InsurTech Market Size to Grow by USD 61756.27 Million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation - Technavio

NEW YORK, Nov. 9, 2022 /PRNewswire/ -- The Global InsurTech Market share is set to increase by USD 61756.27 million from 2022 to 2027. In addition, the market's growth momentum will accelerate at a CAGR of 44.05% as per the latest market forecast report by Technavio. The market will also record a 41.01% Y-O-Y growth Rate during the forecast period.

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Global InsurTech Market - Parent Market Analysis

Technavio categorizes the global InsurTech market as a part of the global systems software market. The parent global IT software market covers companies engaged in developing and producing application and system software. It also includes companies offering database management software. The global systems software market covers organizations that are engaged in developing application development and management software, cloud computing software, data center and hosting software, IT management software, mobility software, networking software, security software, and storage software. 

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Global InsurTech Market Characteristics with Five Forces –

The Global InsurTech Market is fragmented and the five forces analysis by Technavio gives the accurate vision –

• Bargaining Power of Buyers
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
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  Global InsurTech Market – Customer Landscape  
• The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence. 
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Global InsurTech Market - Segmentation Assessment

Geography Segment Overview

Technavio's market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global InsurTech Market as per geography is categorized into North America, Europe, APAC, the Middle East and Africa, and South America. The report provides an accurate prediction of the contribution of all regions to the growth of the Global InsurTech Market size and actionable market understandings.

Regional Highlights:

• Europe is the fastest-growing region in the global InsurTech market compared to other regions. 50% growth will originate from North America. Across Europe, data has become a strategic asset. The financial and insurance services sector in Europe is full-fledged, with a well-settled end-user base for the market. The region has a high concentration of key vendors because of the presence of some of the most advanced economies in the world in Europe. The demand for alternative finance options has increased. This is primarily due to the reduced availability of debt finance across the traditional banking system.

Type Segment Overview

• The Global InsurTech Market as per management segmentation is categorized into Marketing and Distribution, IT Support, Policy Administration and Management, Claim Management, and Others.
• Revenue Generating Segment - The InsurTech market share growth by the marketing and distribution segment will be significant during the forecast period. The marketing and distribution segment will grow exponentially compared with the global average rate over the forecast period. The increasing use of smartphones and the ease of access to the Internet through smartphones have bolstered digital marketing and digital distribution of insurance policies through advanced technologies. In addition, the deregulation of equity crowdfunding and private start-up investments are attracting investors to the market. Such factors are expected to drive the growth of the segment.

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Global InsurTech Market – Market Dynamics

Major Driver Boosting the Market

• The need to improve business efficiency is one of the major drivers in the market. Many top insurance companies face heavy competition to reach the leading position and grow their footprints in the market. However, with the digitization of the process and innovative financial technologies, it is easy for insurance companies to collect consumer data and analyze it through the InsurTech platform.
• Insurance companies have sensed opportunities to change business models. They have realized that they can use the data to optimize costs, deliver better services, and boost revenues. The use of InsurTech, which includes risk-averting models and predictive mechanisms, helps businesses with a substantial amount of data to enhance their productivity. To implement these technologies in the insurance framework, there is a high need for establishing a seamless connection for efficient communication among systems, machines, and people.

Major trends influencing the growth of glamping

• Collaborations of investors with InsurTech firms are identified as the major trend in the market. Investors are demonstrating an increased interest in collaborating with InsurTech firms or technology-first insurance start-ups.
• The importance of InsurTech is increasing at a rapid pace among insurance companies. In the next ten years, the entire insurance process is expected to become digital and will not require the involvement of any form of physical interference. Therefore, due to such factors, the market has witnessed an increase in investors' collaboration with InsurTech firms.
• For example, in May 2020, Trov Insurance Solutions LLC (Trov), a San Francisco-based InsurTech company, partnered with Seguros Sura to bring on-demand insurance products to the Brazilian market.

Major Challenges interrupting the market growth

• The high cost of investments is the major challenge in the market. The selling of insurance products through the latest technology requires a considerable amount of specialized training for the employees of the insurance firms on the technology used. Also, insurance companies need to invest in hiring trainers for insurance staff and brokers.
• Many insurance companies are facing business risks by delaying technological investment. The product lifecycle for technologies is short, and they become outdated because of continuous innovation. Thus, insurance companies could lose their competitive edge and be left with only the option of maintaining and supporting legacy systems.
• Though many companies have advanced technology and superior product plans, they fail to meet customer demand. For instance, a robotic product may fail to fulfill all the requirements as it would be designed in the virtual world, differing from reality.

