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The insurance technology market in Europe is estimated to grow at a CAGR of 34.58% between 2022 and 2027. The size of the market is forecasted to increase by USD 14,523.99 million. The growth of the market depends on several factors, including the increasing need for insurance due to natural hazards, government regulations on mandatory insurance coverage, and the increasing adoption of cloud-based solutions.
This report extensively covers market segmentation by type (solution and service), technology (cloud computing, IoT, big data and business analytics, blockchain, and others), and geography (UK, France, Germany, Italy, Rest of Europe). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of cloud-based solutions is notably driving the market growth, although factors such as changing skill requirements may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Europe Insurance Technology Market Driver
Cloud-based solutions can be used on a pay-per-use basis. Hence, they are cost-effective for insurance companies.
Limited requirements for hardware infrastructure, less dependency on in-house IT personnel, and low maintenance costs are some of the factors driving the adoption of cloud-based solutions.
Cloud-based insurance solutions allow flexibility to scale up and down, depending on the company's requirements.
Therefore, the rising adoption of cloud-based solutions in the insurance industry in Europe is expected to fuel the growth of the market during the forecast period.
Significant Europe Insurance Technology Market Trend
In the next ten years, the entire insurance process is expected to become digital.
Vendors are focusing on the customization of insurance products and personalized services.
Investors are collaborating with insurance technology firms or technology-first insurance start-ups in Europe.
For instance, in December 2020, simplesurance GmbH received around USD 18 million as a convertible loan from Allianz X.
Such investments are expected to support the growth of the insurance technology market in Europe during the forecast period.
Major Europe Insurance Technology Market Challenge
The use of technologies, such as blockchain, can increase the efficiency and security of data.
Moreover, the data needs to be readable and comprehensible to customers.
However, the right skills are required to use high-tech innovations. The insurance industry in Europe is finding it challenging to employ a skilled workforce to implement digital innovations.
This, in turn, is hindering the adoption of advanced technologies by insurance companies, which may hamper the growth of the market during the forecast period.
Key Europe Insurance Technology Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Insurance Technology Market in Europe Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akur8 - The company offers insurance technology solutions such as the Risk module, Demand module, and Rate module.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the solution segment will be significant during the forecast period. The demand for improved, customer-centric solutions has increased in Europe. In mature markets, insurers are migrating to digital platforms.
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The solution segment was valued at USD 1,203.28 million in 2017 and continued to grow until 2021. Insurers are developing new products to meet the changing needs of customers. Hence, InsurTech platforms should ensure proper data and risk management, improve underwriting accuracy, and predict losses. This enables insurers to increase operational efficiencies and reduce the cost of insurance products. Therefore, the solutions segment is expected to grow at a significant rate during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the insurance technology market in Europe as a part of the IT consulting and other services market, which covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation and insurance technology, consumer auction services, wedding services, and funeral services. Technavio calculates the global specialized consumer services market size based on revenue generated by various specialized consumer services providers such as residential service, home security service, legal service, personal service, renovation and interior design service, consumer auction service, wedding service, and funeral service providers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Insurance Technology Market in Europe Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.58% |
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Market growth 2023-2027 |
USD 14,523.99 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
24.0 |
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Key countries |
UK, France, Germany, Italy, and Rest of Europe |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Akur8, Alan SA, Anorak Technologies Ltd., Charles Taylor Ltd., Descartes Underwriting SAS, Digital Fineprint Ltd., F2X Group Ltd., FRISS, Getsafe Digital GmbH, INZMO Europe GmbH, Majesco, Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group, Qidenus Group GmbH, Qover SA, Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, wefox Insurance AG, Xempus AG, and Duck Creek Technologies Inc. |
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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, and Market condition analysis for the forecast period. |
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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