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InsurTech Market by Value Chain Positioning and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 125
  • SKU: IRTNTR45277
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The InsurTech market share is expected to increase by USD 33.73 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 45.28%. 

This InsurTech market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers InsurTech market segmentation by geography (North America, Europe, APAC, MEA, and South America) and value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others). The InsurTech market report also 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.

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

Download the Free Report Sample to Unlock the InsurTech Market Size for the Forecast Period and Other Important Statistics

 

InsurTech Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The need to improve business efficiency is notably driving the InsurTech market growth, although factors such as the high cost of the investment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the InsurTech industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key InsurTech Market Driver

One of the key factors driving growth in the InsurTech market is the need to improve business efficiency. 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. In the traditional insurance systems, high costs were involved due to the physical distribution of the data. With the customers becoming more digitized, 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 with a substantial amount of data to 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.

Key InsurTech Market Trend

The investors collaborating with InsurTech firms is another factor supporting the InsurTech market share growth. Investors are demonstrating an increased interest in collaborating with InsurTech firms or technology-first insurance start-ups. The use of technology has transformed the entire insurance value chain. It includes transforming the costing 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 sophisticated customization of insurance products and personalized services. The trend of purchasing insurance over an application is increasing worldwide.  The importance of InsurTech is increasing at a rapid pace among insurance companies. The growth of the global InsurTech market is further driving technology innovations in the insurance industry.

Key InsurTech Market Challenge

The high cost of investment will be a major challenge for the InsurTech market during the forecast period. The selling of insurance products through the latest technology is new and complex for insurance firms. This requires a considerable amount of specialized training for the employees of the insurance firms on the technology used. Retraining is required to understand the insurance products in-depth for the insurance staff to be 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. Start-ups or vendors need to have a clear path and outcome of their research project before investing. However, the result and the path may not be apparent at the beginning of projects. Though many companies have advanced technology and superior product plans, they fail to meet customer demand. Investors are wary about the success of their investments and are often skeptical about the return on investment.

This InsurTech market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the InsurTech market as a part of the global InsurTech market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the InsurTech market during the forecast period.

Who are the Major InsurTech Market Vendors?

The 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 Property Insurance Co. Ltd.

 

This statistical study of the InsurTech market encompasses successful business strategies deployed by the key vendors. The InsurTech market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Alan SA - The company offers InsurTech for startups and SMEs, large companies, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The InsurTech market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

InsurTech Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the InsurTech market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the InsurTech market includes the following core components:

  • Research and development
  • Developers or manufacturers
  • Sales and distribution
  • End-users

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for InsurTech Market?

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47% of the market’s growth will originate from Europe during the forecast period. UK and France are the key markets for InsurTech in Europe. Market growth in this region will be faster than the growth of the market in the North American and MEA regions.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

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

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The InsurTech market share growth by the marketing and distribution segment will be significant during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the InsurTech market size and actionable market insights on post COVID-19 impact on each segment.

 

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

$ 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.

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

  • CAGR of the market during the forecast period 2021-2025
  • 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

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 03: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 04: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ million)
    • Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 07: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 08: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 09: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 10: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 11: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 12: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 13: Market condition - Five forces 2020

5 Market Segmentation by Value chain positioning

  • 5.1 Market segments
    • Exhibit 14: Value chain positioning - Market share 2020-2025 (%)
  • 5.2 Comparison by Value chain positioning
    • Exhibit 15: Comparison by Value chain positioning
  • 5.3 Marketing and distribution - Market size and forecast 2020-2025
    • Exhibit 16: Marketing and distribution - Market size and forecast 2020-2025 ($ million)
    • Exhibit 17: Marketing and distribution - Year-over-year growth 2020-2025 (%)
  • 5.4 IT support - Market size and forecast 2020-2025
    • Exhibit 18: IT support - Market size and forecast 2020-2025 ($ million)
    • Exhibit 19: IT support - Year-over-year growth 2020-2025 (%)
  • 5.5 Policy administration and management - Market size and forecast 2020-2025
    • Exhibit 20: Policy administration and management - Market size and forecast 2020-2025 ($ million)
    • Exhibit 21: Policy administration and management - Year-over-year growth 2020-2025 (%)
  • 5.6 Claim management - Market size and forecast 2020-2025
    • Exhibit 22: Claim management - Market size and forecast 2020-2025 ($ million)
    • Exhibit 23: Claim management - Year-over-year growth 2020-2025 (%)
  • 5.7 Others - Market size and forecast 2020-2025
    • Exhibit 24: Others - Market size and forecast 2020-2025 ($ million)
    • Exhibit 25: Others - Year-over-year growth 2020-2025 (%)
  • 5.8 Market opportunity by Value chain positioning
    • Exhibit 26: Market opportunity by Value chain positioning

