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How Is the Insurtech Market Size Expected to Evolve From 2025 to 2029?
The insurtech market size has grown exponentially in recent years. It will grow from $17.08 billion in 2024 to $21.96 billion in 2025 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, increased digitization of insurance services, increased use of robotic process automation in insurance companies, and increased number of insurtech startups.
The insurtech market size is expected to see exponential growth in the next few years. It will grow to $77.63 billion in 2029 at a compound annual growth rate (CAGR) of 37.1%. The growth in the forecast period can be attributed to the increase in insurance claims, increasing adoption of advanced technologies in the insurance industry, and favorable government initiatives. Major trends in the forecast period include the use of artificial intelligence (AI), focus on intelligent automation solutions, focus on product innovations, focus on adoption of blockchain technology, focus on partnerships and collaborations, and focus on the use of IoT (Internet of things) technology.
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What Are the Leading Drivers Behind the Growth of the Insurtech Market?
The increase in insurance claims is expected to drive the growth of the insurtech market going forward. Insurtech is used to more effectively process claims, evaluate risk, process contracts, or underwrite policies. The rise in the number of hospitalization cases during the COVID-19 pandemic has led to an increase in insurance claims. For instance, in April 2024, according to the report published by LV=, a UK based largest personal lines insurers, in 2023, LV=, a leading life and pensions mutual insurer, paid out $175.16 million (£135 million) in individual protection claims, marking a 6% increase compared to 2022. Therefore, the increase in insurance claims is expected to drive the growth of the insurtech market.
What Are the Emerging Segments Driving Growth in the Insurtech Market?
The insurtechmarket covered in this report is segmented –
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet Of Things), Artificial Intelligence, Big Data And Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
Subsegments:
1) By Health Insurance: Individual Health Insurance, Group Health Insurance, Critical Illness Insurance
2) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
3) By Travel Insurance: Single Trip Insurance, Annual Multi-Trip Insurance, Medical Travel Insurance
4) By Car Insurance: Third-Party Liability Insurance, Comprehensive Car Insurance, Collision Coverage
5) By Business Insurance: General Liability Insurance, Property Insurance, Workers' Compensation Insurance
6) By Home Insurance: Homeowners Insurance, Renters Insurance, Landlord Insurance
7) By Other Products: Pet Insurance, Cyber Insurance, Event Insurance
What Are the Current Trends Influencing the Insurtech Market?
Major companies operating in the insurtech market are focusing on the development of innovative solutions such as AI-powered insurance platforms to enhance customer experience. AI-powered insurance platforms refer to digital systems that utilize artificial intelligence technologies to automate and optimize various insurance processes, including underwriting, claims management, and customer service, thereby enhancing efficiency and improving decision-making. For instance, in June 2024, Sapiens International Corporation, an Israel-based computer software company launched Next-Gen Intelligent Insurance Platform. The Next-Gen intelligent insurance platform integrates AI, machine learning, and cloud-native technologies to streamline insurance processes and enhance data-driven decision-making. It enables insurers to innovate rapidly, improve operational efficiency, and deliver superior customer experiences through a robust ecosystem.
Who Are the Principal Market Leaders in the Insurtech Market?
Major companies operating in the insurtech market include DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
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Which Regions Are Expected to Record the Strongest CAGR in the Insurtech Market?
North America was the largest region in the insurtech service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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