Global Insurtech Market Insights and Forecast to 2028

The global Insurtech market size is projected to reach US$ 11940 million by 2028, from US$ 1462.3 million in 2021, at a CAGR of 34.4% during 2022-2028. Insurtech market growth is expected to be fueled by rising demand for insurance service digitization. Insurance purchase and claims processes are made easier with the help of insurtech.

• Insurtech assists in the development of new routes that giant insurance companies are less motivated to pursue, such as social insurance and ultra-customized coverage. To price premiums, these systems employ fresh streams of data from internet-enabled devices.
• Insurtech is far more cost-effective than the old model since it lowers acquisition expenses by offering clients a digital interface and adopting a direct methodology.
• When compared to the current insurance arrangement, there is a significant improvement in inefficiency.

Insurtech companies are striving to bridge the gap between customers and insurance providers by offering digital brokerage and insurance markets. Due to the oversaturation of the insurance market and severe competition among insurers, they have been compelled to adopt digital technologies that focus on the client interface. Insurtech software is designed to help insurers obtain more clients by forming partnerships and streamlining claim processing. The Insurtech market is predicted to be driven by the simplification of the claims process afforded by Insurtech.

Many Insurtech companies are concentrating on using deep learning-capable artificial intelligence (AI) to help agents handle their tasks faster and find the correct mix of policies to complete an individual's coverage. The increased use of applications to consolidate diverse policies into a unified platform for monitoring and management is predicted to propel the Insurtech market forward throughout the forecast period.

With relatively significant insurance premium spending by people, North America is one of the main contributors to the worldwide InsurTech market. The United States has witnessed significant investments from InsurTech suppliers due to insurers' online presence and digital technologies to track their insurance claims, and it represents a big prospective market. In the United States, several start-ups have formed, realizing the potential for better customer-focused insurance service.

The Asia Pacific, on the other hand, is predicted to develop at the fastest rate due to the existence of a young population in the region as well as a growing tech-savvy generation.

The global Insurtech market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Insurtech market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by region (country), by Type, and by Application for the period 2016-2027.

• Products
• Services

Insurtech Market by Application

• SMEs
• Large Enterprises

Insurtech Market: Regional Analysis

• North America
• United States
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia-Pacific
• Latin America
• Mexico
• Brazil
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of Middle East & Africa

The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.

Major Players in the Insurtech Market

• Quantemplate
• Slice
• Neos
• Shift Technology
• Lemonade
• Oscar Health
• Acko General Insurance
• ZhongA

List of Tables

Table 1. Global Insurtech Market Size Growth Rate by Type (US$ Million), 2017 VS 2021 VS 2028

Table 2. Key Players of Products

Table 3. Key Players of Services

Table 4. Global Insurtech Market Size Growth Rate by Application (US$ Million), 2017 VS 2021 VS 2028

Table 5. Global Insurtech Market Size by Region (US$ Million): 2017 VS 2021 VS 2028

Table 6. Global Insurtech Market Size by Region (2017-2022) & (US$ Million)

Table 7. Global Insurtech Market Share by Region (2017-2022)

Table 8. Global Insurtech Forecasted Market Size by Region (2023-2028) & (US$ Million)

Table 9. Global Insurtech Market Share by Region (2023-2028)

Table 10. Insurtech Market Trends

Table 11. Insurtech Market Drivers

Table 12. Insurtech Market Challenges

Table 13. Insurtech Market Restraints

Table 14. Global Insurtech Revenue by Players (2017-2022) & (US$ Million)

Table 15. Global Insurtech Revenue Share by Players (2017-2022)

Table 16. Global Top Insurtech by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Insurtech as of 2021)

Table 17. Ranking of Global Top Insurtech Companies by Revenue (US$ Million) in 2021

Table 18. Global 5 Largest Players Market Share by Insurtech Revenue (CR5 and HHI) & (2017-2022)

Table 19. Key Players Headquarters and Area Served

Table 20. Key Players Insurtech Product Solution and Service

Table 21. Date of Enter into Insurtech Market

Table 22. Mergers & Acquisitions, Expansion Plans

Table 23. Global Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 24. Global Insurtech Revenue Market Share by Type (2017-2022)

