InsurTech Market Scope
Insurtech is a combination of “insurance” and “technology”. Insurtech is a technology that lies behind the creation, distribution and administration of insurance business. It is used to make the current insurance model more efficient. It is useful for collecting and analyzing customer data to provide a better service. Big data, artificial intelligence and internet of things (IoT) are the current focus of the insurtech. Insurtech develops and offer the right products at the right time to the insurer.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Friendsurance (Germany), Oscar (United States), ZhongAn (China), Shift Technology (France), Quantemplate (United Kingdom), Allay (United Kingdom), Analyze Re (Canada), GetInsured (United States), Bayzat (United Arab Emirates) and Trov (United States) |
CAGR | 12.7% |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Research Analyst at AMA estimates that United Kingdom Players will contribute to the maximum growth of Global InsurTech market throughout the predicted period.
Friendsurance (Germany), Oscar (United States), ZhongAn (China), Shift Technology (France), Quantemplate (United Kingdom), Allay (United Kingdom), Analyze Re (Canada), GetInsured (United States), Bayzat (United Arab Emirates) and Trov (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are CyStellar (United Kingdom), ThreatInformer (United Kingdom) and Homelyfe (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global InsurTech market by Type , by Application (Automotive, BFSI, Manufacturing, Government, Healthcare and OThers) and Region with country level break-up.
On the basis of geography, the market of InsurTech has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In November 2023, Allianz partnered with Microsoft to leverage Azure cloud computing and AI capabilities for faster product development and personalized customer experiences.
In October 2023, Metromile launched its pay-per-mile car insurance in California, expanding its personalized insurance model to a new state. If you're a low-mileage driver, it's definitely worth checking out Metromile to see if you can save money on your car insurance.
Influencing Trend:
Digitization of Processes and Personalization of Premiums
Market Growth Drivers:
Empowers Customers to Take Control of Their Insurance, Quickly Summarize and Present the Most Relevant Product and Rising Internet Based Business Ecosystem
Challenges:
Regulations will Be Barriers for Startups of Insuretech
Restraints:
Insurance Industry Suffers From Image Problem and Lack of Awareness about the Service
Opportunities:
Massive Market Size of Insurtech
Key Target Audience
Industry Investors, Research Institutes, Network Solution Providers, Government Body & Associations and End-user