InsurTech Market: Driver
The need to improve business efficiency is one of the key factors driving the growth of the InsurTech market. The rise in the number of connected devices in financial industries has led to massive amounts of data generation. Insurance companies can use the data to optimize costs, deliver better services, and boost revenues. In traditional insurance systems, high costs are involved due to the physical distribution of the data. With the advent of digitization, the demand for better and easier access to insurance technology services is increasing. The use of InsurTech, which includes risk-averting models and predictive mechanisms, helps businesses 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. Thus, InsurTech has become a strategic priority for several insurance organizations.
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InsurTech Market: Segmentation Analysis
By value chain positioning, the market has been segmented into marketing and distribution, IT support, policy administration and management, claim management, and others. The marketing and distribution segment will have significant market share growth during the forecast period.
By geography, the market has been segmented into North America, Europe, APAC, MEA, and South America. Europe will account for 47% of the market's growth during the forecast period. The UK and France are the key countries for the InsurTech market in Europe. Moreover, market growth in this region will be faster than the growth of the market in the North American and MEA regions.
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InsurTech Market: Key Vendor Analysis
The InsurTech market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. To make the most of opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report offers information on several market vendors, including 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 Property Insurance Co. Ltd. among others. The key offerings of some of these vendors are listed below:
- Alan SA - The company offers InsurTech for startups and SMEs, large companies, and others.
- Clover Health - The company offers health insurance for InsurTech.
- Cytora Ltd. - The company offers digital risk processing for InsurTech.
- Haven Life Insurance Agency LLC - The company offers term life insurance for InsurTech.
- Oscar Insurance Corp. - The company offers InsurTech under the brand name Cigna.
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InsurTech Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 45.28% |
Market growth 2021-2025 |
USD 33.73 billion |
Market structure |
Fragmented |
YoY growth (%) |
40.26 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
Europe at 47% |
Key consumer countries |
US, UK, France, Japan, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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 Property Insurance Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Value chain positioning
- Market segments
- Comparison by Value chain positioning
- Marketing and distribution - Market size and forecast 2020-2025
- IT support - Market size and forecast 2020-2025
- Policy administration and management - Market size and forecast 2020-2025
- Claim management - Market size and forecast 2020-2025
- Others - Market size and forecast 2020-2025
- Market opportunity by Value chain positioning
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- APAC - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 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
- ZhongAn Online Property Insurance Co. Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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