LONDON–(BUSINESS WIRE) – The size of the global InsurTech market is expected to grow by $ 21.72 billion during 2020-2024, progressing to a CAGR of over 36% over the forecast period, according to the latest report from Technavio. The report offers an updated analysis in relation to the current market scenario, the latest trends and drivers and the general market environment. The report also provides the impact on the market and the new opportunities created due to the COVID-19 pandemic. Download a free sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Insurers are investing significantly in digitization to improve the functionality of payment systems and simplify the transaction process. The adoption of InsurTech allowed insurers to assess risks related to the market, operation, counterparty credit and liquidity. Technologies such as integrated analysis help insurers to understand consumer behavior and market standards and make informed business-related decisions. These advantages of digital technologies are creating significant demand for InsurTech and contributing to the expansion of this market on a global level.
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Report highlights:
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The main growth of the InsurTech market came from the marketing and distribution segment. The increasing use of smartphones and the ease of accessing the Internet through smartphones have boosted digital marketing and digital distribution of insurance policies through advanced technologies.
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Europe was the largest InsurTech market in 2019 and the region will offer several growth opportunities to market suppliers during the forecast period. Factors such as the presence of the financial services sector and key suppliers will significantly drive the growth of the InsurTech market in this region during the forecast period. 46% of market growth will come from Europe during the forecast period. The UK and France are InsurTech’s main markets in Europe. Market growth in this region will be slower than market growth in APAC.
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The global InsurTech market is fragmented. Alan SA, Clover Health, Cytora Ltd., Haven Life Insurance Agency LLC, Oscar Insurance Corp., Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, Trov Insurance Solutions LLC and ZhongAn Online P&C Insurance Co. Ltd. are some of the main participants from the market. To help customers improve their market position, this InsurTech market forecast report provides a detailed analysis of market leaders.
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As the impact of COVID-19 on business spreads, the Global Insurtech Market 2020-2024 should have a Positive and Superior growth. As the pandemic spreads in some regions and plateaus in others, we reevaluate the impact on business and update our reporting forecasts.
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The integration of Big Data and AI at Insurtech will be a key market trend
InsurTech companies are increasingly using Big Data to identify opportunities for new products and services and optimize pricing mechanisms. Big Data also allows InsurTech companies to capture negative trends in costs and performance based on the corrective actions that can be taken. The use of AI in conjunction with Big Data on InsurTech leads to better customer targeting and helps to automate organizations’ decision-making process. This integration of Big Data and AI into InsurTech, one of InsurTech’s main market trends, will also drive market growth. These factors will drive market growth at a CAGR of more than 36% during the forecast period.
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InsurTech Market 2020-2024: Main Highlights
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Market CAGR during the 2020-2024 forecast period
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Detailed information on the factors that will help InsurTech’s market growth over the next five years
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Estimation of the size of the InsurTech market and its contribution to the parent market
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Forecasts about future trends and changes in consumer behavior
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The growth of the InsurTech market
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Analysis of the competitive market scenario and detailed information about suppliers
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Comprehensive details of factors that will challenge the growth of suppliers in the InsurTech market
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Executive summary
Market Landscape
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Market ecosystem
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Impact of COVID-19 on the IT sector
Market Sizing
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Market definition
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Market segment analysis
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Market size 2019
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Market outlook: 2019-2024 forecast
Five Forces Analysis
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Five Forces Summary
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Bargaining power of buyers
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Bargaining power of suppliers
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Threat of new entrants
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Threat of substitutes
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Threat of rivalry
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Market condition
Market segmentation by positioning the value chain
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Market segments
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Comparison by positioning the value chain
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Marketing and distribution – market size and 2019-2024 forecast
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IT Support – Market size and 2019-2024 forecast
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Policy administration and management – market size and 2019-2024 forecast
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Complaints management – market size and forecast 2019-2024
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Others – Market size and 2019-2024 forecast
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Market opportunity by positioning the value chain
Customer landscape
Geographic Landscape
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Geo targeting
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Geographic comparison
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North America – Market size and 2019-2024 forecast
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Europe – Market size and 2019-2024 forecast
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APAC – Market size and 2019-2024 forecast
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MEA – Market size and forecast 2019-2024
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South America – Market size and 2019-2024 forecast
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Leading leading countries
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Market opportunity by geography
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Market drivers
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Market challenges
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Market tendencies
Seller Landscape
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Overview
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Seller Landscape
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Disturbance of the landscape
Supplier Analysis
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Suppliers covered
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Market positioning of suppliers
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Alan SA
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Clover Health
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Cytora Ltd.
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Haven Life Insurance Agency LLC
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Oscar Insurance Corp.
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Quantemplate Technologies Inc.
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Shift technology
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simplesurance GmbH
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Trov Insurance Solutions LLC
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ZhongAn Online P&C Insurance Co. Ltd.
Appendix
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Scope of the report
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Currency conversion rates to US $
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Research Methodology
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List of abbreviations
About Us
Technavio is a leading global technology consulting and research company. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 expert analysts, Technavio’s reporting library consists of over 17,000 reports and counting, spanning 800 technologies, spanning 50 countries. Its customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, extensive research and actionable market insights to identify opportunities in existing and potential markets. and assess their competitive positions in constantly changing market scenarios.