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InsurTech Market by management, deployment, and Geography - Forecast and Analysis 2023-2027

  • Published: Oct 2022
  • Pages: 162
  • SKU: IRTNTR45277
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"The insurTech (Insurance Technology) market report is a comprehensive research document that provides in-depth qualitative and quantitative intelligence. Technavio’s analysts estimate the market share growth of USD 61756.27 million from 2022 to 2027, at a CAGR of 44.05%".

Technavio has extensively analyzed 20 major vendors including Acko General Insurance Ltd., Alan SA, Anywhere 2 go Co. Ltd., Clover Health, Cytora Ltd., Damco Group, DXC Technology Co., Friendsurance, Haven Life Insurance Agency LLC, iCarbonX, Insurance Technology Services, Jetty National Inc., Kin Insurance Technology Hub LLC, Milvik AB, Oscar Insurance Corp., Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, Slice Insurance Technologies Inc., and ZhongAn Online Property Insurance Co. Ltd.

This report presents historical data on the market size and geographical analysis from 2017 to 2021. In 2017, the market size was USD 3,314.40 million. From a  regional perspective, Europe was the largest market in 2017 with a market value of USD 1,698.97 million.

Technavio has forecasted the insurtech market from 2023 to 2027, focusing on the primary factors that contribute to the growth. The market is estimated to witness a year-over-year growth of 41.01% during the forecast period. Our analysts predict that Europe will be the most optimistic region that will experience significant growth during the forecast period.   

 What will the Size of the InsurTech Market be During the Forecast Period?

InsurTech Market Size

Download the Report Sample to Unlock Statistics About the InsurTech Market During the Forecast Period

 

InsurTech Market: Key Drivers, Trends, Challenges, and Customer Landscape

The need to improve business efficiency is notably driving the insurtech market growth, although factors such as the high cost of investments may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.   

Key InsurTech Market Driver

The need to improve business efficiency is a key factor driving the global insurance technology market growth. The increase in the number of connected devices in financial industries has led to massive amounts of data generation. Insurance companies have realized that they can use the data to optimize costs, deliver better services, and boost revenues. They have sensed opportunities to change business models. For example, in traditional insurance systems, high costs were involved due to the physical distribution of the data. 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. Many top insurance companies face heavy competition to reach a leading position and grow their footprint in the market. Also, there has been a huge expansion of application programming interfaces (APIs), better online information, and openness of financial standards (such as eXtensible Business Reporting Language (XBLR)). This allows companies to develop solutions for a huge number of exclusive markets. Thus, InsurTech has become a strategic priority for several insurance organizations.

Key InsurTech Market Trend

The collaborations of investors with InsurTech firms will fuel the global insurance technology market growth. Investors are demonstrating an increased interest in collaborating with InsurTech firms or technology-first insurance start-ups. For example, the Global InsurTech Summit 2021, which was solely virtual due to the ongoing COVID-19 pandemic, was attended by around 1,500 investors, entrepreneurs, and insurance executives from across the world. The agenda was to discuss the effect of technology on the operations of the insurance industry. The use of technology has transformed the entire insurance value chain. It includes transforming the appraisal process, improving the consumer experience, increasing process transparency, decreasing fraud (including Big Data for increased security and data analysis), and simplifying the claim process for customers. The focus of InsurTech vendors is on the consumers' growing demands for the customization of insurance products and personalized services. InsurTech is also about creating appropriate insurance coverage for an individual. The trend of purchasing insurance over an app is increasing worldwide.  The growth of the global InsurTech market is further driving technology innovations in the insurance industry.

Key InsurTech Market Challenge

The high cost of investments is a major challenge to the global insurance technology market growth. The selling of insurance products using the latest technology is new and complex for insurance firms. It requires a considerable amount of specialized training for the employees of insurance firms on the use of advanced technology. Retraining is required to understand the insurance products in-depth so that the insurance company staff is able to offer products that match the needs of their clients. Therefore, insurance companies need to invest in hiring trainers for insurance staff and brokers. Many insurance firms have started integrating various products and services with advanced technologies through banks and brokers/agents.  Start-ups or vendors need to have a clear path for the outcome of their research project before investing. However, the result and the path may not be apparent at the beginning of projects. In addition, the commercialization of technology is a major issue. Though many companies have advanced technology and superior product plans, they fail to meet customer demand. Such factors will hinder the market growth during the forecast period.