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InsurTech Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist InsurTech market growth during the next five years
• Estimation of the InsurTech market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the InsurTech market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of InsurTech market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Management
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global insurtech market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global insurtech market 2017 - 2021 ($ million)

• 4.2 Management Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Management Segment 2017 - 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Management

• 6.1 Market segments 
• Exhibit 30: Chart on Management - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Management - Market share 2022-2027 (%)

• 6.2 Comparison by Management 
• Exhibit 32: Chart on Comparison by Management
• Exhibit 33: Data Table on Comparison by Management

• 6.3 Marketing and distribution - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Marketing and distribution - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Marketing and distribution - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Marketing and distribution - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Marketing and distribution - Year-over-year growth 2022-2027 (%)

• 6.4 IT support - Market size and forecast 2022-2027
• Exhibit 38: Chart on IT support - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on IT support - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on IT support - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on IT support - Year-over-year growth 2022-2027 (%)

• 6.5 Policy administration and management - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Policy administration and management - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Policy administration and management - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Policy administration and management - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Policy administration and management - Year-over-year growth 2022-2027 (%)

• 6.6 Claim management - Market size and forecast 2022-2027
• Exhibit 46: Chart on Claim management - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Claim management - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Claim management - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Claim management - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Management 
• Exhibit 54: Market opportunity by Management ($ million)

7 Market Segmentation by Deployment

• 7.1 Market segments 
• Exhibit 55: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Deployment - Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 57: Chart on Comparison by Deployment
• Exhibit 58: Data Table on Comparison by Deployment

• 7.3 On-premise - Market size and forecast 2022-2027
• Exhibit 59: Chart on On-premise - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on On-premise - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on On-premise - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on On-premise - Year-over-year growth 2022-2027 (%)

• 7.4 Cloud - Market size and forecast 2022-2027
• Exhibit 63: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Cloud - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Cloud - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 67: Market opportunity by Deployment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027
• Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 France - Market size and forecast 2022-2027
• Exhibit 101: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 China - Market size and forecast 2022-2027
• Exhibit 109: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Acko General Insurance Ltd. 
• Exhibit 120: Acko General Insurance Ltd. - Overview
• Exhibit 121: Acko General Insurance Ltd. - Product / Service
• Exhibit 122: Acko General Insurance Ltd. - Key offerings

• 12.4 Alan SA 
• Exhibit 123: Alan SA - Overview
• Exhibit 124: Alan SA - Product / Service
• Exhibit 125: Alan SA - Key offerings

• 12.5 Anywhere 2 go Co. Ltd. 
• Exhibit 126: Anywhere 2 go Co. Ltd. - Overview
• Exhibit 127: Anywhere 2 go Co. Ltd. - Product / Service
• Exhibit 128: Anywhere 2 go Co. Ltd. - Key offerings

• 12.6 Clover Health 
• Exhibit 129: Clover Health - Overview
• Exhibit 130: Clover Health - Product / Service
• Exhibit 131: Clover Health - Key offerings

• 12.7 Cytora Ltd. 
• Exhibit 132: Cytora Ltd. - Overview
• Exhibit 133: Cytora Ltd. - Product / Service
• Exhibit 134: Cytora Ltd. - Key offerings

• 12.8 Friendsurance 
• Exhibit 135: Friendsurance - Overview
• Exhibit 136: Friendsurance - Product / Service
• Exhibit 137: Friendsurance - Key offerings

• 12.9 Haven Life Insurance Agency LLC 
• Exhibit 138: Haven Life Insurance Agency LLC - Overview
• Exhibit 139: Haven Life Insurance Agency LLC - Product / Service
• Exhibit 140: Haven Life Insurance Agency LLC - Key offerings

• 12.10 iCarbonX 
• Exhibit 141: iCarbonX - Overview
• Exhibit 142: iCarbonX - Product / Service
• Exhibit 143: iCarbonX - Key offerings

• 12.11 Jetty National Inc. 
• Exhibit 144: Jetty National Inc. - Overview
• Exhibit 145: Jetty National Inc. - Product / Service
• Exhibit 146: Jetty National Inc. - Key offerings

• 12.12 Kin Insurance Technology Hub LLC 
• Exhibit 147: Kin Insurance Technology Hub LLC - Overview
• Exhibit 148: Kin Insurance Technology Hub LLC - Product / Service
• Exhibit 149: Kin Insurance Technology Hub LLC - Key offerings

• 12.13 Oscar Insurance Corp. 
• Exhibit 150: Oscar Insurance Corp. - Overview
• Exhibit 151: Oscar Insurance Corp. - Product / Service
• Exhibit 152: Oscar Insurance Corp. - Key offerings

• 12.14 Quantemplate Technologies Inc. 
• Exhibit 153: Quantemplate Technologies Inc. - Overview
• Exhibit 154: Quantemplate Technologies Inc. - Product / Service
• Exhibit 155: Quantemplate Technologies Inc. - Key offerings

• 12.15 Shift Technology 
• Exhibit 156: Shift Technology - Overview
• Exhibit 157: Shift Technology - Product / Service
• Exhibit 158: Shift Technology - Key offerings

• 12.16 simplesurance GmbH 
• Exhibit 159: simplesurance GmbH - Overview
• Exhibit 160: simplesurance GmbH - Product / Service
• Exhibit 161: simplesurance GmbH - Key offerings

• 12.17 ZhongAn Online Property Insurance Co. Ltd.
• Exhibit 162: ZhongAn Online Property Insurance Co. Ltd. - Overview
• Exhibit 163: ZhongAn Online Property Insurance Co. Ltd. - Business segments
• Exhibit 164: ZhongAn Online Property Insurance Co. Ltd. - Key offerings
• Exhibit 165: ZhongAn Online Property Insurance Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 166: Inclusions checklist
• Exhibit 167: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 168: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 169: Research methodology
• Exhibit 170: Validation techniques employed for market sizing
• Exhibit 171: Information sources

• 13.5 List of abbreviations 
• Exhibit 172: List of abbreviations

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