Insurtech Market By Insurance Type (Commercial Insurance, P&C Insurance, and Others), By Technology (Cloud Computing, Big Data & Analytics, Blockchain, Internet of Things, Artificial Intelligence, and Others), Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018-2026

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The global insurtech market was valued at $4,893.4 million in the year 2018; growing at a CAGR of 10.2% from 2019 to 2026.
  • Market Definition

    The global insurtech market was valued at $4,893.4 million in the year 2018; growing at a CAGR of 10.2% from 2019 to 2026.

    The insurtech or insurance technology is a growing phenomenon that has restored the insurance industry to connect with a wider customer base consisting of High Net Worth individuals (HNWI), upper-middle-income group, and lower-middle-income group. The insurtech platforms have the potential to help insurance companies to improve their relevancy to the customers to rebuild their trust. This will help in customer engagement.

    The insurance companies are designing new products to meet the changing customers’ needs, thereby establishing greater levels of transparency. Therefore, with the help of insurtech platforms, there can be proper management of data and risk, which would help in improving the underwriting accuracy and loss prediction. This helps the insurance companies to generate greater operational efficiency, thereby lowering the costs of the insurance products through the insurtech platforms. This will help the insurance companies to earn better profitability during the forecast period. Many insurance companies are skeptic about the rising competition, but over the next five years, the insurtech start-ups will play a very important role in the broader ecosystem that would include venture capital investors, consultants, accelerators, and corporates.

    Market Determinants

    Growth of the internet-based business ecosystem, rationalization of the transaction process, an increased need for customer satisfaction are key driving factors of the market. However, increasing fraudulent claims and the high cost of the investment might hamper market growth. Moreover, incorporating big data analytics would provide lucrative opportunities for the market in the coming years.

    Market Segmentation

    The global insurtech market is mainly classified based on insurance type and technology. Insurance type is further segmented into commercial insurance, P&C insurance, and others. By technology, the market is divided into cloud computing, big data & analytics, blockchain, internet of things, artificial intelligence, and others.

    Regional Analysis

    Based on geography, the global insurtech market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Japan, South Korea, India, China, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

    Competitive Players

    Key players operating in the insurtech industry include ZhongAn Online P & C Insurance Co., Ltd, BIMA, Quantemplate, Slice, Trov, Neos, Shift Technology, Lemonade, Oscar Health, REIN Technologies Inc. and Acko General Insurance among others.

    REIN Technologies Inc. has produced an InsurTech platform that connects online ecosystems with carriers by building persistently improving digital insurance products around evolving risks. Through its platform and AI-powered toolset, REIN enables insurers and digital ecosystems to better engage their customers by offering integrated and personalized insurance products where they are, when they need it.

    Insurtech Market Key Segments:

    By Insurance Type

    • Commercial Insurance
    • P&C Insurance
    • Others

    By Technology

    • Cloud Computing
    • Big Data & Analytics
    • Blockchain
    • Internet of Things
    • Artificial Intelligence
    • Others

    By Geography

    • North America
      • The U.S.
      • Canada
      • Mexico
    • Europe
      • U.K
      • Germany
      • France
      • Italy
      • Rest of Europe
    • Asia Pacific
      • India
      • China
      • Japan
      • South Korea
      • Rest of Asia Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Middle East & Africa
      • GCC Countries
      • Egypt
      • South Africa
      • Rest of Middle East & Africa
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  • Table of Content

    1. Market Introduction
    1.1. Executive Summary
    1.2. Market Definition
    1.3. Market Scope

    2. Research Methodology
    2.1. Primary Research
    2.2. Research Methodology
    2.3. Assumptions & Exclusions
    2.4. Secondary data sources

    3. Insurtech Market Overview
    3.1. Report Segmentation & Scope
    3.2. Key Market Trend
    3.3. Drivers
    3.3.1. Growth of Internet-based business ecosystem
    3.3.2. Rationalization of transaction process
    3.3.3. Increased need for customer satisfaction
    3.4. Restraints
    3.4.1. Increasing fraudulent claims
    3.4.2. High cost of investment
    3.5. Opportunities
    3.5.1. Incorporating big data analytics
    3.6. Porter’s Five Forces Analysis
    3.6.1. Porter’s Five Forces Analysis
    3.7. Market Share Analysis

    4. Insurance Type Overview
    4.1. Introduction
    4.1.1. Market Size & Forecast
    4.2. Commercial Insurance
    4.2.1. Market Size & Forecast
    4.3. P&C Insurance
    4.3.1. Market Size & Forecast
    4.4. Others
    4.4.1. Market Size & Forecast

