The projected size of insurtech market is anticipated to reach US$ 20,667.5 million in 2023, with a further expected increase to US$ 210,664.3 million by 2033. Over the forecast period, the sales of insurtech are poised to experience substantial growth at a notable compound annual growth rate (CAGR) of 26.1%.
The surge in insurtech solution adoption is driven by its ability to accurately predict consumer demands, optimize purchasing processes, and improve decision-making and insurance planning through the integration of cutting-edge technologies such as machine learning, artificial intelligence, and cloud computing.
The increasing sales of insurtech solutions can be attributed to the robust support provided by advanced technologies like AI, machine learning, blockchain, and cloud computing. These technologies enable real-time surveillance and monitoring of insured activities, catering to the evolving needs of diverse businesses.
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“Rapid digitization of all major service sectors of economy has also shifted the business model of insurance providing companies across the globe. Addition of professional and consulting services to the potential customers over online platforms have necessitated the integration of insurance technology solutions further propelling the growth of global insurtech market.”
According to the market survey report of the EIS group for Insurance companies, almost 59% of the companies were found to have increased their spending on establishing digital infrastructure. This includes a record proliferation of P&C insurtech companies in the global market.
Key Takeaways
• As per the market analysis report, the absolute growth of the global insurtech market size in terms of value is predicted to be around US$ 148.8 Billion over the forecast years 2022 to 2032.
• As the concept of insurtech insurance companies is expanding to new areas of service, the solution segment is growing at a faster rate than the service segment. The CAGR predicted for the solution segment is nearly 25.8% for the coming decade.
• On the basis of various technologies adopted by life insurance tech companies, cloud computing has emerged to be the most attractive segment in the present market. The estimated growth of this segment over the forecast years is nearly 25.2%.
• US market holds the dominant position in the global market for having the highest amount of insurtech capital, valued at about US$ 6 Billion in the year 2022. It is also the top-performing country with a CAGR of 25.6% that is predicted to reach the net worth of the regional insurtech market up to US$ 58.6 Bn by the end of this forecast period.
Competitive Landscape:
The major players operating in the global insurtech market include Damco Group, DXC Technology Company, Majesco, Oscar Insurance, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance, among others.
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