InsurTech Market by Value Chain Positioning and Geography - Forecast and Analysis 2020-2024

  • Published: Oct 2020
  • Pages: 120
  • SKU: IRTNTR45277
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The InsurTech market size has the potential to grow USD 21.72 billion during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 36%. 

This InsurTech market report provides a detailed analysis of the market by value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others) and geography (North America, Europe, APAC, MEA, and South America). 

InsurTech Market Share

InsurTech Market Size

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Who are the Major InsurTech Market Vendors?

The InsurTech market analysis report analyzes the market’s competitive landscape and 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
  • ZhongAn Online P&C Insurance Co. Ltd.

The InsurTech market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the advantages of digital technologies to achieve growth opportunities. However, factors such high cost of investment will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the InsurTech market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

What are the Key InsurTech Market Drivers and Trends?

  • Insurance companies are investing significantly in digitization to improve the functionality of payment systems and simplify the transaction process.
  • The adoption of InsurTech has allowed insurance companies to assess risks related to the market, operation, counterparty credit, and liquidity.
  • Technologies such as embedded analytics help insurance companies to understand consumer behavior and market patterns, and make informed business-related decisions.
  • These advantages of digital technologies are creating a significant demand for InsurTech and contributing to the expansion of this market at a global level.
  • InsurTech companies are increasingly using Big Data to identify opportunities for new products and services, optimize pricing mechanisms.
  • Big Data also enables InsurTech companies to capture negative trends in costs and performances based on which corrective actions can be taken.
  • The use of AI along with Big Data in InsurTech leads to enhanced customer targeting and helps in automating the decision-making process of organizations.
  • This integration of Big Data and AI in InsurTech, one of the key InsurTech market trends, will also drive the growth of the market.

 

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Which are the Key Markets for InsurTech?

InsurTech Market Share by Geography

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Europe was the largest InsurTech market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the presence of financial services sector and key vendors will significantly drive InsurTech market growth in this region over the forecast period.

46% of the market’s growth will originate from Europe during the forecast period. The UK and France are the key markets for InsurTech in Europe. Market growth in this region will be slower than the growth of the market in APAC.

What are the Major Value Chain Positioning Segments in the InsurTech Market?

InsurTech Market Share by Value Chain Positioning

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The increasing use of smartphones and the ease-of-access of the Internet through smartphones have bolstered digital marketing and digital distribution of insurance policies through advanced technologies.

An in-depth scenario-based approach was followed in this InsurTech market research report to identify the direct and indirect impact of COVID-19 on market growth. Buy the full market research report to gain actionable insights on the influence of COVID-19 on InsurTech market segments.

InsurTech Market Report

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Key Highlights of the InsurTech Market Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive InsurTech market growth during the next five years
  • Precise estimation of the InsurTech market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the InsurTech industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of InsurTech market vendors

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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
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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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The insurtech market market growth will increase by $21.72 billion during 2019-2024.
The insurtech market market is expected to grow at a CAGR of 36.31% during 2019-2024.
Technavio has segmented the insurtech market market by other1 (Marketing and distribution, IT support, Policy administration and management, Claim management, and Others) and geographic (North America, Europe, APAC, MEA, and South America).
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 P&C Insurance Co. Ltd. are a few of the key vendors in the insurtech market market.
Europe will register the highest growth rate of 46.41% 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
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.
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