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New Report Projects Global Insurtech to Grow by $21 Billion During 2020-2024

The global insurtech market size is poised to grow by $21.72 billion during 2020-2024, progressing at a CAGR of over 36% throughout the forecast period, according to the latest report by Technavio

Insurance companies are investing significantly in digitization to improve the functionality of payment systems and simplify the transaction process. The adoption of insurtech has allowed insurance companies to assess risks related to the market, operation, counterparty credit, and liquidity. Technologies such as embedded analytics help insurance companies to understand consumer behavior and market patterns, and make informed business-related decisions. These advantages of digital technologies are creating a significant demand for InsurTech and contributing to the expansion of this market at a global level.

Report highlights include:

  • The major insurtech market growth came from the marketing and distribution segment. The increasing use of smartphones and the ease-of-access of the Internet through smartphones have bolstered digital marketing and digital distribution of insurance policies through advanced technologies.
  • Europe was the largest insurtech market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the presence of the financial services sector and key vendors will significantly drive insurtech market growth in this region over the forecast period. 46% of the market’s growth will originate from Europe during the forecast period. The UK and France are the key markets for insurtech in Europe. Market growth in this region will be slower than the growth of the market in APAC.
  • The global insurtech market is fragmented. Alan SA, Clover Health, Cytora Ltd., Haven Life Insurance Agency LLC, Oscar Insurance Corp., Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, Trov Insurance Solutions LLC, and ZhongAn Online P&C Insurance Co. Ltd. are some of the major market participants. To help clients improve their market position, this InsurTech market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global insurtech market is expected to have Positive and Superior growth. 

The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. 

Technavio is a global market research firm with industry expertise on hundreds of technologies. 

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