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Published: Dec, 2019 | Pages:
161 | Publisher: Grand View Research
Industry: Technology & Media | Report Format: Electronic (PDF)
The global insurtech market size is expected to reach USD 16.8 billion by 2025, registering a CAGR of 43.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing use of artificial intelligence (AI) along with Big Data by insurance companies to enhance customer targeting and to automate the decision-making processes is expected to drive the market over the forecast period. Additionally, integration of wearable devices into customer engagement metrics for insurance is further anticipated to keep the market growth prospects upbeat. Insurance companies are heavily investing in digitizing their business processes, which will help them to simplify the transaction process and to improve the functionality of payment systems. The adoption of insurtech allow insurance companies to detect errors, prevent frauds, and access external data. Furthermore, technologies such as embedded analytics help insurance companies to understand market pattern, consumer behavior, and allow them to make informed business-related decisions. These benefits of digital technologies are creating a significant demand for the technology. Rising demand for implementation of automation, improved communication between agents and clients, and better personalized offerings are expected to drive the market over the forecast period. The adoption of insurtech in various businesses has allowed insurance companies to minimize the risks associated with liquidity, operation, and counterparty credit. Additionally, increasing adoption of predictive analytics to identify risk of fraud, triaging claims, and to identify outlier claims is anticipated to propel market growth. Further key findings from the report suggest: • The home segment is anticipated to exhibit the highest CAGR of 44.3% from 2019 to 2025. Home insurtech allow customers to easily process their claims for property monitoring or assistance in repairs • The managed services segment dominated the market in 2018 owing to the growing dependence of insurance companies on IT assets to improve their productivity • The blockchain segment is expected to witness the highest CAGR of 44.9% over the forecast period. The adoption of blockchain in insurtech helps in increasing transparency, operational speed, and minimizing the associated delays and costs • The healthcare segment is expected to emerge as the fastest-growing end-use segment over the next six years. Insurtech in healthcare provide customers with custom insurance along with easy claim process • The North America region is expected to continue to dominate the market over the forecast period. Increased adoption of advanced technologies such as machine learning, artificial intelligence, and blockchain by insurance companies in the region is contributing remarkably to the growth of the market • The key players in the insurtech market include DXC Technology Company; Damco Group; Majesco; Oscar Insurance; Wipro Limited; Tr?v, Inc.; Quantemplate; Shift Technology; and Zhongan Insurance.
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Insurtech Market - Industry Snapshot & Key Buying Criteria, 2014 - 2025
2.2 Global Insurtech Market, 2014 - 2025
2.2.1 Global insurtech market, by region, 2014 - 2025
2.2.2 Global insurtech market, by type, 2014 - 2025
2.2.3 Global insurtech market, by service, 2014 - 2025
2.2.4 Global insurtech market, by technology, 2014 - 2025
2.2.5 Global insurtech market, by end use, 2014 - 2025
Chapter 3 Insurtech Market - Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Insurtech Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Insurtech Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 The growing adoption of predictive analytics
