The insurtech market is expected to rise from a paltry market value of US$ 16.6 billion in 2021 to a net worth of US$ 165.4 billion in 2032, according to Future Market Insights (FMI). A CAGR of 25.9% is predicted for the near future, which is impressive.

Because more people are becoming aware of the benefits of insurance policies, there is a high demand for the general insurance plans provided by different organisations around the world. By deploying digital insurtech or insurance technology infrastructure in response to the changing economic landscape, insurance companies have increased their market presence.

The ability of insurtech firms to provide customers with tailored plans has grown over the years of service and development of commercial insurance. The adoption of such technologies for consumer data collection and analysis by insurtech life insurance companies has increased the market’s appeal to businesses further.

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The market has become more fragmented and fiercely competitive as a result of the entry of numerous small, regional firms operating in various categories, such as insurtech vehicle insurance or insurtech house insurance companies.

The majority of the major providers are expanding their market by forming alliances and working together with banks and other financial institutions to launch new, specialised insurtech solutions for commercial insurance.

“Global insurance providers’ business models have changed as a result of the quick digitization of all significant service sectors of the economy. The addition of professional and consulting services to the available to potential clients through online platforms has required the integration of insurance technology solutions, further boosting the growth of the global insurtech market.

Insurers were found to have boosted their spending on building digital infrastructure in approximately 59% of the companies, according to the EIS group’s market survey report. This includes a record number of P&C insurtech businesses popping up on the international market.

Key Takeaways

As per the market analysis report, the absolute growth of the global insurtech market size in terms of value is predicted to be around US$ 148.8 Bn over the forecast years 2022 to 2032.
As the concept of insurtech insurance companies is expanding to new areas of service, the solution segment is growing at a faster rate than the service segment. The CAGR predicted for the solution segment is nearly 25.8% for the coming decade.
On the basis of various technologies adopted by life insurance tech companies, cloud computing has emerged to be the most attractive segment in the present market. The estimated growth of this segment over the forecast years is nearly 25.2%.
US market holds the dominant position in the global market for having the highest amount of insurtech capital, valued at about US$ 6 Bn in the year 2022. It is also the top-performing country with a CAGR of 25.6% that is predicted to reach the net worth of the regional insurtech market up to US$ 58.6 Bn by the end of this forecast period.
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Competitive Landscape

The major players operating in the global insurtech market include

Damco Group,
DXC Technology Company,
Majesco,
Oscar Insurance,
Quantemplate,
Shift Technology,
Trov Insurance Solutions, LLC,
Wipro Limited, and
Zhongan Insurance, among others.
One of the top insurance companies in the USA named, Universal Fire & Casualty Insurance Company, announced to accept cryptocurrency payments for premiums, starting a new business model for home insurance insurtech companies in the US market. Integration of such advanced digital facilities and blockchain technologies is expected to further boost the global insurtech market.

An automobile insurance company named Metromile also announced in December 2021 to accept cryptocurrency from its customers to pay their premiums and claim payments. This new development is anticipated to give way to some new opportunities in the domain of insurtech car insurance services in the coming days.

Key Segments

By Offering

Solution
Service
By Deployment Model

On-premise
Cloud
By Technology

Artificial Intelligence
Cloud Computing
Blockchain
Big Data & Business Analytics
IoT
Others
By End User

Life & Health Insurance
Property and Casualty (P&C) Insurance
Auto Insurance
Buildings Insurance
Commercial Buildings Insurance
Home Insurance
Dwelling Coverage
Contents Coverage
Marine Insurance
Liability Insurance
Others
By Application

Product Development & Underwriting
Sales & Marketing
Policy Admin Collection & Disbursement
Claims Management
By Region

North America
Europe
Asia Pacific
Middle East and Africa
Latin America