SAN FRANCISCO, December 5, 2022 /PRNewswire/ — The size of the global insurtech market is expected to reach $152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030, according to a new report from Grand View Research, Inc. Rising awareness of the benefits of insurtech solutions to simplify the claims process, improve communication and implement automation is expected to drive the market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks with greater precision, speed and accuracy compared to humans is also one of the major drivers of market growth.
Key industry insights and findings from the report:
- The healthcare segment dominated the market in 2021. The growth can be attributed to the growing awareness of healthy lifestyle habits around the world due to the pandemic, which forces healthcare insurance companies to invest more in improved technologies.
- Managed services segment dominated the market in 2021. Growing use of intelligent machines and rise of automation in insurtech has increased the adoption of managed services across various end-use industries in 2021.
- The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies require blockchain technology to increase sales, increase customer engagement, and gain competitive advantage.
- The healthcare sector is expected to experience the fastest growth during the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent when it comes to pricing. Moreover, new approaches adopted by startups in the insurance industry are expected to drive the growth of the segment over the forecast period.
- North America is experiencing a growing demand for better communication, seamless data sharing and high integration between insurers and service providers for better customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period.
Read the full 161-page market research report, “Insurtech Market Size, Share & Trends Analysis Report by Type (Automotive, Enterprise, Healthcare, Home, Specialty, Travel), by Service (Consulting, Support & Maintenance, Managed Services), by Technology, by end use, by region and segment Forecast, 2022 – 2030“, published by Grand View Research.
Insurance Technology Market Growth and Trends
The market should benefit from the growing interest of global investors in insurtech companies. For example, in May 2021Shift Technology, a provider of artificial intelligence SaaS tools for insurance companies, raised $220 million. The company would use the money to expand into the property and casualty insurance and healthcare markets.
Efforts by insurtech companies to improve their fraud detection procedures are also expected to create new opportunities for market growth. For example, in April 2021, the Insurance Fraud Bureau (IFB) announced its partnership with Shift Technology. The partnership aims to set up a new fraud detection system for the UK insurance industry.
The COVID-19 pandemic has had a favorable impact on the growth of the market in 2021. Insurers have increased the use of drones, mobile applications and catastrophe models amid pandemics, which has accentuated the growth of the market. At the same time, preventive measures such as social distancing and remote working have also helped increase the rate of digitalization in the insurance industry, driving the growth of the market.
Segmentation of the insurance technology market
Grand View Research has segmented the global insurance technology market on the basis of type, service, technology, end-use, and region:
Insurtech Market – Type Outlook (Revenue, USD Million, 2017 – 2030)
Insurtech Market – Services Outlook (Revenue, USD Million, 2017 – 2030)
- Support & Maintenance
- Managed Services
Insurtech Market – Technology Outlook (Revenue, USD Million, 2017 – 2030)
- cloud computing
- machine learning
- Robo Board
Insurtech Market – End-Use Outlook (Revenue, USD Million, 2017 – 2030)
- Health care
Insurtech Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Insurtech Market Key Players
- Damco Group
- DXC Technology Company
- Insurance Technology Services
- Oscar Insurance
- Quantitative model
- Shift Technology
- TrÅv, Inc.
- Wipro Limited
- ZhongAn Insurance
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- Insurance Analytics Market – The global insurance analytics market size is expected to reach $18.3 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report from Grand View Research, Inc. The increasing use of big data and artificial intelligence (AI) by insurance companies to automate the decision-making process and targeting of customers is expected to propel the growth of the market.
- Fintech market as a service – The global fintech-as-a-service market size is expected to reach $949.49 billion by 2030, growing at a CAGR of 17.2% from 2022 to 2030, according to a new report from Grand View Research, Inc. Growing adoption of fintech-based solutions and platforms around the world is expected to stimulate market growth. Growing adoption of artificial intelligence, cloud-based software, and big data embedded in financial services is expected to drive the growth of the fintech-as-a-service market.
Browse next-generation technology industry research reports from Grand View Research.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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