Insurance Technology Market By Type (Home, Health, Business, Automotive, Others), By Technology (IoT, Block Chain, Cloud Computing, Machine Learning, Others), By Services (Consulting, Managed Services, Support & Maintenance), By End-use (Retail, Automotive, Government, Healthcare) - Growth, Share, Opportunities & Competitive Analysis, 2019 – 2027
Key Market Insights
“Growing technology driven new entrants along with rising demand for digitization will boost the market”
The global insurance technology market is growing proficiently, projected to grow at a CAGR of 36.7% during the expected period from 2019 to 2027, starting from US$ 1.28 Bn in 2018.
Innovation through new technologies is a key driver of change in the financial sector which will further lead to immense adeptness gains, with initial accomplishment by doubt and uncertainty. In the coming years, innovations coupled with new technological developments, is likely to drive the demand for insurance technology globally, owing to expedite delivery of services and lower transaction cost. Additionally, InsurTech has enticed large venture capital investments and financial trends have made numerous start-ups considering their investors upon mass-scale and commercial viable basis. Moreover, insurance start-ups like Lemonade, Friendsurance, and Policygenius have engrossed huge investments along with better understanding and concept for businesses development and models.
Furthermore, adoption of new innovations and technology will offer customers with improved funding structures, advanced customer experience which supports exsiting operations. Self-governing model that uses blockchains for automated contract excution would reaped for risk transfer tools like cat bonds, is likely to further explore the market for InsurTechs. Howover, the InsurTechs have made substantial inroads by ingenuous powerful and engrossed applications for solving specific problems, to deliver a high-quality and instinctual digital capabilities.
Type Analysis
“Rising demand for digital platform coupled with consulting & managed services will drive the demand for health insurance globally”
Insurance establishments within the health domain are concentrating towards machine learning, artificial intelligence, and internet of things (IoT) in order to provide an advanced application systems, which will further improves customer experience and automate internal business processes. Rising demand for digital platforms which will connect brokers, carriers, providers coupled with exchanges in health insurance is predictable to impel demand for the health segment on a global scale. Furthermore, health insurance businesses are focusing on rationalization of processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery, and digital enrollment process which will foster improvements in healthcare system.
Moreover, numerous digital platforms are being offered by technology providers for insured people to take care of insurance health benifits offered by insurance firms. For instance, in June 2019, League Inc., an U.S. based digital platform developer have launched its new digital health platform, which will offer a single access hub for insured people to select health policies rendering to their preferences. Furthermore, the InsurTechs also offers mobile apps that allows users to access information related to health issues like healthcare providers, payment processing systems, discount and offerings offered by insurance businesses.
Regional Analysis
“Dominance is led by the large customization products coupled with presence top InsurTech firms to drive the market growth.”
The North America is projected to dominated the market for insurtech in 2018. This dominance can be attributed owing to increasing demand for end-to-end digitally advanced financial solutions and significant presence of technology providers. Furthermore, the customization and flexibility offered by different insurtech products like life insurance, health policies will allow customers to pick out amongst the best plans. Financial associations across the North America are considerably focused towards the implementation of digital competences into their offerings in order to sustain a significant competitive benefit. For instance, rising investments in health insurance is measured to be sturdy and growing, with holding an investments of around 70% in the U.S. In the United States, InsurTechs have benefited from a competitive and high market place for VC funding, and many insurance start-ups have successfully completed a number of funding rounds.
List of Companies Covered:
- Damco Group
- DXC Technology Company
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- Trōv, Inc.
- Wipro Limited
- Zhongan Insurance
- Friendsurance
- Allay
- Analyze Re
- GetInsured
- Bayzat
- Bought By Many
- Claim Di
- CommonEasy
Key Industry Development:
- In January 2020, Sapiens International Corp. announced its acquisition with a German based insurtech company sum.cumo for up to US$ 31.1 Bn, which will further enables an insurance company of Israel to expand its product offerings and services portfolio in Germany.
- In March 2020, the Legacy Marketing Group made an announcement on release of it’s ”A“ rated “IncomeMark SelectSM” a new fixed index annuity which was issued by Ameritas Life Insurance Corp.
