The global insurtech market is expected to grow at a CAGR of around 20% during the forecast period. The growth in this market is attributed to the increasing adoption of insurtech solutions by insurance companies, which are looking for ways to reduce operational costs and improve customer experience. Insurtech solutions are also being adopted by insurers as they offer a more personalized approach and provide better customer service.
Insurance technology (insurtech) refers to the use of software and services that automate or streamline insurance processes, such as claims management, policy administration, underwriting, and risk assessment. InsurTechs have been able to provide cost-effective solutions for insurers through automation of manual tasks such as data entry or claims processing.
Some Of The Growth Factors Of This Market:
- The InsurTech market is growing at a rapid pace due to the increasing demand for insurance products and services.
- Increasing adoption of mobile devices and internet connectivity will drive growth in this sector as it provides an opportunity for insurers to reach out and engage with customers on their terms, which will lead to increased customer satisfaction levels and higher retention rates for insurers.
Industry Growth Insights published a new data on “InsurTech (Insurance Technology) Market”. The research report is titled “InsurTech (Insurance Technology) Market research by Types (Software, Services), By Applications (Health Insurance, Property and Casualty Insurance, Life Insurance, Others), By Players/Companies Majesco, Insureon, ACD, Rein, FWD, GoBear, AppOrchid, BRIDGE, CHSI Connections, CideObjects, DOCUTRAX, GENIUSAVENUE, COR&FJA, Plug and Play, Xchanging, Insurance Technology Services, Patriot Technology Solutions, TechInsurance, TIA Technology, Seibels, DXC Technology, Marias Technology, Hubio, Ventiv, Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, CommonEasy”.
Scope Of The Report
Report Attributes
Report Details
Report Title
InsurTech (Insurance Technology) Market Research Report
By Type
Software, Services
By Application
Health Insurance, Property and Casualty Insurance, Life Insurance, Others
By Companies
Majesco, Insureon, ACD, Rein, FWD, GoBear, AppOrchid, BRIDGE, CHSI Connections, CideObjects, DOCUTRAX, GENIUSAVENUE, COR&FJA, Plug and Play, Xchanging, Insurance Technology Services, Patriot Technology Solutions, TechInsurance, TIA Technology, Seibels, DXC Technology, Marias Technology, Hubio, Ventiv, Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, CommonEasy
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
238
Number of Tables & Figures
167
Customization Available
Yes, the report can be customized as per your need.
 Industry Outlook.svg)
Global InsurTech (Insurance Technology) Market Report Segments:
The global InsurTech (Insurance Technology) market is segmented on the basis of:
Types
Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Health Insurance, Property and Casualty Insurance, Life Insurance, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Majesco
- Insureon
- ACD
- Rein
- FWD
- GoBear
- AppOrchid
- BRIDGE
- CHSI Connections
- CideObjects
- DOCUTRAX
- GENIUSAVENUE
- COR&FJA
- Plug and Play
- Xchanging
- Insurance Technology Services
- Patriot Technology Solutions
- TechInsurance
- TIA Technology
- Seibels
- DXC Technology
- Marias Technology
- Hubio
- Ventiv
- Friendsurance
- Oscar
- ZhongAn
- Allay
- Analyze Re
- GetInsured
- Bayzat
- Bought By Many
- Claim Di
- CommonEasy
 Market Overview.svg)
Highlights of The InsurTech (Insurance Technology) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Software
- Services
- By Application:
- Health Insurance
- Property and Casualty Insurance
- Life Insurance
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the InsurTech (Insurance Technology) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
 Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
InsurTech is a term used to describe the intersection of technology and insurance. It refers to the use of technology in order to improve efficiency and customer service within the insurance industry. InsurTech companies can help insurers reduce costs, streamline processes, and improve customer experience.
