The InsurTech market is set to grow by USD 21.72 billion accelerating at a CAGR of over 36%, during the period spanning over 2020-2024. One of the key factors driving growth is the need to improve business efficiency. The adoption of innovative financial technologies has enabled companies to optimize costs, deliver better services, and boost revenues. The influence of digitization is a significant trend that will further stimulate market growth. The increasing number of devices has created a need for effective management, monitoring, and maintenance of data across organizations.
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Technavio has announced its latest market research report titled Global InsurTech Market 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the global InsurTech market as a part of the global IT spending market, which covers IT consulting firms in several areas such as defense systems, social security, benefits administration, and maintaining information systems of state-run agencies, including educational institutions.
Growth in the parent global IT spending market will be driven by increasing government investments in IT infrastructure.
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InsurTech Market: Geographic segmentation
The report segments the market by geography: North America, Europe, APAC, MEA, and South America. About 46% of the market's growth will originate from Europe during the forecast period. The high concentration of financial services companies and major vendors is driving the market growth in the region. The UK and France are the key markets for InsurTech in Europe.
InsurTech Market: Segmentation by Value Chain Positioning
The marketing and distribution segment was leading the market in 2019. The high penetration of smartphones and the internet have increased the adoption of digital marketing strategies by insurance companies. Also, the increased acceptance of mobile point-of-sales in e-retail business is contributing to the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the InsurTech market size.
InsurTech Market: Growth Drivers
The market is driven by the need for improving business efficiency. The rise in the number of connected devices in the BFSI industry has led to the generation of massive amounts of data. Insurance companies have realized that they can utilize such data to gain insights and optimize costs, deliver better services, and boost revenues. Also, the growing digitization among customers has increased the demand for better and easier access to insurance technology services. This has increased the adoption of InsurTech by insurance companies, which is driving market growth.
InsurTech Market: Challenges to overcome
The selling of insurance products through the latest technology requires high upfront investments by insurance companies. It also requires specialized training for the employees of the insurance firms to meet the needs of clients. This is compelling insurance companies to invest in hiring trainers for insurance staff and brokers.
InsurTech Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading InsurTech companies, including:
- 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
- ZhongAn Online P&C Insurance Co. Ltd.
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Customer Landscape
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Vendor landscape
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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