3.4.1.2 Increasing shift toward cloud computing
3.4.2 Market restraint analysis
3.4.2.1 Data security and privacy concerns
3.5 Penetration and Growth Prospect Mapping
3.6 Insurtech Market - Key Company Market Share Analysis, 2018
3.7 Insurtech Market - Porter's Five Forces Analysis
3.8 Insurtech Market - PESTEL Analysis
Chapter 4 Insurtech Type Outlook
4.1 Insurtech Market Share By Type, 2018
4.2 Auto
4.2.1 Auto insurtech market, 2014 - 2025
4.3 Business
4.3.1 Business insurtech market, 2014 - 2025
4.4 Health
4.4.1 Health insurtech market, 2014 - 2025
4.5 Home
4.5.1 Home insurtech market, 2014 - 2025
4.6 Specialty
4.6.1 Specialty insurtech market, 2014 - 2025
4.7 Travel
4.7.1 Travel insurtech market, 2014 - 2025
4.8 Others
4.8.1 Other insurtech market, 2014 - 2025
Chapter 5 Insurtech Service Outlook
5.1 Insurtech Market Share By Service, 2018
5.2 Consulting
5.2.1 Insurtech consulting services market, 2014 - 2025
5.3 Support & maintenance
5.3.1 Insurtech support & maintenance services market, 2014 - 2025
5.4 Managed services
5.4.1 Insurtech managed services market, 2014 - 2025
Chapter 6 Insurtech Technology Outlook
6.1 Insurtech Market Share By Technology, 2018
6.2 Blockchain
6.2.1 Blockchain in insurtech market, 2014 - 2025
6.3 Cloud computing
6.3.1 Cloud computing in insurtech market, 2014 - 2025
6.4 IoT
6.4.1 IoT in insurtech market, 2014 - 2025
6.5 Machine learning
6.5.1 Machine learning in insurtech market, 2014 - 2025
6.6 Robo advisory
6.6.1 Robo advisory in insurtech market, 2014 - 2025
6.7 Others
6.7.1 Other insurtech technologies market, 2014 - 2025
Chapter 7 Insurtech End-use Outlook
7.1 Insurtech Market Share By End Use, 2018
7.2 Automotive
7.2.1 Insurtech in automotive, 2014 - 2025
7.3 BFSI
7.3.1 Insurtech in BFSI, 2014 - 2025
7.4 Government
7.4.1 Insurtech in government, 2014 - 2025
7.5 Healthcare
7.5.1 Insurtech in healthcare, 2014 - 2025
7.6 Manufacturing
7.6.1 Insurtech in manufacturing, 2014 - 2025
7.7 Retail
7.7.1 Insurtech in retail, 2014 - 2025
7.8 Transportation
7.8.1 Insurtech in transportation, 2014 - 2025
7.9 Others
7.9.1 Insurtech in other end use, 2014 - 2025
Chapter 8 Insurtech Regional Outlook
8.1 Insurtech Market Share by Region, 2018
8.2 North America
8.2.1 North America insurtech market, 2014 - 2025
8.2.2 North America insurtech market, by type, 2014 - 2025
8.2.3 North America insurtech market, by service, 2014 - 2025
8.2.4 North America insurtech market, by technology, 2014 - 2025
8.2.5 North America insurtech market, by end use, 2014 - 2025
8.2.6 U.S.
8.2.6.1 U.S. insurtech market, 2014 - 2025
8.2.6.2 U.S. insurtech market, by type, 2014 - 2025
8.2.6.3 U.S. insurtech market, by service, 2014 - 2025
8.2.6.4 U.S. insurtech market, by technology, 2014 - 2025
8.2.6.5 U.S. insurtech market, by end use, 2014 - 2025
8.2.7 Canada
8.2.7.1 Canada insurtech market, 2014 - 2025
8.2.7.2 Canada insurtech market, by type, 2014 - 2025
8.2.7.3 Canada insurtech market, by service, 2014 - 2025
8.2.7.4 Canada insurtech market, by technology, 2014 - 2025
8.2.7.5 Canada insurtech market, by end use, 2014 - 2025
8.3 Europe
8.3.1 Europe insurtech market, 2014 - 2025
8.3.2 Europe insurtech market, by type, 2014 - 2025
8.3.3 Europe insurtech market, by service, 2014 - 2025
8.3.4 Europe insurtech market, by technology, 2014 - 2025
8.3.5 Europe insurtech market, by end use, 2014 - 2025
8.3.6 Germany
8.3.6.1 Germany insurtech market, 2014 - 2025
8.3.6.2 Germany insurtech market, by type, 2014 - 2025
8.3.6.3 Germany insurtech market, by service, 2014 - 2025
8.3.6.4 Germany insurtech market, by technology, 2014 - 2025
8.3.6.5 Germany insurtech market, by end use, 2014 - 2025
8.3.7 U.K.
8.3.7.1 U.K. insurtech market, 2014 - 2025
8.3.7.2 U.K. insurtech market, by type, 2014 - 2025
8.3.7.3 U.K. insurtech market, by service, 2014 - 2025
8.3.7.4 U.K. insurtech market, by technology, 2014 - 2025
8.3.7.5 U.K. insurtech market, by end use, 2014 - 2025
8.4 Asia Pacific
8.4.1 Asia Pacific insurtech market, 2014 - 2025
8.4.2 Asia Pacific insurtech market, by type, 2014 - 2025
8.4.3 Asia Pacific insurtech market, by service, 2014 - 2025
8.4.4 Asia Pacific insurtech market, by technology, 2014 - 2025
