InsurTech (Insurance Technology) Market Forecast upto 2023

  • 65
    Pages

  • 31
    Tables

  • 27
    Charts

  • 5 / 0
    Regions/ Countries

  • 10
    Companies

  • 10
    Enquiry Hours

[65 Report Pages] This market research report identifies Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy as the major vendors operating in the global Insurtech market. This report also provides a detailed analysis of the market by components (Software and Services), types (Retail Insurance and Commercial Insurance), by application (Health insurance, Property and casualty insurance, Life insurance, and Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

Overview of the Global InsurTech Market

Infoholic’s market research report predicts that the global InsurTech market revenue is valued at $532.7 million in 2018 and is expected to reach $1,119.8 million by 2023, growing at a CAGR of 16.0% during the forecast period 2018–2023. The insurance sector is all set to adopt new technologies and attract new customers along with retaining the clients delighting with services. It is of utmost importance to embrace digital technologies for insurers and enhance their presence in the marketplace to gain market share with increased customer base and custom offerings.

According to the Insurtech market industry analysis, North America is witnessing the highest adoption of InsurTech owing to the spend on insurances by customers in the region. The offering of flexible and customized insurance for health, property, and others is encouraging people to choose among the insurance plans that suit them the best. Asia Pacific holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018–2023. The Asia Pacific region is likely to witness growth in InsurTech due to the presence of few emerging countries and financial hubs in Hong Kong, Singapore, and India. Also, the insurers are focusing on providing cheap and affordable insurance premium plans in the diversely populated region.

Competitive Analysis and Key Vendors

The banks and financial institutions are witnessing transformation with the emergence of FinTech vendors, thereby disrupting the traditional model of operations and processes. Insurers face stiff competition, and the insurance market is considered mature in most of the countries. The digital and analytical tools have opened new revenue model and value chain through digital brokers. The FinTech industry, over the last couple of years, has realized the need and opportunity of InsurTech software. The InsurTech vendors offer software that simplifies the decision-making process for the customers, and the analytics software helps insurers to understand the current need and demand in the market.

Some of the key vendors in the InsurTech market are:

  • Friendsurance
  • Oscar
  • ZhongAn
  • Allay
  • Analyze Re
  • GetInsured
  • Bayzat
  • Bought By Many
  • Claim Di
  • CommonEasy

Segmentation of components

  • Software
  • Services

In 2017, the software component occupied the largest share, but services component is expected to grow at the highest CAGR during the forecast period.

InsurTech market by Types

  • Retail Insurance
  • Commercial Insurance

In 2017, the retail insurance occupied the largest share, but commercial insurance is expected to grow at the highest CAGR during the forecast period.

InsurTech market by Application

  • Health Insurance
  •  Property and casualty insurance
  • Life insurance
  • Others

In 2017, the property and casualty insurance occupied the largest share, but health insurance is expected to grow at the highest CAGR during the forecast period. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.

Benefits

The report contains an in-depth analysis of vendors profile, which includes overview, offerings, and competitive landscape. The emergence of technologies, such as AI and ML, is impacting the market growth and organizations are adopting InsurTech solutions for the online marketplace and easy claims processing among others.

The study offers a comprehensive analysis of the “InsurTech” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions in the global Insurtech market.

1     Industry Outlook 

1.1        Industry Overview
1.2        Industry Trends
1.3        PEST Analysis

2     Report Outline 

2.1        Report Scope
2.2        Report Summary
2.3        Research Methodology
2.4        Report Assumptions

3     Market Snapshot 

3.1        Total Addressable Market
3.2        Segmented Addressable Market
3.3        Related Markets

4     Market Outlook 

4.1        Overview
4.2        Porter 5 (Five) Forces

5     Market Characteristics 

5.1        Evolution
5.2        Market Segmentation
5.3        Market Dynamics
5.3.1     Drivers
5.3.1.1 Better communication with clients
5.3.1.2 Better personalized product offerings
5.3.1.3 Implement automation
5.3.2     Restraints
5.3.2.1 Lack of awareness and reluctance of insurance providers to transform business model
5.3.2.2 Insurers are looking for comprehensive digital insurance product and services to launch in the market
5.3.3     Opportunities
5.3.3.1 Application of AI and analytics technologies in better identifying the potential of online insurances
5.3.3.2 Growing regulation concerns across regions to compel financial institutions to adopt InsurTech application to ease out processes
5.3.4     DRO – Impact Analysis

6     Component: Market Size & Analysis 

6.1        Overview
6.2        Software
6.3        Services

7     Type: Market Size & Analysis 

7.1        Overview
7.2        Retail
7.3        Commercial

8     Application: Market Size & Analysis 

8.1        Health Insurance
8.2        Property and Casualty Insurance
8.3        Life Insurance
8.4        Others

9     Regions: Market Size & Analysis 

9.1        Overview
9.1.1     Market Size and Analysis
9.2        North America
9.3        Europe
9.4        Asia Pacific
9.5        Middle East & Africa
9.6        Latin America

10  Companies to Watch for 

10.1     Friendsurance
10.1.1  Overview
10.1.2  Offerings
10.2     Oscar
10.2.1  Overview
10.2.2  Offerings
10.3     ZhongAn
10.3.1  Overview
10.3.2  Offerings
10.4     Allay  56
10.4.1  Overview
10.4.2  Offerings
10.5     Analyze Re
10.5.1  Overview
10.5.2  Offerings
10.6     GetInsured
10.6.1  Overview
10.6.2  Offerings
10.7     Bayzat
10.7.1  Overview
10.7.2  Offerings
10.8     Bought By Many
10.8.1  Overview
10.8.2  Offerings
10.9     Claim Di
10.9.1  Overview
10.9.2  Offerings
10.10  CommonEasy
10.10.1 Overview
10.10.2 Offerings

11  Competitive Landscape 

11.1     Competitive Comparison Analysis

Annexure

Abbreviations

Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:

  • Data Collation (Primary & Secondary)
  • In-house Estimation (Based on proprietary data bases and Models)
  • Market Triangulation
  • Forecasting

infoholic Research Methodology

Market related information is congregated from both primary and secondary sources.

Primary sources involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.

Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.