Insurtech Market Overview
Insurtech Market is projected to grow from USD 20.26 billion in 2025 to USD 958.85 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 53.50% during the forecast period (2025 - 2034). Additionally, the market size for Insurtech Market was valued at USD 13.20 billion in 2024.
The rise in insurance claims globally and the streamlining of the claims procedure, are the key market drivers enhancing the market growth.
Figure 1: Insurtech Market Size, 2025-2034 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Insurtech Market Trends
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The rising number of protections claims overall is driving the market growth
One of the key factors supporting market growth is the overall increase in protective claims. The most common types of protection claims made by people worldwide are for auto, life, and homes. According to a recent Insurance Barometer research, 36% of American respondents planned to purchase additional security in 2021. Insurance companies are increasingly investing in cutting-edge technology to reduce operational costs, improve operational effectiveness, and enhance the overall client experience.
Computerized innovations are used to analyze customer wants and improve contributions in light of shifting customer needs. According to a product organization's study, EIS Group, 59% of the insurance agencies examined increased their interest in computerized foundation in 2021. The advantages offered by blockchain IoT technology, such as cost investment money, quicker payments, and the reduction of misrepresentation, are stoking interest among insurance companies worldwide. Applications like Know Your Customer (KYC), Anti-illegal Tax Avoidance (AML) techniques, guarantee handling, and creating distributed models all make use of blockchain technology in the insurance industry.
A few Insurtech companies are forming partnerships with insurance companies to provide blockchain-based solutions. For instance, the insurtech company Amodo revealed in December 2020 that it had partnered with the innovation company Galileo Platforms Limited. Through this entity, the companies would use blockchain technology to assist insurance companies in introducing new protection plans and improving the client experience. Insurance companies are progressively accepting payments made using digital currency. For instance, in December 2021, the accident protection company Metromile announced its plan to let policyholders make payments for premiums and expenses with digital currency. This initiative is meant to help the company strengthen its position in the market.
In addition, Universal Fire and Casualty Insurance Company started permitting the use of digital currency for payment installments in June 2021, focusing on providing traditional property and loss insurance to private companies. This pattern is designed to point in the direction of the growth of the insurtech industry. Customers are becoming more interested in on-request protection since it allows them to add protection to their cell phones whenever it is convenient, which is growing in popularity. On-demand protection companies are increasingly rethinking how on-request protection products are approved, created, and appropriated. Examples of these innovations include the web of things, man-made reasoning, vast data, and vision support. Thus, driving the Insurtech market revenue.
Insurtech Market Segment Insights
Insurtech Type Insights
The Insurtech Market segmentation, based on Type includes auto, business, health, home, specialty, travel, and others. In 2022, the market was dominated by the health category. The demand for the health segment is predicted to be driven by the rising demand for digital platforms that connect exchanges, brokers, providers, and carriers in the health insurance industry. Life and health insurance companies are putting a lot of effort into employing advanced analytics to better serve and comprehend their clients. Insurtech technologies are being adopted by many health insurance providers to speed up the claims processing process. For enhanced convenience, insurers are concentrating on integrating mobility features into their health insurance plans.
Insurtech Service Insights
The Insurtech Market segmentation, based on Service, includes consulting, support & maintenance, and managed services. In 2022, the managed services category had the highest revenue share. By fusing skill and ability with new technologies, managed services providers may provide insurers a measured doorway to transformation. In addition, managed services help insurers take advantage of possibilities and difficulties in the operations and IT of insurance. The value of enhanced business models is now being recognized and embraced by insurers, opening up new growth potential for the managed services market.
Insurtech Technology Insights
The Insurtech Market segmentation, based on Technology, blockchain, cloud computing, IoT, machine learning, robo advisory, and others. In 2022, the market's cloud computing category had the most revenue share. With its inventiveness, simplicity of use, and flexibility, cloud computing has revolutionized the insurance sector. The expansion is anticipated to be fueled by the widespread adoption of Bring Your Own Device (BYOD) policies and the increasing amount of data that insurance firms are gathering. Since cloud computing technologies offer advantages including quick implementation, low cost, and scalability, insurance businesses are embracing them.
Figure 2: Insurtech Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Insurtech End User Insights
The Insurtech Market segmentation, based on End User, includes automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. The BFSI segment dominated the market in 2022, as BFSI businesses are widely adopting insurtech solutions for improving business efficiency.
Insurtech Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. More than 45.80% of global revenue for insurtech was generated in North America, which also dominated the market. Due to rising consumer spending on insurance-related products, the region is seeing an increased use of insurtech solutions. Additionally, these solutions provide flexible and personalized policies for both health and property insurance. The expansion of the regional industry is also being fueled by the rising number of insurtech businesses. Further, the U.S. Insurtech market held the largest market share, and the Canada Insurtech market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: INSURTECH MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Insurtech market Due to the huge rise in the demand for quick services, increased efficiency, and automated insurance operations, the insurtech market is predicted to grow steadily over the next years. The region's established internet infrastructure and growing use of cutting-edge technologies in the insurance industry are what are driving the market for insurtech's expansion. Further, the German Insurtech market held the largest market share, and the UK Insurtech market was the fastest growing market in the European region.
