Dec 05, 2022, 05:00 ET
SAN FRANCISCO, Dec. 5, 2022 /PRNewswire/ -- The global insurtech market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about the benefits of insurtech solutions in simplifying the claim process, improving communication, and implementing automation is expected to drive market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks more accurately, quickly, and accurately compared to humans is also one of the major factors driving the market growth.
Key Industry Insights & Findings from the report:
- The health segment dominated the market in 2021. The growth can be attributed to the increasing awareness about healthy lifestyle habits across the globe due to the pandemic, which requires insurance companies in the healthcare domain to invest more in enhanced technologies.
- The managed services segment dominated the market in 2021. The increasing usage of intelligent machines and the rise of automation in the field of insurtech increased the adoption of managed services in various end-use industries in 2021.
- The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies demand blockchain technology to increase sales, increase customer engagement, and gain a competitive edge.
- The healthcare industry is expected to witness the fastest growth over the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent about pricing. Moreover, new approaches adopted by startups in the insurance sector are expected to drive the segment growth over the forecast period.
- North America is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period.
Read 161-page full market research report, "Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Specialty, Travel), By Service (Consulting, Support & Maintenance, Managed Services), By Technology, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Insurtech Market Growth & Trends
The market is expected to benefit from the rising interest of global investors in insurtech companies. For instance, in May 2021, Shift Technology, a provider of artificial intelligence SaaS tools for insurance companies, raised USD 220 million. The company would use this money to expand into the property and casualty insurance and health markets.
The efforts taken by insurtech companies to enhance their fraud detection procedures are also expected to create new opportunities for market growth. For instance, in April 2021, the Insurance Fraud Bureau (IFB) announced its partnership with Shift Technology. The partnership is aimed to build a new fraud detection system on behalf of the U.K. insurance sector.
The COVID-19 pandemic favourably impacted the market growth in 2021. Insurers increased the use of drones, mobile applications, and catastrophe models amid the pandemics, which accentuated the market growth. At the same time, preventive measures such as social distancing and remote working also helped increase the rate of digitalization across the insurance industry, driving the market growth.
Insurtech Market Segmentation
Grand View Research has segmented the global insurtech market based on type, service, technology, end-use, and region:
Insurtech Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
Insurtech Market - Service Outlook (Revenue, USD Million, 2017 - 2030)
- Support & Maintenance
- Managed Services
Insurtech Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Cloud Computing
- Machine Learning
- Robo Advisory
Insurtech Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
Insurtech Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players in the Insurtech Market
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Oscar Insurance
- Shift Technology
- TrÅv, Inc.
- Wipro Limited
- ZhongAn Insurance
Check out more related studies published by Grand View Research:
- Finance Cloud Market - The global finance cloud market size is anticipated to reach USD 101.71 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.3% from 2022 to 2030. Financial organizations are modernizing their processes and embracing different aspects of digital transformation owing to the convenience offered by cloud solutions. Financial institutions using the cloud model benefit from improved disaster recovery, fault tolerance, and data protection.
- Insurance Analytics Market - The global insurance analytics market size is expected to reach USD 18.3 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth.
- Fintech-as-a-Service Market - The global fintech-as-a-service market size is expected to reach USD 949.49 billion by 2030, growing at a CAGR of 17.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of financial technology-based solutions and platforms globally is anticipated to drive the growth of the market. The increasing adoption of artificial intelligence, cloud-based software, and big data integrated with financial services is expected to drive the growth of the market for fintech-as-a-service.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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