Some of the key players operating in the insurtech (insurance technology) market are Majesco, Insureon, ACD, Rein, FWD, GoBear, AppOrchid, BRIDGE, CHSI Connections, CideObjects, DOCUTRAX, GENIUSAVENUE, COR&FJA, Plug and Play, Xchanging, Insurance Technology Services, Patriot Technology Solutions, TechInsurance, TIA Technology, Seibels, DXC Technology, Marias Technology, Hubio, Ventiv, Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, CommonEasy.
The insurtech (insurance technology) market is expected to register a CAGR of 20%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. InsurTech (Insurance Technology) Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. InsurTech (Insurance Technology) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. InsurTech (Insurance Technology) Market - Supply Chain
4.5. Global InsurTech (Insurance Technology) Market Forecast
4.5.1. InsurTech (Insurance Technology) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. InsurTech (Insurance Technology) Market Size (000 Units) and Y-o-Y Growth
4.5.3. InsurTech (Insurance Technology) Market Absolute $ Opportunity
5. Global InsurTech (Insurance Technology) Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
5.3.1. Software
5.3.2. Services
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global InsurTech (Insurance Technology) Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
6.3.1. Health Insurance
6.3.2. Property and Casualty Insurance
6.3.3. Life Insurance
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global InsurTech (Insurance Technology) Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. InsurTech (Insurance Technology) Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global InsurTech (Insurance Technology) Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. InsurTech (Insurance Technology) Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global InsurTech (Insurance Technology) Demand Share Forecast, 2019-2026
9. North America InsurTech (Insurance Technology) Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America InsurTech (Insurance Technology) Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
9.4.1. Health Insurance
9.4.2. Property and Casualty Insurance
9.4.3. Life Insurance
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
9.7.1. Software
9.7.2. Services
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America InsurTech (Insurance Technology) Demand Share Forecast, 2019-2026
10. Latin America InsurTech (Insurance Technology) Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America InsurTech (Insurance Technology) Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
10.4.1. Health Insurance
10.4.2. Property and Casualty Insurance
10.4.3. Life Insurance
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
10.7.1. Software
10.7.2. Services
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America InsurTech (Insurance Technology) Demand Share Forecast, 2019-2026
11. Europe InsurTech (Insurance Technology) Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe InsurTech (Insurance Technology) Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
11.4.1. Health Insurance
11.4.2. Property and Casualty Insurance
11.4.3. Life Insurance
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
11.7.1. Sftware
11.7.2. Services
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe InsurTech (Insurance Technology) Demand Share, 2019-2026
12. Asia Pacific InsurTech (Insurance Technology) Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific InsurTech (Insurance Technology) Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
12.4.1. Health Insurance
12.4.2. Property and Casualty Insurance
12.4.3. Life Insurance
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
12.7.1. Software
12.7.2. Services
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific InsurTech (Insurance Technology) Demand Share, 2019-2026
13. Middle East & Africa InsurTech (Insurance Technology) Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa InsurTech (Insurance Technology) Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa InsurTech (Insurance Technology) Market Size and Volume Forecast by Application
13.4.1. Health Insurance
13.4.2. Property and Casualty Insurance
13.4.3. Life Insurance
13.4.4. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa InsurTech (Insurance Technology) Market Size and Volume Forecast by Type
13.7.1. Software
13.7.2. Services
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa InsurTech (Insurance Technology) Demand Share, 2019-2026
14. Competition Landscape
14.1. Global InsurTech (Insurance Technology) Market: Market Share Analysis
14.2. InsurTech (Insurance Technology) Distributors and Customers
14.3. InsurTech (Insurance Technology) Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Majesco
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Insureon
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. ACD
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Rein
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. FWD
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. GoBear
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. AppOrchid
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. BRIDGE
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. CHSI Connections
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. CideObjects
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. DOCUTRAX
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. GENIUSAVENUE
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COR&FJA
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Plug and Play
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Xchanging
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Insurance Technology Services
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Patriot Technology Solutions
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. TechInsurance
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. TIA Technology
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Seibels
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
