI) and optical character recognition (OCR) to expedite and streamline the claims process. Such integration fast-tracks claim settlements to mere minutes post-approval, thereby improving efficiency and increasing customer satisfaction.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Embedded Insurance Market?
2. What is the CAGR expected in the Embedded Insurance Market?
3. What Are the Key Innovations Transforming the Embedded Insurance Industry?
4. Which Region Is Leading the Embedded Insurance Market?
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