Key InsurTech Market Customer Landscape

Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, Japan, China, the UK, and France. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.

InsurTech Market Share by Geography

Global InsurTech Market Customer Landscape

Parent Market Analysis

Technavio categorizes the global insurtech market as a part of the  Application Software & within the global Information Technology industry.

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. It excludes companies classified in the development and production of home entertainment software. Technavio calculates the global IT software market size based on combined revenue generated by companies engaged in the provision of all types of IT software, including cloud-based software.  Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Who are the Major InsurTech Market Vendors?                                     

The insurtech market is extremely competitive with businesses of all sizes, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers will drive the growth further.

  • acko.com - The company offers insurtech services such as Digital Insurance solutions. Also, under this segment, the company offers insurance services such as health insurance, bike insurance, car insurance, and others.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :

  • Alan SA
  • Anywhere 2 go Co. Ltd.
  • Clover Health
  • Cytora Ltd.
  • Damco Group
  • DXC Technology Co.
  • Friendsurance
  • Haven Life Insurance Agency LLC
  • iCarbonX
  • Insurance Technology Services
  • Jetty National Inc.
  • Kin Insurance Technology Hub LLC
  • Milvik AB
  • Oscar Insurance Corp.
  • Quantemplate Technologies Inc.
  • Shift Technology
  • simplesurance GmbH
  • Slice Insurance Technologies Inc.
  • ZhongAn Online Property Insurance Co. Ltd.

An internal and external analysis of vendors has been conducted to help companies understand the wider business environment as well as the strengths and weaknesses of key market players. If a vendor is focused only on the insurtech market, then it is classified as a pure-play vendor.

On the other hand, a vendor with interests in multiple industries is classified as a diversified vendor. The external analysis is a qualitative assessment of the ability of a vendor to impact the market through its actions. Dominant vendors can impact the market significantly, while a weak vendor has no ability to influence the market dynamics.

What are the Revenue-generating Management Segments in the InsurTech Market?

Technavio has segmented the market based on management, deployment, and region. The market share growth by the marketing and distribution segment will be significant during the forecast period. The marketing and distribution segment will grow exponentially when compared with the global average growth rate during the forecast period. The increasing use of smartphones and easy access to the Internet using smartphones have bolstered digital marketing and digital distribution of insurance policies through advanced technologies. Countries have different regulations that mandate certifications for electronic promotion systems to enhance security. The mobile point-of-sales in the e-retail business is increasingly being accepted. This is helping insurance companies in finding significant opportunities to address the needs of a large number of customers (who have busy lifestyles) to suit their requirements and behavior.

InsurTech Market Size

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The Marketing and distribution segment showed a gradual increase in market share from  USD 1780.83 million in 2017 and continued to grow by 2021. The InsurTech platform provides insurance companies with a wide range of technologies, such as chatbots, to interact live with customers and resolve their queries. It is the key to the provision of an enhanced digital experience to end customers in the insurance industry and helps in achieving customer-centric services. The need to achieve customer-centricity and high returns on investment is significantly aiding the growth of the marketing and distribution segment. The popularity of InsurTech start-ups has sparked a wave of disruptive new players that are working to create more access, enhance transparency, and lower the costs of insurance services. This is in stark contrast to the modes of operation that traditional banking institutions and investment firms endorse. High levels of automation driven by advances in pattern recognition algorithms and predictive coding should lower the industry's overheads and lead to greater efficiency in processes. Furthermore, 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 marketing and distribution segment in the global InsurTech market during the forecast period.

Furthermore, our report provides a brief analysis of the historical and forecast market share and their segment along with their reasons for growth from 2017 to 2027. The growth of this segment is primarily attributed to the increasing adoption of the InsurTech Market, which is driven by an increase in the global demand for the insurance technology industry.

Which are the Key Regions for InsurTech Market?

