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On-Demand Insurance Market Expected to Achieve 14.8% CAGR by 2029: Growth Forecast Insights
On-Demand Insurance
How Large Will the On-Demand Insurance Market Size By 2025?
The rapid expansion of the on-demand insurance market in the last few years is noteworthy. Currently projected to rise from $5.5 billion in 2024 to $6.33 billion in 2025, it features a compound annual growth rate (CAGR) of 15.2%. Factors contributing to this historical growth include the widespread use of smartphones and the internet, the consumer's desire for convenience, a movement away from traditional insurance channels towards digital ones, regulatory alterations that favor digital insurance, and a greater understanding of digital financial services.
How Big Is the On-Demand Insurance Market Size Expected to Grow by 2029?
The market size of on-demand insurance is predicted to experience a significant surge in growth in the upcoming years, with a projection to expand to $11.01 billion by 2029, growing at a CAGR of 14.8%. The surge is linked to the escalating use of big data analytics, the surging demand for bespoke insurance products, the spread of digital-only insurance services, greater funding in Insurtech startups, along with the expanding acceptance of peer-to-peer insurance models. Key trends in the forecast period are the incorporation of chatbots powered by AI for customer service, more use of blockchain for enhanced transparency and security, the expansion of on-demand insurance into fresh markets, the escalating relevance of cybersecurity insurance, and collaborations between traditional insurance companies and technology firms.
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Which Key Market Drivers Powering On-Demand Insurance Market Expansion and Growth?
The continuing surge in the use of digital platforms is projected to spur the development of the on-demand insurance sector. Pertaining to internet-based systems that enable an array of services such as purchasing, managing and tailoring insurance policies, these digital platforms are gaining increased traction. This surge can be traced back to the rising consumer need for convenience, economic expansion, technological innovation, and enticing pricing models. Digital platforms play a vital role in the expansion of on-demand insurance by streamlining the purchase procedure, proposing competitive prices, and instilling greater assurance in customers regarding their insurance choices. As per data from the Bureau of the Census, a US Federal Statistical System agency, e-commerce, in the first quarter of 2024, saw a rise of 8.6% (±1.1%) from the first quarter of 2023. Over the same timeframe, total retail sales spiked 1.5% (±0.5%), with e-commerce transactions constituting 15.9% of all sales in the first quarter of 2024. Therefore, the continued rise in the use of digital platforms is at the helm of the progress of the on-demand insurance sector.
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Which Fast-Growing Trends Are Poised to Disrupt the On-Demand Insurance Market?
Leading firms within the on-demand insurance market are channeling their energy towards the creation of groundbreaking products like comprehensive motor insurance that operates on mobile telematics. The goal is to provide coverage that is both individualized and adaptable, while also capitalizing on live driving data to gauge risk proficiently, establish usage-based premiums, and strengthen customer interaction. Mobile telematics happen to be app-oriented solutions that promote safe driving, morph insurance and fleet management among others. As an example, in July 2023, Zuno General Insurance, initially referred to as Edelweiss General Insurance (EGI), a company based in India, brought to market SWITCH. This taps into both mobile telematics and real-time driving data to start coverage and compute personalized premiums based on how often and how well the customer drives. As a result, this encourages safer driving habits and poses a challenge to conventional motor insurance by delivering an irreplaceably personalized, data-informed, customer-focused experience in the on-demand insurance market.
What Are the Emerging Segments in the On-Demand Insurance Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the On-Demand Insurance Industry?
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.
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