Table 25. Global Insurtech Forecasted Market Size by Type (2023-2028) & (US$ Million)

Table 26. Global Insurtech Revenue Market Share by Type (2023-2028)

Table 27. Global Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 28. Global Insurtech Revenue Share by Application (2017-2022)

Table 29. Global Insurtech Forecasted Market Size by Application (2023-2028) & (US$ Million)

Table 30. Global Insurtech Revenue Share by Application (2023-2028)

Table 31. North America Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 32. North America Insurtech Market Size by Type (2023-2028) & (US$ Million)

Table 33. North America Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 34. North America Insurtech Market Size by Application (2023-2028) & (US$ Million)

Table 35. North America Insurtech Market Size by Country (2017-2022) & (US$ Million)

Table 36. North America Insurtech Market Size by Country (2023-2028) & (US$ Million)

Table 37. Europe Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 38. Europe Insurtech Market Size by Type (2023-2028) & (US$ Million)

Table 39. Europe Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 40. Europe Insurtech Market Size by Application (2023-2028) & (US$ Million)

Table 41. Europe Insurtech Market Size by Country (2017-2022) & (US$ Million)

Table 42. Europe Insurtech Market Size by Country (2023-2028) & (US$ Million)

Table 43. Asia Pacific Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 44. Asia Pacific Insurtech Market Size by Type (2023-2028) & (US$ Million)

Table 45. Asia Pacific Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 46. Asia Pacific Insurtech Market Size by Application (2023-2028) & (US$ Million)

Table 47. Asia Pacific Insurtech Market Size by Region (2017-2022) & (US$ Million)

Table 48. Asia Pacific Insurtech Market Size by Region (2023-2028) & (US$ Million)

Table 49. Latin America Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 50. Latin America Insurtech Market Size by Type (2023-2028) & (US$ Million)

Table 51. Latin America Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 52. Latin America Insurtech Market Size by Application (2023-2028) & (US$ Million)

Table 53. Latin America Insurtech Market Size by Country (2017-2022) & (US$ Million)

Table 54. Latin America Insurtech Market Size by Country (2023-2028) & (US$ Million)

Table 55. Middle East and Africa Insurtech Market Size by Type (2017-2022) & (US$ Million)

Table 56. Middle East and Africa Insurtech Market Size by Type (2023-2028) & (US$ Million)

Table 57. Middle East and Africa Insurtech Market Size by Application (2017-2022) & (US$ Million)

Table 58. Middle East and Africa Insurtech Market Size by Application (2023-2028) & (US$ Million)

Table 59. Middle East and Africa Insurtech Market Size by Country (2017-2022) & (US$ Million)

Table 60. Middle East and Africa Insurtech Market Size by Country (2023-2028) & (US$ Million)

Table 61. Quantemplate Company Details

Table 62. Quantemplate Business Overview

Table 63. Quantemplate Insurtech Product

Table 64. Quantemplate Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 65. Quantemplate Recent Developments

Table 66. Slice Company Details

Table 67. Slice Business Overview

Table 68. Slice Insurtech Product

Table 69. Slice Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 70. Slice Recent Developments

Table 71. Neos Company Details

Table 72. Neos Business Overview

Table 73. Neos Insurtech Product

Table 74. Neos Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 75. Neos Recent Developments

Table 76. Shift Technology Company Details

Table 77. Shift Technology Business Overview

Table 78. Shift Technology Insurtech Product

Table 79. Shift Technology Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 80. Shift Technology Recent Developments

Table 81. Lemonade Company Details

Table 82. Lemonade Business Overview

Table 83. Lemonade Insurtech Product

Table 84. Lemonade Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 85. Lemonade Recent Developments

Table 86. Oscar Health Company Details

Table 87. Oscar Health Business Overview

Table 88. Oscar Health Insurtech Product

Table 89. Oscar Health Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 90. Oscar Health Recent Developments