8.4.5 Asia Pacific insurtech market, by end use, 2014 - 2025
8.4.6 China
8.4.6.1 China insurtech market, 2014 - 2025
8.4.6.2 China insurtech market, by type, 2014 - 2025
8.4.6.3 China insurtech market, by service, 2014 - 2025
8.4.6.4 China insurtech market, by technology, 2014 - 2025
8.4.6.5 China insurtech market, by end use, 2014 - 2025
8.4.7 India
8.4.7.1 India insurtech market, 2014 - 2025
8.4.7.2 India insurtech market, by type, 2014 - 2025
8.4.7.3 India insurtech market, by service, 2014 - 2025
8.4.7.4 India insurtech market, by technology, 2014 - 2025
8.4.7.5 India insurtech market, by end use, 2014 - 2025
8.4.8 Japan
8.4.8.1 Japan insurtech market, 2014 - 2025
8.4.8.2 Japan insurtech market, by type, 2014 - 2025
8.4.8.3 Japan insurtech market, by service, 2014 - 2025
8.4.8.4 Japan insurtech market, by technology, 2014 - 2025
8.4.8.5 Japan insurtech market, by end use, 2014 - 2025
8.5 Latin America
8.5.1 Latin America insurtech market, 2014 - 2025
8.5.2 Latin America insurtech market, by type, 2014 - 2025
8.5.3 Latin America insurtech market, by service, 2014 - 2025
8.5.4 Latin America insurtech market, by technology, 2014 - 2025
8.5.5 Latin America insurtech market, by end use, 2014 - 2025
8.5.6 Brazil
8.5.6.1 Brazil insurtech market, 2014 - 2025
8.5.6.2 Brazil insurtech market, by type, 2014 - 2025
8.5.6.3 Brazil insurtech market, by service, 2014 - 2025
8.5.6.4 Brazil insurtech market, by technology, 2014 - 2025
8.5.6.5 Brazil insurtech market, by end use, 2014 - 2025
8.6 MEA
8.6.1 MEA insurtech market, 2014 - 2025
8.6.2 MEA insurtech market, by type, 2014 - 2025
8.6.3 MEA insurtech market, by service, 2014 - 2025
8.6.4 MEA insurtech market, by technology, 2014 - 2025
8.6.5 MEA insurtech market, by end use, 2014 - 2025
Chapter 9 Competitive Landscape
9.1 Damco Group
9.1.1 Company overview
9.1.2 Financial performance
9.1.3 Product benchmarking
9.1.4 Strategic initiatives
9.2 DXC Technology Company
9.2.1 Company overview
9.2.2 Financial performance
9.2.3 Product benchmarking
9.2.4 Strategic initiatives
9.3 Insurance Technology Services
9.3.1 Company overview
9.3.2 Financial performance
9.3.3 Product benchmarking
9.3.4 Strategic initiatives
9.4 Majesco
9.4.1 Company overview
9.4.2 Financial performance
9.4.3 Product benchmarking
9.4.4 Strategic initiatives
9.5 Oscar Insurance
9.5.1 Company overview
9.5.2 Financial performance
9.5.3 Product benchmarking
9.5.4 Strategic initiatives
9.6 Quantemplate
9.6.1 Company overview
9.6.2 Financial performance
9.6.3 Product benchmarking
9.6.4 Strategic initiatives
9.7 Shift Technology
9.7.1 Company overview
9.7.2 Product benchmarking
9.7.3 Strategic initiatives
9.8 Tr?v, Inc.
9.8.1 Company overview
9.8.2 Financial performance
9.8.3 Product benchmarking
9.8.4 Strategic initiatives
9.9 Wipro Limited
9.9.1 Company overview
9.9.2 Financial performance
9.9.3 Product benchmarking
9.9.4 Strategic initiatives
9.10 Zhongan Insurance
9.10.1 Company overview
9.10.2 Financial performance
9.10.3 Product benchmarking
9.10.4 Strategic initiatives
9.11 Other Key Market Players
List of Tables TABLE 1 Insurtech market - Industry snapshot & key buying criteria, 2014 - 2025 TABLE 2 Global insurtech market, 2014 - 2025 (USD Million) TABLE 3 Global insurtech market, by region, 2014 - 2025 (USD Million) TABLE 4 Global insurtech market, by type, 2014 - 2025 (USD Million) TABLE 5 Global insurtech market, by service, 2014 - 2025 (USD Million) TABLE 6 Global insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 7 Global insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 8 Vendor landscape TABLE 9 Insurtech market - Key market driver impact TABLE 10 Insurtech market - Key market restraint impact TABLE 11 Auto insurtech market, 2014 - 2025 (USD Million) TABLE 12 Auto insurtech market, by region, 2014 - 2025 (USD Million) TABLE 13 Business insurtech market, 2014 - 2025 (USD Million) TABLE 14 Business insurtech market, by region, 2014 - 2025 (USD Million) TABLE 15 Health insurtech market, 2014 - 2025 (USD Million) TABLE 16 Health insurtech market, by region, 2014 - 2025 (USD Million) TABLE 17 Home insurtech market, 2014 - 2025 (USD Million) TABLE 