InsurTech Market Share by Geography

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We have covered key regions such as North America, Europe, APAC, the Middle East and Africa, and South America that will experience significant growth during the forecast period. Europe is projected to contribute 50% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 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. Further, the European Central Bank (ECB) has introduced measures to boost credit growth, such as lowering interest rates. As a result, the pressure on insurance companies to reconcile investment guarantees with low yields has increased. Across Europe, data has become a strategic asset. Insurance providers have realized the immense potential that can be harvested from both structured and unstructured data. InsurTech, such as data analytics, can be used to derive meaningful insights at every stage of the insurance lifecycle, such as customer targeting, pricing, product designing, claims processing, and reporting. The use of analytics and telematics can create customized insurance products for customers in Europe. This is possible because the adoption rate of technology is higher in the region than that in other geographic regions.  

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 led to a surge in demand for InsurTech solutions in Europe. The COVID-19 pandemic drove the market's growth in 2020. Despite national lockdowns and movement restrictions, market vendors maintained business continuity and ensured services to their customers by providing cloud-based solutions. Such efforts helped minimize customers' and employees' exposure to the disease. Insurers also took additional steps to support their customers by offering several special features, such as insurance contract flexibility, particularly to those most affected by COVID-19 and the nationwide lockdowns. Also, vendors operating in the region adopt various strategies to gain a competitive advantage in the market. These strategies are expected to drive the growth of the regional InsurTech market during the forecast period.  

Segment Overview

Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by management, deployment, and region.

  • Management Outlook ( USD Million, 2017 - 2027)
    • Marketing and distribution
    • IT support
    • Policy administration and management
    • Claim management
    • Others 
  • Deployment Outlook ( USD Million, 2017 - 2027)
    • On-premise
    • Cloud
  • Region Outlook ( USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Brazil
      • Argentina
      • Colombia

InsurTech Market Scope

Report Coverage

Details

Page number

120

Base year

2022

Historical year

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 44.05%

Market growth 2023-2027

$61756.27 million

Market structure

Fragmented

YoY growth (%)

41.01

Regional analysis

North America, Europe, APAC, the Middle East and Africa, and South America

Performing market contribution

Europe at 50%

Key consumer countries

US, Japan, China, UK, and France

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

Acko General Insurance Ltd., Alan SA, Anywhere 2 go Co. Ltd., Clover Health, Cytora Ltd., Damco Group, DXC Technology Co., Friendsurance, Haven Life Insurance Agency LLC, iCarbonX, Insurance Technology Services, Jetty National Inc., Kin Insurance Technology Hub LLC, Milvik AB, Oscar Insurance Corp., Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, Slice Insurance Technologies Inc., 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, and 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.

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What are the Key Data Covered in this InsurTech Market Report?

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive the growth of the global insurtech market between 2023 and 2027
  • Precise estimation of the size of the insurtech market size and its contribution to the parent market.
  • Accurate predictions about  upcoming trends and changes in consumer behavior
  • Growth of the insurtech market industry across North America, Europe, APAC, the Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive details of factors that will challenge the growth of insurtech market vendors

 

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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

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
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              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              InsurTech Market market growth will increase by $61756.27 million during 2023-2027.
              The insurtech market market is expected to grow at a CAGR of 44.05% during 2023-2027.
              Technavio has segmented the insurtech market market by management (Marketing and distribution, IT support, Policy administration and management, Claim management, and Others) ,deployment (On-premise, Cloud, APAC, MEA, and South America) , and geography (North America, Europe, APAC, Middle East and Africa, and South America).
              Acko General Insurance Ltd., Alan SA, Anywhere 2 go Co. Ltd., Clover Health, Cytora Ltd., Damco Group, DXC Technology Co., Friendsurance, Haven Life Insurance Agency LLC, iCarbonX, Insurance Technology Services, Jetty National Inc., Kin Insurance Technology Hub LLC, Milvik AB, Oscar Insurance Corp., Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, Slice Insurance Technologies Inc., ZhongAn Online Property Insurance Co. Ltd. are a few of the key vendors in the insurtech market market.
              Europe will register the highest growth rate of 50.19% among the other regions. Therefore, the insurtech market market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the insurtech market market growth are:
              • Need to improve business efficiency
              • Investors collaborating with InsurTech firms
              The insurtech market market vendors should focus on grabbing business opportunities from the marketing and distribution segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
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              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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