    5. Technology Overview
    5.1. Introduction
    5.1.1. Market Size & Forecast
    5.2. Cloud Computing
    5.2.1. Market Size & Forecast
    5.3. Big Data & Analytics
    5.3.1. Market Size & Forecast
    5.4. Blockchain
    5.4.1. Market Size & Forecast
    5.5. Internet of Things
    5.5.1. Market Size & Forecast
    5.6. Artificial Intelligence
    5.6.1. Market Size & Forecast
    5.7. Others
    5.7.1. Market Size & Forecast

    6. Insurtech Market Regional Overview
    6.1. Introduction
    6.1.1. Market Size & Forecast
    6.2. North America Insurtech Market
    6.2.1. North America Market Size & Forecast, By Country
    6.2.2. North America Market Size & Forecast, By Insurance Type
    6.2.3. North America Market Size & Forecast, By Technology
    6.2.4. U.S.
    6.2.4.1. Market Size and Forecast
    6.2.5. Canada
    6.2.5.1. Market Size and Forecast
    6.2.6. Mexico
    6.2.6.1. Market Size and Forecast
    6.3. Europe Insurtech Market
    6.3.1. Europe Market Size & Forecast, By Country
    6.3.2. Europe Market Size & Forecast, By Insurance Type
    6.3.3. Europe Market Size & Forecast, By Technology
    6.3.4. Germany
    6.3.4.1. Market Size and Forecast
    6.3.5. France
    6.3.5.1. Market Size and Forecast
    6.3.6. UK
    6.3.6.1. Market Size and Forecast
    6.3.7. Italy
    6.3.7.1. Market Size and Forecast
    6.3.8. Spain
    6.3.8.1. Market Size and Forecast
    6.3.9. Rest of Europe
    6.3.9.1. Market Size and Forecast
    6.4. Asia-Pacific Insurtech Market
    6.4.1. Asia-Pacific Market Size & Forecast, By Country
    6.4.2. Asia-Pacific Market Size & Forecast, By Insurance Type
    6.4.3. Asia-Pacific Market Size & Forecast, By Technology
    6.4.4. Japan
    6.4.4.1. Market Size and Forecast
    6.4.5. China
    6.4.5.1. Market Size and Forecast
    6.4.6. Australia
    6.4.6.1. Market Size and Forecast
    6.4.7. India
    6.4.7.1. Market Size and Forecast
    6.4.8. South Korea
    6.4.8.1. Market Size and Forecast
    6.4.9. Rest of Asia-Pacific
    6.4.9.1. Market Size and Forecast
    6.5. South America Insurtech Market
    6.5.1. South America Market Size & Forecast, By Country
    6.5.2. South America Market Size & Forecast, By Insurance Type
    6.5.3. South America Market Size & Forecast, By Technology
    6.5.4. Brazil
    6.5.4.1. Market Size and Forecast
    6.5.5. Argentina
    6.5.5.1. Market Size and Forecast
    6.5.6. Rest of South America
    6.5.6.1. Market Size and Forecast
    6.6. Middle East & Africa Insurtech Market
    6.6.1. Middle East & Africa Market Size & Forecast, By Country
    6.6.2. Middle East & Africa Market Size & Forecast, By Insurance Type
    6.6.3. Middle East & Africa Market Size & Forecast, By Technology
    6.6.4. GCC Countries
    6.6.4.1. Market Size and Forecast
    6.6.5. Egypt
    6.6.5.1. Market Size and Forecast
    6.6.6. South Africa
    6.6.6.1. Market Size and Forecast
    6.6.7. Rest of Middle East & Africa
    6.6.7.1. Market Size and Forecast

    7. Company Profile
    7.1. ZhongAn Online P & C Insurance Co., Ltd
    7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
    7.1.2. ZhongAn Online P & C Insurance Co., Ltd Product Category, Application, and Specification
    7.1.3. ZhongAn Online P & C Insurance Co., Ltd Financial Performance (2016-2018)
    7.1.4. Main Business/Business Overview
    7.2. BIMA
    7.3. Quantemplate
    7.4. Slice
    7.5. Trov
    7.6. Neos
    7.7. Shift Technology
    7.8. Lemonade
    7.9. Oscar Health
    7.10. REIN Technologies Inc.
    7.11. Acko General Insuranc

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  • Key Industry Players

    • ZhongAn Online P & C Insurance Co., Ltd
    • BIMA
    • Quantemplate
    • Slice
    • Trov
    • Neos
    • Shift Technology
    • Lemonade
    • Oscar Health
    • REIN Technologies Inc.
    • Acko General Insurance
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What Report Provides

  • Full in-depth analysis of the parent Industry
  • Important changes in market and its dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional growth potential

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