Insurance Technology InsurTech Market Forecast upto 2023
Insurance Technology (InsurTech) Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
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.
Market Revenue and Segmentation Analysis:
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.
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.
The applications include health insurance, property and casualty insurance, life insurance, and others. The property and casualty insurance segment is estimated to hold the significant market share in 2018, however, the health insurance segment is anticipated to grow at a higher CAGR. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.
Regions Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The report includes the primary drivers and factors fostering the growth of InsurTech across regions.
Benefits and Vendors
The report contains an in-depth analysis of vendors profile, which includes overview and 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 companies profiled in the report are Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy.
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.
Overview:
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.
Market Revenue and Segmentation Analysis:
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.
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.
The applications include health insurance, property and casualty insurance, life insurance, and others. The property and casualty insurance segment is estimated to hold the significant market share in 2018, however, the health insurance segment is anticipated to grow at a higher CAGR. There is an increased focus on restructuring the healthcare systems and bridging the gap between people and healthcare services through better insurance claims experience.
Regions Analysis:
The regions covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The report includes the primary drivers and factors fostering the growth of InsurTech across regions.
Benefits and Vendors
The report contains an in-depth analysis of vendors profile, which includes overview and 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 companies profiled in the report are Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy.
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.
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
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
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
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
LIST OF TABLES
Table 1 GLOBAL INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 2 GLOBAL INSURTECH MARKET GROWTH BY COMPONENT, 2017–2023, (Y-O-Y, %)
Table 3 SOFTWARE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 4 SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 5 GLOBAL INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 6 GLOBAL INSURTECH MARKET GROWTH BY TYPE, 2017–2023 (Y-O-Y, %)
Table 7 RETAIL MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 8 COMMERCIAL MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 9 GLOBAL INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 10 GLOBAL INSURTECH MARKET GROWTH BY APPLICATION, 2017–2023 (Y-O-Y, %)
Table 11 HEALTH INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 12 PROPERTY AND CASUALTY INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 13 LIFE INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 14 OTHERS MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 15 GLOBAL INSURTECH MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 16 GLOBAL INSURTECH MARKET GROWTH BY REGION, 2017–2023 (Y-O-Y, %)
Table 17 NORTH AMERICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 18 NORTH AMERICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 19 NORTH AMERICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 20 EUROPE INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 21 EUROPE INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 22 EUROPE INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 23 ASIA PACIFIC INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 24 ASIA PACIFIC INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 25 ASIA PACIFIC INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 26 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 27 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 28 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 29 LATIN AMERICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 30 LATIN AMERICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 31 LATIN AMERICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 1 GLOBAL INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 2 GLOBAL INSURTECH MARKET GROWTH BY COMPONENT, 2017–2023, (Y-O-Y, %)
Table 3 SOFTWARE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 4 SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 5 GLOBAL INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 6 GLOBAL INSURTECH MARKET GROWTH BY TYPE, 2017–2023 (Y-O-Y, %)