- In December 2019, EIS Group, a provider of digital platform for insurers have announced the deployment of “Digital Insurance Platform” for leading New Zealand insurer, Tower Insurance.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Billion |
| Segmentation |
Type (2017–2027; US$ Bn) |
|
Technology Type (2017–2027; US$ Bn) |
|
|
Services (2017–2027; US$ Bn) |
|
|
End-use (2017–2027; US$ Bn) |
|
|
Geography (2017–2027; US$ Bn) |
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall insurance technology market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the insurance technology market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which type segment holds a larger market share and why?
- Are low and middle-income economies investing in the insurance technology market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Insurance Technology (IT) Market
2.2. Global IT Market, by Type, 2018 (US$ Bn)
2.3. Global IT Market, by Technology, 2018 (US$ Bn)
2.4. Global IT Market, by Services, 2018 (US$ Bn)
2.5. Global IT Market, by End-use, 2018 (US$ Bn)
2.6. Global IT Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global IT Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Insurance Technology Market, by Type , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Home
4.3. Health
4.4. Business
4.5. Automotive
4.6. Others (Speciality, Travel, etc.)
5. Global Insurance Technology Market, by Technology, 2017-2027 (US$ Bn)
5.1. Overview
5.2. IoT
5.3. Block Chain
5.4. Cloud Computing
5.5. Machine Learning
5.6. Others (Robo Advisory, etc.)
6. Global Insurance Technology Market, by Services, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Consulting
6.3. Managed Services
6.4. Support & Maintenance
7. Global Insurance Technology Market, by End-use, 2017-2027 (US$ Bn)
7.1. Overview
7.2. BSFI
7.3. Retail
7.4. Automotive
7.5. Government
7.6. Healthcare
7.7. Others (Transportation, Manufacturing, etc.)
8. North America Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
8.1. Overview
8.1.1. North America IT Market Value and Growth, 2017-2027, (US$ Bn)
8.2. North America IT Market Value, By Type, 2017-2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America IT Market Value, By Technology, 2017-2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America IT Market Value, By Services, 2017-2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America IT Market Value, By End-use, 2017-2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America
9. Europe Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
9.1. Overview
9.1.1. Europe IT Market Value and Growth, 2017-2027, (US$ Bn)
9.2. Europe IT Market Value, By Type, 2017-2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe IT Market Value, By Technology, 2017-2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe IT Market Value, By Services, 2017-2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe IT Market Value, By End-use, 2017-2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe
10. Asia Pacific Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific IT Market Value and Growth, 2017-2027, (US$ Bn)
10.2. Asia Pacific IT Market Value, By Type, 2017-2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific IT Market Value, By Technology, 2017-2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific IT Market Value, By Services, 2017-2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific IT Market Value, By End-use, 2017-2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific
11. Rest of the World Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World IT Market Value and Growth, 2017-2027, (US$ Bn)
11.2. Rest of the World IT Market Value, By Type, 2017-2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World IT Market Value, By Technology, 2017-2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World IT Market Value, By Services, 2017-2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of the World IT Market Value, By End-use, 2017-2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World IT Market Value, By Region, 2017-2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America