18 Home insurtech market, by region, 2014 - 2025 (USD Million) TABLE 19 Specialty insurtech market, 2014 - 2025 (USD Million) TABLE 20 Specialty insurtech market, by region, 2014 - 2025 (USD Million) TABLE 21 Travel insurtech market, 2014 - 2025 (USD Million) TABLE 22 Travel insurtech market, by region, 2014 - 2025 (USD Million) TABLE 23 Other insurtech market, 2014 - 2025 (USD Million) TABLE 24 Other insurtech market, by region, 2014 - 2025 (USD Million) TABLE 25 Insurtech consulting services market, 2014 - 2025 (USD Million) TABLE 26 Insurtech consulting services market, by region, 2014 - 2025 (USD Million) TABLE 27 Insurtech managed services market, 2014 - 2025 (USD Million) TABLE 28 Insurtech managed services market, by region, 2014 - 2025 (USD Million) TABLE 29 Insurtech support & maintenance services market, 2014 - 2025 (USD Million) TABLE 30 Insurtech support & maintenance services market, by region, 2014 - 2025 (USD Million) TABLE 31 Blockchain in insurtech market, 2014 - 2025 (USD Million) TABLE 32 Blockchain in insurtech market, by region, 2014 - 2025 (USD Million) TABLE 33 Cloud computing in insurtech market, 2014 - 2025 (USD Million) TABLE 34 Cloud computing in insurtech market, by region, 2014 - 2025 (USD Million) TABLE 35 IoT in insurtech market, 2014 - 2025 (USD Million) TABLE 36 IoT in insurtech market, by region, 2014 - 2025 (USD Million) TABLE 37 Machine learning in insurtech market, 2014 - 2025 (USD Million) TABLE 38 Machine learning in insurtech market, by region, 2014 - 2025 (USD Million) TABLE 39 Robo advisory in insurtech market, 2014 - 2025 (USD Million) TABLE 40 Robo advisory in insurtech market, by region, 2014 - 2025 (USD Million) TABLE 41 Other insurtech technologies market, 2014 - 2025 (USD Million) TABLE 42 Other insurtech technologies market, by region, 2014 - 2025 (USD Million) TABLE 43 Insurtech in automotive, 2014 - 2025 (USD Million) TABLE 44 Insurtech in automotive, by region, 2014 - 2025 (USD Million) TABLE 45 Insurtech in BFSI, 2014 - 2025 (USD Million) TABLE 46 Insurtech in BFSI, by region, 2014 - 2025 (USD Million) TABLE 47 Insurtech in government, 2014 - 2025 (USD Million) TABLE 48 Insurtech in government, by region, 2014 - 2025 (USD Million) TABLE 49 Insurtech in healthcare, 2014 - 2025 (USD Million) TABLE 50 Insurtech in healthcare, by region, 2014 - 2025 (USD Million) TABLE 51 Insurtech in manufacturing, 2014 - 2025 (USD Million) TABLE 52 Insurtech in manufacturing, by region, 2014 - 2025 (USD Million) TABLE 53 Insurtech in retail, 2014 - 2025 (USD Million) TABLE 54 Insurtech in retail, by region, 2014 - 2025 (USD Million) TABLE 55 Insurtech in transportation, 2014 - 2025 (USD Million) TABLE 56 Insurtech in transportation, by region, 2014 - 2025 (USD Million) TABLE 57 Insurtech in other end use, 2014 - 2025 (USD Million) TABLE 58 Insurtech in other end use, by region, 2014 - 2025 (USD Million) TABLE 59 North America insurtech market, 2014 - 2025 (USD Million) TABLE 60 North America insurtech market, by type, 2014 - 2025 (USD Million) TABLE 61 North America insurtech market, by service, 2014 - 2025 (USD Million) TABLE 62 North America insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 63 North America insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 64 U.S. insurtech market, 2014 - 2025 (USD Million) TABLE 65 U.S. insurtech market, by type, 2014 - 2025 (USD Million) TABLE 66 U.S. insurtech market, by service, 2014 - 2025 (USD Million) TABLE 67 U.S. insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 68 U.S. insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 69 Canada insurtech market, 2014 - 2025 (USD Million) TABLE 70 Canada insurtech market, by type, 2014 - 2025 (USD Million) TABLE 71 Canada insurtech market, by service, 2014 - 2025 (USD Million) TABLE 72 Canada insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 73 Canada insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 74 Europe insurtech market, 2014 - 2025 (USD Million) TABLE 75 Europe insurtech market, by type, 2014 - 2025 (USD Million) TABLE 76 Europe insurtech market, by service, 2014 - 2025 (USD Million) TABLE 77 Europe insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 78 Europe insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 79 Germany insurtech market, 2014 - 2025 (USD Million) TABLE 80 Germany insurtech market, by type, 2014 - 2025 (USD Million) TABLE 81 Germany insurtech market, by service, 2014 - 2025 (USD Million) TABLE 82 Germany insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 83 Germany insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 84 U.K. insurtech market, 2014 - 2025 (USD Million) TABLE 85 U.K. insurtech market, by type, 2014 - 2025 (USD Million) TABLE 86 U.K. insurtech market, by service, 2014 - 2025 (USD Million) TABLE 87 U.K. insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 88 U.K. insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 89 Asia Pacific insurtech market, 2014 - 2025 (USD Million) TABLE 90 Asia Pacific insurtech market, by type, 2014 - 2025 (USD Million) TABLE 91 Asia Pacific insurtech market, by service, 2014 - 2025 (USD Million) TABLE 92 Asia Pacific insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 93 Asia Pacific insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 94 China insurtech market, 2014 - 2025 (USD Million) TABLE 95 China insurtech market, by type, 2014 - 2025 (USD Million) TABLE 96 China insurtech market, by service, 2014 - 2025 (USD Million) TABLE 97 China insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 98 China insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 99 India insurtech market, 2014 - 2025 (USD Million) TABLE 100 India insurtech market, by type, 2014 - 2025 (USD Million) TABLE 101 India insurtech market, by service, 2014 - 2025 (USD Million) TABLE 102 India insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 103 India insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 104 Japan insurtech market, 2014 - 2025 (USD Million) TABLE 105 Japan insurtech market, by type, 2014 - 2025 (USD Million) TABLE 106 Japan insurtech market, by service, 2014 - 2025 (USD Million) TABLE 107 Japan insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 108 Japan insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 109 Latin America insurtech market, 2014 - 2025 (USD Million) TABLE 110 Latin America insurtech market, by type, 2014 - 2025 (USD Million) TABLE 111 Latin America insurtech market, by service, 2014 - 2025 (USD Million) TABLE 112 Latin America insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 113 Latin America insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 114 Brazil insurtech market, 2014 - 2025 (USD Million) TABLE 115 Brazil insurtech market, by type, 2014 - 2025 (USD Million) TABLE 116 Brazil insurtech market, by service, 2014 - 2025 (USD Million) TABLE 117 Brazil insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 118 Brazil insurtech market, by end use, 2014 - 2025 (USD Million) TABLE 119 MEA insurtech market, 2014 - 2025 (USD Million) TABLE 120 MEA insurtech market, by type, 2014 - 2025 (USD Million) TABLE 121 MEA insurtech market, by service, 2014 - 2025 (USD Million) TABLE 122 MEA insurtech market, by technology, 2014 - 2025 (USD Million) TABLE 123 MEA insurtech market, by end use, 2014 - 2025 (USD Million)
List of Figures FIG. 1 Market segmentation and scope FIG. 2 Global insurtech market, 2014 - 2025 (USD Million) FIG. 3 Insurtech market - Value chain analysis FIG. 4 Insurtech market dynamics FIG. 5 Key opportunities prioritized FIG. 6 Insurtech market - Key company market share analysis, 2018 FIG. 7 Insurtech market - Porter's five forces analysis FIG. 8 Insurtech market - PESTEL analysis FIG. 9 Insurtech market, by type, 2018 FIG. 10 Insurtech market, by service, 2018 FIG. 11 Insurtech market, by technology, 2018 FIG. 12 Insurtech market, by end use, 2018 FIG. 13 Insurtech market, by region, 2018 FIG. 14 Insurtech market - Regional takeaways FIG. 15 North America insurtech market - Key takeaways FIG. 16 Europe insurtech market - Key takeaways FIG. 17 Asia Pacific insurtech market - Key takeaways FIG. 18 Latin America insurtech market - Key takeaways FIG. 19 MEA insurtech market - Key takeaways
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