The global insurtech market size is anticipated to value USD 16.8 billion until 2025. It is also expected to register a CAGR of 43.0% over the forecasted years, 2019 to 2025. The rising usage of advanced technologies like AI (Artificial Intelligence) and ML (Machine Learning) across many insurance companies for targeting customers and maintaining their records is projected to drive market growth.
COVID-19 Impact Insights:
The market has been affected positively due to the ongoing COVID-19 pandemic. This can be associated with the increasing demand for insurance claims on account of health concerns arising among senior citizens. Moreover, the need for catering hospitalization expenses due to the pandemic is driving the demand for medical and health insurance. Further, rapid technological advances in fields like AI, ML, and IoT are anticipated to propel market growth over the post-pandemic period.
Insurtech Market Share Insights:
The key players in the market are Majesco, Damco Group, Oscar Insurance, DXC Technology Company, Shift Technology, Quantemplate, Zhongan Insurance, and Wipro Limited. These players are constantly engaged in product development and innovation to gain a competitive advantage over other players. For example, a Zhongan Insurance subsidiary named Zhongan Technology launched a SaaS (Software-as-a-service) platform for its insurers.
These players have also started investing hugely in R & D activities to widen their geographical reach and product portfolio. For example, the R&D team of Majesco was formed in 2018 and it is engaged in the development of digital solutions to cater to various insurance companies.
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Million Insights has segmented the global insurtech market based on type, service, technology, end use and region:
Type Outlook:
- Auto
- Business
- Health
- Home
- Specialty
- Travel
Service Outlook:
- Consulting
- Support & Maintenance
- Managed Services
Technology Outlook:
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
The cloud computing technology segment is projected to witness significant growth due to rising consumer demand for hybrid and customized services related to insurance. While the blockchain technological segment is anticipated to register 44.9% CAGR from 2019 to 2025 due to the need for enhancing operational speed and transparency in the process of insurance claims.
End-use Outlook:
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
The BFSI end-use segment dominated the global market in 2018 on account of the increasing deployment of several digital platforms across banking sectors and financial institutions. While the healthcare segment is projected to register the highest CAGR owing to rising concerns regarding health prevailing among the millennial population.
Regional Outlook:
In 2018, North America dominated the global market due to the increasing number of service providers across this region. While the Asia Pacific is anticipated to register substantial growth over the forecasted years owing to the rising number of insurance companies across this region coupled with their attractive offerings for customer engagement across countries like China and India.
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