The global insurtech market is anticipated to grow at a CAGR of 38.8% during the forecast period (2024-2031). One of the main reasons driving the market growth is the rising number of insurance claims globally. The most frequent insurance claims made by individuals are for auto, life, and home. Insurance firms are progressively investing in digital technologies in order to lower operational expenses, increase operational efficiency, and enhance the overall customer experience. Digital technologies are used to better understand customer requirements and to improve products in response to shifting customer demands. Blockchain technology’s benefits, such as cost reductions, quicker payments, and fraud mitigation, are pushing demand among insurance firms globally. Blockchain technology is used in insurance firms for uses such as Know Your Customer (KYC), Anti-money Laundering (AML), claim handling, and the development of peer-to-peer models.
Several insurtech firms are forming alliances with insurance companies to provide blockchain-based solutions. For instance, in December 2021, Metromile, a car insurance business, revealed plans to enable policyholders to make premiums and claim payments with cryptocurrency. This initiative is anticipated to aid the company’s market standing. In addition, in June 2021, Universal Fire & Casualty Insurance Company, which focuses on providing conventional property and casualty insurance to small companies, began taking bitcoin for premium payments. This trend is anticipated to help the insurtech industry grow. Consumers are increasingly interested in on-demand insurance because it allows them to buy insurance coverage on their devices at their leisure. Businesses in the on-demand insurance sector are increasingly reimagining how on-demand insurance products are insured, produced, and disseminated by leveraging new technologies such as the internet of things (Iot), AI, big data, and predictive maintenance.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Type
- By Service
- By End-User
- By Technology
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Banc Insurance Agency Inc. (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd, and others.
Insurtech Market Report Segment
By Type
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
By Service
- Consulting
- Support & Maintenance
- Managed Services
By End-User
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
By Technology
- Artificial Intelligence (AI)
- Cloud Computing
- Blockchain
- Big Data & Business Analytics
- Internet-of-Things (IoT)
- Others
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Insurtech Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Acko General Insurance Ltd.
- Banc Insurance Agency Inc (Insuritas)
- Clover Health Insurance
- Damco Group
- DXC Technology Co.
- Insurance Technology Services
- Majesco
- Oscar Insurance
- OutSystems
- Policy Bazaar
- Quantemplate
- Shift Technology
- Trov Insurance Solutions, LLC
- Wipro Ltd.
- Zhongan Insurance
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