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 28: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 29: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 30: North America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 31: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 Europe - Market size and forecast 2020-2025
    • Exhibit 32: Europe - Market size and forecast 2020-2025 ($ million)
    • Exhibit 33: Europe - Year-over-year growth 2020-2025 (%)
  • 7.5 APAC - Market size and forecast 2020-2025
    • Exhibit 34: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 35: APAC - Year-over-year growth 2020-2025 (%)
  • 7.6 MEA - Market size and forecast 2020-2025
    • Exhibit 36: MEA - Market size and forecast 2020-2025 ($ million)
    • Exhibit 37: MEA - Year-over-year growth 2020-2025 (%)
  • 7.7 South America - Market size and forecast 2020-2025
    • Exhibit 38: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 39: South America - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 40: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 41: Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 42: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Vendor landscape
    • Exhibit 43: Vendor landscape
  • 9.2 Landscape disruption
  • 9.3 Competitive scenario

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 46: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 47: Market positioning of vendors
  • 10.3 Alan SA
    • Exhibit 48: Alan SA - Overview
    • Exhibit 49: Alan SA - Product and service
    • Exhibit 50: Alan SA - Key offerings
  • 10.4 Clover Health
    • Exhibit 51: Clover Health - Overview
    • Exhibit 52: Clover Health - Product and service
    • Exhibit 53: Clover Health - Key news
    • Exhibit 54: Clover Health - Key offerings
  • 10.5 Cytora Ltd.
    • Exhibit 55: Cytora Ltd. - Overview
    • Exhibit 56: Cytora Ltd. - Product and service
    • Exhibit 57: Cytora Ltd. - Key offerings
  • 10.6 Haven Life Insurance Agency LLC
    • Exhibit 58: Haven Life Insurance Agency LLC - Overview
    • Exhibit 59: Haven Life Insurance Agency LLC - Product and service
    • Exhibit 60: Haven Life Insurance Agency LLC - Key offerings
  • 10.7 Oscar Insurance Corp.
    • Exhibit 61: Oscar Insurance Corp. - Overview
    • Exhibit 62: Oscar Insurance Corp. - Product and service
    • Exhibit 63: Oscar Insurance Corp. - Key offerings
  • 10.8 Quantemplate Technologies Inc.
    • Exhibit 64: Quantemplate Technologies Inc. - Overview
    • Exhibit 65: Quantemplate Technologies Inc. - Product and service
    • Exhibit 66: Quantemplate Technologies Inc. - Key offerings
  • 10.9 Shift Technology
    • Exhibit 67: Shift Technology - Overview
    • Exhibit 68: Shift Technology - Product and service
    • Exhibit 69: Shift Technology - Key offerings
  • 10.10 simplesurance GmbH
    • Exhibit 70: simplesurance GmbH - Overview
    • Exhibit 71: simplesurance GmbH - Product and service
    • Exhibit 72: simplesurance GmbH - Key offerings
  • 10.11 Trov Insurance Solutions LLC
    • Exhibit 73: Trov Insurance Solutions LLC - Overview
    • Exhibit 74: Trov Insurance Solutions LLC - Product and service
    • Exhibit 75: Trov Insurance Solutions LLC - Key offerings
  • 10.12 ZhongAn Online Property Insurance Co. Ltd.
    • Exhibit 76: ZhongAn Online Property Insurance Co. Ltd. - Overview
    • Exhibit 77: ZhongAn Online Property Insurance Co. Ltd. - Business segments
    • Exhibit 78: ZhongAn Online Property Insurance Co. Ltd. - Key offerings
    • Exhibit 79: ZhongAn Online Property Insurance Co. Ltd. - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 80: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 81: Research Methodology
    • Exhibit 82: Validation techniques employed for market sizing
    • Exhibit 83: Information sources
  • 11.4 List of abbreviations
    • Exhibit 84: 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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The insurtech market market growth will increase by $33739.09 million during 2021-2025.
The insurtech market market is expected to grow at a CAGR of 45.28% during 2021-2025.
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, South America, 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 Property Insurance Co. Ltd. are a few of the key vendors in the insurtech market market.
Europe will register the highest growth rate of 46.71% 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.
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