Insurance Technology Market

Growing technology-driven new entrants and rising demand for digitization will boost the market.

The global insurance technology market is expanding rapidly and is expected to grow at a CAGR of 36.7% from 2019 to 2027, starting at US$ 1.28 Bn in 2018.

Innovation through new technologies is a key driver of change in the financial sector, which will further lead to immense proficiency gains with initial accomplishments marked by doubt and uncertainty. In the coming years, innovations coupled with new technological developments will likely drive the demand for insurance technology globally, owing to expedited delivery of services and lower transaction costs. Additionally, InsurTech has enticed large venture capital investments, and financial trends have made numerous start-ups consider their investors on a mass-scale and commercially viable basis. Moreover, insurance start-ups like Lemonade, Friendsurance, and Policygenius have attracted huge investments and developed better concepts for business development and models.

Furthermore, adopting innovations and technology will offer customers improved funding structures and an advanced customer experience that supports existing operations. The self-governing model that uses blockchains for automated contract execution would reap benefits for risk transfer tools like cat bonds and is likely to explore the market for InsurTechs further. However, insurgents have made substantial inroads through ingenious, powerful, and engrossing applications for solving specific problems that deliver high-quality and instinctual digital capabilities.

Market Synopsis

Type Analysis

Rising demand for digital platforms coupled with consulting and managed services will drive the demand for health insurance globally.

Insurance establishments within the health domain are concentrating on machine learning, artificial intelligence, and the internet of things (IoT) to provide advanced application systems, which will further improve customer experience and automate internal business processes. The rising demand for digital platforms that connect brokers, carriers, and providers, combined with health insurance exchanges, is expected to drive demand for the health segment on a global scale. Furthermore, health insurance businesses are focusing on rationalizing processes by implementing digital practices such as digital payments, automated underwriting, connected and collaborative care delivery, and a digital enrollment process, which will foster improvements in the healthcare system.

Moreover, numerous digital platforms are being offered by technology providers for insured people to take advantage of insurance health benefits offered by insurance firms. For instance, in June 2019, League Inc., a U.S.-based digital platform developer, launched its new digital health platform, which will offer a single access hub for insured people to select health policies that meet their preferences. Furthermore, InsurTechs also offer mobile apps that allow users to access information related to health issues like healthcare providers, payment processing systems, discounts, and offerings offered by insurance businesses.

Regional Analysis

Dominance is led by the large customization of products coupled with the presence of top InsurTech firms to drive market growth.

North America is projected to dominate the market for insurance in 2018. This dominance can be attributed to the increasing demand for end-to-end digitally advanced financial solutions and the significant presence of technology providers. Furthermore, the customization and flexibility offered by different insurance products like life insurance and health policies will allow customers to pick out the best plans. As a result, financial associations across North America are considerably focused on implementing digital competencies into their offerings to sustain a significant competitive advantage. For instance, rising investments in health insurance are measured to be sturdy and growing, withholding an investment of around 70% in the U.S. In the United States, insurtechs have benefited from a competitive and high VC funding market, with many insurance start-ups completing multiple funding rounds.

List of Companies Covered:

• Damco Group
• DXC Technology Company
• Majesco
• Oscar Insurance
• Quantemplate
• Shift Technology
• Trōv, Inc.
• Wipro Limited
• Zhongshan Insurance
• Friendsurance
• Allay
• Analyze Re
• GetInsured
• Bayzat
• Many people purchased
• Claim Di
• CommonEasy

Key Industry Development:

• Sapiens International Corp. announced its acquisition of a German-based insurance company, sum. Camo, for up to US$ 31.1 billion in January 2020, allowing an Israeli insurance company to expand its product offerings and services portfolio in Germany.
• Legacy Marketing Group announced the release of its “A”-rated “IncomeMark SelectSM,” a new fixed index annuity issued by Ameritas Life Insurance Corp, in March 2020.
• In December 2019, EIS Group, a digital platform provider for insurers, announced the deployment of the “Digital Insurance Platform” for the leading New Zealand insurer, Tower Insurance.