Asia Pacific Insurtech market is expected to become the region with the quickest growth. Due to the existence of multiple rising economies and financial centers in Singapore, India, and Hong Kong, the region is anticipated to have tremendous growth. The region's insurance service providers strive to provide insurance premium plans at competitive prices. The expansion of the regional market is anticipated to be fueled by the rising smartphone penetration in the nations of the Asia-Pacific. Further, China’s Insurtech market held the largest market share, and the Indian Insurtech market was the fastest growing market in the Asia-Pacific region.
Insurtech Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Insurtech market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Insurtech industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Insurtech industry to benefit clients and increase the market sector. In recent years, the Insurtech industry has offered some of the most significant advantages to medicine. Major players in the Insurtech market, including Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅÂŤv, Inc., Wipro Limited, and ZhongAnInsurance, are attempting to increase market demand by investing in research and development operations.
A subsidiary of Amazon.com, Inc., Amazon Web Services Inc (AWS) offers cloud computing services. In addition to computing, storage, databases, networking, analytics, mobile, developer tools, augmented reality, virtual reality, robotics, game tech, machine learning, management tools, content delivery, media services, customer engagement, app streaming, and security, identity, and compliance, the company also provides a wide range of cloud infrastructure services. Automotive, digital marketing, education, government, retail, financial services, telecommunications, media and entertainment, gaming, CPG, oil and gas, power and utilities, and non-profit organizations health and life sciences, are among the industries that AWS provides goods and services to. In addition to the US, UK, Australia, China, France, Germany, India, Brazil, Canada, Ireland, Japan, Korea, and Singapore, the corporation also conducts business in these countries. Seattle, Washington, is home to AWS's main office. The insurance business American International Group, Inc. named Amazon Web Services Inc. as its preferred public cloud provider in November 2021. Through this project, the American International Group seeks to enhance customer service.
Using AI and design, Metromile provides individualized and reasonably priced insurance. It is able to provide rates for pay-per-mile auto insurance in the US because it directly gathers sensor and telematics data from every one of its clients' vehicles. The business is headquartered in Tempe, Arizona, and was established in 2011. Auto insurance provider Metromile announced in December 2021 that customers would be able to pay premiums and make payouts using bitcoin. This approach should help the company strengthen its standing in the market.
Key Companies in the Insurtech market include
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Majesco
- Oscar Insurance
- Quantemplate
- Shift Technology
- TrÅÂŤv, Inc.
- Wipro Limited
- ZhongAnInsurance
Insurtech Industry Developments
December 2021: The accident insurance company Metromile stated that customers would have the option to pay fees and ensure compensation using bitcoin. The association should improve its market position with the aid of this push.
June 2021: A major player in providing traditional property and damage insurance to small businesses, General Fire and Liability Insurance Company, began permitting digital currencies for installment payments.
Insurtech Market Segmentation
Insurtech Type Outlook
- Auto
- Business
- Health
- Home
- Specialty
- Travel
- Others
Insurtech Service Outlook
- Consulting
- Support & Maintenance
- Managed Services
Insurtech Technology Outlook
- Blockchain
- Cloud Computing
- IoT
- Machine Learning
- Robo Advisory
- Others
Insurtech Technology Outlook
- Automotive
- BFSI
- Government
- Healthcare
- Manufacturing
- Retail
- Transportation
- Others
Insurtech Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
|
Market Size 2024
|
13.20 (USD Billion)
|
|
Market Size 2025
|
20.26 (USD Billion)
|
|
Market Size 2034
|
958.85 (USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
53.50% (2025 - 2034)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2024
|
|
Market Forecast Period
|
2025 - 2034
|
|
Historical Data
|
2019 - 2023
|
|
Market Forecast Units
|
USD Billion
|
| Segments Covered |
Type, Service, Technology, End Use, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrĂ…ÂŤv, Inc., Wipro Limited, and ZhongAnInsurance |
| Key Market Opportunities |
Capabilities to implement automation |
| Key Market Dynamics |
The increasing number of insurance claims worldwide and simplification of the claims process |
Insurtech Market Highlights:
Frequently Asked Questions (FAQ) :
The Insurtech Market size was valued at USD 13.20 Billion in 2024.
The global market is projected to grow at a CAGR of 53.50% during the forecast period, 2025-2034.
North America had the largest share in the global market
The key players in the market are Damco Group, DXC Technology Company, Insurance Technology Services, Majesco, Oscar Insurance, Quantemplate, Shift Technology, TrÅÂŤv, Inc., Wipro Limited, and ZhongAnInsurance.
The Health Type dominated the market in 2024.
The Managed Service had the largest share in the global market.