Table 7 RETAIL MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 8 COMMERCIAL MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 9 GLOBAL INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 10 GLOBAL INSURTECH MARKET GROWTH BY APPLICATION, 2017–2023 (Y-O-Y, %)
Table 11 HEALTH INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 12 PROPERTY AND CASUALTY INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 13 LIFE INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 14 OTHERS MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 15 GLOBAL INSURTECH MARKET REVENUE BY REGION, 2016–2023 ($MILLION)
Table 16 GLOBAL INSURTECH MARKET GROWTH BY REGION, 2017–2023 (Y-O-Y, %)
Table 17 NORTH AMERICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 18 NORTH AMERICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 19 NORTH AMERICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 20 EUROPE INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 21 EUROPE INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 22 EUROPE INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 23 ASIA PACIFIC INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 24 ASIA PACIFIC INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 25 ASIA PACIFIC INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 26 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 27 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 28 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
Table 29 LATIN AMERICA INSURTECH MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION)
Table 30 LATIN AMERICA INSURTECH MARKET REVENUE BY TYPE, 2016–2023 ($MILLION)
Table 31 LATIN AMERICA INSURTECH MARKET REVENUE BY APPLICATION, 2016–2023 ($MILLION)
LIST OF CHARTS
Chart 1 PEST ANALYSIS OF INSURTECH MARKET
Chart 2 RESEARCH METHODOLOGY OF GLOBAL INSURTECH MARKET
Chart 3 GLOBAL FINTECH MARKET, 2016 – 2023 ($BILLION)
Chart 4 GLOBAL INSURTECH MARKET, 2016 – 2023 ($MILLION)
Chart 5 PORTERS 5 FORCES FOR INSURTECH MARKET
Chart 6 EVOLUTION OF INSURTECH MARKET
Chart 7 INSURTECH SEGMENTATION
Chart 8 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 9 DRO - IMPACT ANALYSIS OF INSURTECH MARKET
Chart 10 SERVICES SEGMENT EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 11 SOFTWARE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 12 SERVICES MARKET REVENUE, 2016–2023 ($MILLION)
Chart 13 COMMERCIAL SEGMENT IS EXPECTED TO GROW AT THE HIGHER CAGR DURING THE FORECAST PERIOD
Chart 14 RETAIL MARKET REVENUE, 2016–2023 ($MILLION)
Chart 15 COMMERCIAL MARKET REVENUE, 2016–2023 ($MILLION)
Chart 16 HEALTH INSURANCE SEGMENT EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 17 HEALTH INSURANCE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 18 PROPERTY AND CASUALTY MARKET REVENUE, 2016–2023 ($MILLION)
Chart 19 LIFE INSURANCE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 20 OTHERS MARKET REVENUE, 2016–2023 ($MILLION)
Chart 21 ASIA PACIFIC REGION IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 22 NORTH AMERICA INSURTECH MARKET REVENUE, 2016–2023 ($MILLION)
Chart 23 EUROPE INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 24 ASIA PACIFIC INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 25 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 26 LATIN AMERICA INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 27 GLOBAL INSURTECH MARKET: COMPETITIVE LANDSCAPE
Chart 1 PEST ANALYSIS OF INSURTECH MARKET
Chart 2 RESEARCH METHODOLOGY OF GLOBAL INSURTECH MARKET
Chart 3 GLOBAL FINTECH MARKET, 2016 – 2023 ($BILLION)
Chart 4 GLOBAL INSURTECH MARKET, 2016 – 2023 ($MILLION)
Chart 5 PORTERS 5 FORCES FOR INSURTECH MARKET
Chart 6 EVOLUTION OF INSURTECH MARKET
Chart 7 INSURTECH SEGMENTATION
Chart 8 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 9 DRO - IMPACT ANALYSIS OF INSURTECH MARKET
Chart 10 SERVICES SEGMENT EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 11 SOFTWARE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 12 SERVICES MARKET REVENUE, 2016–2023 ($MILLION)
Chart 13 COMMERCIAL SEGMENT IS EXPECTED TO GROW AT THE HIGHER CAGR DURING THE FORECAST PERIOD
Chart 14 RETAIL MARKET REVENUE, 2016–2023 ($MILLION)
Chart 15 COMMERCIAL MARKET REVENUE, 2016–2023 ($MILLION)
Chart 16 HEALTH INSURANCE SEGMENT EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 17 HEALTH INSURANCE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 18 PROPERTY AND CASUALTY MARKET REVENUE, 2016–2023 ($MILLION)
Chart 19 LIFE INSURANCE MARKET REVENUE, 2016–2023 ($MILLION)
Chart 20 OTHERS MARKET REVENUE, 2016–2023 ($MILLION)
Chart 21 ASIA PACIFIC REGION IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
Chart 22 NORTH AMERICA INSURTECH MARKET REVENUE, 2016–2023 ($MILLION)
Chart 23 EUROPE INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 24 ASIA PACIFIC INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 25 MIDDLE EAST & AFRICA INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 26 LATIN AMERICA INSURTECH MARKET REVENUE, 2016-2023 ($MILLION)
Chart 27 GLOBAL INSURTECH MARKET: COMPETITIVE LANDSCAPE