Table 91. Acko General Insurance Company Details

Table 92. Acko General Insurance Business Overview

Table 93. Acko General Insurance Insurtech Product

Table 94. Acko General Insurance Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 95. Acko General Insurance Recent Developments

Table 96. ZhongAn Company Details

Table 97. ZhongAn Business Overview

Table 98. ZhongAn Insurtech Product

Table 99. ZhongAn Revenue in Insurtech Business (2017-2022) & (US$ Million)

Table 100. ZhongAn Recent Developments

Table 101. Research Programs/Design for This Report

Table 102. Key Data Information from Secondary Sources

Table 103. Key Data Information from Primary Sources

List of Figures

Figure 1. Global Insurtech Market Share by Type: 2021 VS 2028

Figure 2. Products Features

Figure 3. Services Features

Figure 4. Global Insurtech Market Share by Application: 2021 VS 2028

Figure 5. SMEs Case Studies

Figure 6. Large Enterprises Case Studies

Figure 7. Insurtech Report Years Considered

Figure 8. Global Insurtech Market Size (US$ Million), Year-over-Year: 2017-2028

Figure 9. Global Insurtech Market Size, (US$ Million), 2017 VS 2021 VS 2028

Figure 10. Global Insurtech Market Share by Region: 2021 VS 2028

Figure 11. Global Insurtech Market Share by Players in 2021

Figure 12. Global Top Insurtech Players by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Insurtech as of 2021)

Figure 13. The Top 10 and 5 Players Market Share by Insurtech Revenue in 2021

Figure 14. North America Insurtech Market Size YoY (2017-2028) & (US$ Million)

Figure 15. North America Insurtech Market Size Market Share by Type (2017-2028)

Figure 16. North America Insurtech Market Size Market Share by Application (2017-2028)

Figure 17. North America Insurtech Market Size Share by Country (2017-2028)

Figure 18. United States Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 19. Canada Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 20. Europe Insurtech Market Size YoY (2017-2028) & (US$ Million)

Figure 21. Europe Insurtech Market Size Market Share by Type (2017-2028)

Figure 22. Europe Insurtech Market Size Market Share by Application (2017-2028)

Figure 23. Europe Insurtech Market Size Share by Country (2017-2028)

Figure 24. Germany Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 25. France Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 26. U.K. Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 27. Italy Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 28. Russia Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 29. Nordic Countries Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 30. Asia-Pacific Insurtech Market Size YoY (2017-2028) & (US$ Million)

Figure 31. Asia Pacific Insurtech Market Size Market Share by Type (2017-2028)

Figure 32. Asia Pacific Insurtech Market Size Market Share by Application (2017-2028)

Figure 33. Asia Pacific Insurtech Market Size Share by Region (2017-2028)

Figure 34. China Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 35. Japan Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 36. South Korea Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 37. Southeast Asia Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 38. India Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 39. Australia Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

List of Figures

Figure 40. Latin America Insurtech Market Size YoY (2017-2028) & (US$ Million)

Figure 41. Latin America Insurtech Market Size Market Share by Type (2017-2028)

Figure 42. Latin America Insurtech Market Size Market Share by Application (2017-2028)

Figure 43. Latin America Insurtech Market Size Share by Country (2017-2028)

Figure 44. Mexico Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 45. Brazil Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 46. Middle East & Africa Insurtech Market Size YoY (2017-2028) & (US$ Million)

Figure 47. Middle East and Africa Insurtech Market Size Market Share by Type (2017-2028)

Figure 48. Middle East and Africa Insurtech Market Size Market Share by Application (2017-2028)

Figure 49. Middle East and Africa Insurtech Market Size Share by Country (2017-2028)

Figure 50. Turkey Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 51. Saudi Arabia Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 52. UAE Insurtech Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 53. Quantemplate Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 54. Slice Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 55. Neos Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 56. Shift Technology Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 57. Lemonade Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 58. Oscar Health Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 59. Acko General Insurance Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 60. ZhongAn Revenue Growth Rate in Insurtech Business (2017-2022)

Figure 61. Bottom-up and Top-down Approaches for This Report

Figure 62. Data Triangulation

Figure 63. Key Executives Interviewed