12. Company Profiles
12.1. Damco Group
12.2. DXC Technology Company
12.3. Majesco
12.4. Oscar Insurance
12.5. Quantemplate
12.6. Shift Technology
12.7. Trōv, Inc.
12.8. Wipro Limited
12.9. Zhongan Insurance
12.10. Friendsurance
12.11. Allay
12.12. Analyze Re
12.13. GetInsured
12.14. Bayzat
12.15. Bought By Many
12.16. Claim Di
12.17. CommonEasy
* IT – Insurance Technology
TABLE 1 Market Snapshot: Global Insurance Technology Market
TABLE 2 Global IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 3 Global IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 4 Global IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 5 Global IT Market, by End-use, 2018 (US$ Bn)
TABLE 6 Global IT Market, by Geography, 2017–2027 (US$ Bn)
TABLE 7 North America IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 8 North America IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 9 North America IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 10 North America IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 11 North America IT Market, by Country, 2017–2027 (US$ Bn)
TABLE 12 Europe IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 13 Europe IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 14 Europe IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 15 Europe IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 16 Europe IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 18 Asia Pacific IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 19 Asia Pacific IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 20 Asia Pacific IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 21 Asia Pacific IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 22 RoW IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 23 RoW IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 24 RoW IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 25 RoW IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 26 RoW IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 27 Damco Group: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 28 DXC Technology Company: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 29 Majesco: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 30 Oscar Insurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 31 Quantemplate: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 32 Shift Technology: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 33 Trōv, Inc.: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 34 Wipro Limited: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 35 Zhongan Insurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 36 Friendsurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 37 Allay: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 38 Analyze Re: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 39 GetInsured: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 40 Bayzat: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 41 Bought By Many: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 42 Claim Di: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 43 CommonEasy: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
FIG. 1 Global Insurance Technology Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global IT Market Segmentation
FIG. 4 Global IT Market, by Type, 2018 (US$ Bn)
FIG. 5 Global IT Market, by Technology, 2018 (US$ Bn)
FIG. 6 Global IT Market, by Services, 2018 (US$ Bn)
FIG. 7 Global IT Market, by End-use, 2018 (US$ Bn)
FIG. 8 Global IT Market, by Geography, 2018 (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key IT Market Players, 2018
FIG. 11 Global IT Market Value Contribution, By Type, 2018 & 2027 (Value %)
FIG. 12 Global IT Market, by Home, Value, 2017–2027 (US$ Bn)
FIG. 13 Global IT Market, by Health, Value, 2017–2027 (US$ Bn)
FIG. 14 Global IT Market, by Business, Value, 2017–2027 (US$ Bn)
FIG. 15 Global IT Market, by Automotive, Value, 2017–2027 (US$ Bn)
FIG. 16 Global IT Market, by Others (Speciality, Travel, etc.), Value, 2017–2027 (US$ Bn)
FIG. 17 Global IT Market Value Contribution, By Technology, 2018 & 2027 (Value %)
FIG. 18 Global IT Market, by IoT, Value, 2017–2027 (US$ Bn)
FIG. 19 Global IT Market, by Block Chain, Value, 2017–2027 (US$ Bn)
FIG. 20 Global IT Market, by Cloud Computing, Value, 2017–2027 (US$ Bn)
FIG. 21 Global IT Market, by Machine Learning, Value, 2017–2027 (US$ Bn)
FIG. 22 Global IT Market, by Others (Robo Advisory, etc.), Value, 2017–2027 (US$ Bn)
FIG. 23 Global IT Market Value Contribution, By Services, 2018 & 2027 (Value %)
FIG. 24 Global IT Market, by Consulting, Value, 2017–2027 (US$ Bn)
FIG. 25 Global IT Market, by Managed Services, Value, 2017–2027 (US$ Bn)
FIG. 26 Global IT Market, by Support & Maintenance, Value, 2017–2027 (US$ Bn)
FIG. 27 Global IT Market Value Contribution, By End-use, 2018 & 2027 (Value %)
FIG. 28 Global IT Market, by BSFI, Value, 2017–2027 (US$ Bn)
FIG. 29 Global IT Market, by Retail, Value, 2017–2027 (US$ Bn)
FIG. 30 Global IT Market, by Automotive, Value, 2017–2027 (US$ Bn)
FIG. 31 Global IT Market, by Government, Value, 2017–2027 (US$ Bn)
FIG. 32 Global IT Market, by Healthcare, Value, 2017–2027 (US$ Bn)
FIG. 33 Global IT Market, by Others (Transportation, Manufacturing, etc.), Value, 2017–2027 (US$ Bn)
FIG. 34 U.S. IT Market, 2017–2027 (US$ Bn)
FIG. 35 Canada IT Market, 2017–2027 (US$ Bn)
FIG. 36 U.K. IT Market, 2017–2027 (US$ Bn)
FIG. 37 Germany IT Market, 2017–2027 (US$ Bn)
FIG. 38 France IT Market, 2017–2027 (US$ Bn)
FIG. 39 Italy IT Market, 2017–2027 (US$ Bn)
FIG. 40 Rest of Europe IT Market, 2017–2027 (US$ Bn)
FIG. 41 Japan IT Market, 2017–2027 (US$ Bn)
FIG. 42 China IT Market, 2017–2027 (US$ Bn)
FIG. 43 India IT Market, 2017–2027 (US$ Bn)
FIG. 44 Rest of Asia Pacific IT Market, 2017–2027 (US$ Bn)
FIG. 45 Middle East & Africa IT Market, 2017–2027 (US$ Bn)
FIG. 46 Latin America IT Market, 2017–2027 (US$ Bn)
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