Periods of History and Forecast

This study report represents the analysis for each segment from 2017 to 2027, considering 2018 to be the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027. Segmentation

Type (2017-2027; USD billion)

• Home
• Health
• Business
• Automotive
• Others (specialties, travel, etc.)

Type of Technology (2017-2027; US$ BN)

• IoT
• Block Chain
• Cloud Computing
• Machine Learning
• Others (Robo Advisory, for example)

Services (US$ BN; 2017-2027)

• Consulting
• Managed Services
• Support and Maintenance

End-of-life (2017-2027; $BN)

• BSFI
• Retail
• Automotive
• Government
• Healthcare
• Others (transportation, manufacturing, etc.)

Geography (2017-2027; $ billion)

• North America (U.S., Canada)
• Europe (United Kingdom, Germany, Spain, Italy, and the Rest of Europe)
• Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)
• Rest of the World (Latin America, the Middle East, and Africa)

To better understand the insurance technology market, the current report also includes qualitative and quantitative market valuation factors such as key market drivers, market trends, restraints, and opportunities. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolios, and business strengths.

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Insurance Technology (IT) Market
2.2. Global IT Market, by Type, 2018 (US$ Bn)
2.3. Global IT Market, by Technology, 2018 (US$ Bn)
2.4. Global IT Market, by Services, 2018 (US$ Bn)
2.5. Global IT Market, by End-use, 2018 (US$ Bn)
2.6. Global IT Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global IT Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Insurance Technology Market, by Type , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Home
4.3. Health
4.4. Business
4.5. Automotive
4.6. Others (Speciality, Travel, etc.)

5. Global Insurance Technology Market, by Technology, 2017-2027 (US$ Bn)
5.1. Overview
5.2. IoT
5.3. Block Chain
5.4. Cloud Computing
5.5. Machine Learning
5.6. Others (Robo Advisory, etc.)

6. Global Insurance Technology Market, by Services, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Consulting
6.3. Managed Services
6.4. Support & Maintenance

7. Global Insurance Technology Market, by End-use, 2017-2027 (US$ Bn)
7.1. Overview
7.2. BSFI
7.3. Retail
7.4. Automotive
7.5. Government
7.6. Healthcare
7.7. Others (Transportation, Manufacturing, etc.)

8. North America Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
8.1. Overview
8.1.1. North America IT Market Value and Growth, 2017-2027, (US$ Bn)
8.2. North America IT Market Value, By Type, 2017-2027 (US$ Bn)
8.2.1. Market Analysis
8.3. North America IT Market Value, By Technology, 2017-2027 (US$ Bn)
8.3.1. Market Analysis
8.4. North America IT Market Value, By Services, 2017-2027 (US$ Bn)
8.4.1. Market Analysis
8.5. North America IT Market Value, By End-use, 2017-2027 (US$ Bn)
8.5.1. Market Analysis
8.6. North America IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
8.6.1. Market Analysis
8.6.2. U.S.
8.6.3. Rest of North America

9. Europe Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
9.1. Overview
9.1.1. Europe IT Market Value and Growth, 2017-2027, (US$ Bn)
9.2. Europe IT Market Value, By Type, 2017-2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Europe IT Market Value, By Technology, 2017-2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Europe IT Market Value, By Services, 2017-2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Europe IT Market Value, By End-use, 2017-2027 (US$ Bn)
9.5.1. Market Analysis
9.6. Europe IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
9.6.1. Market Analysis
9.6.2. U.K.
9.6.3. Germany
9.6.4. France
9.6.5. Rest of Europe

10. Asia Pacific Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
10.1. Overview
10.1.1. Asia Pacific IT Market Value and Growth, 2017-2027, (US$ Bn)
10.2. Asia Pacific IT Market Value, By Type, 2017-2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Asia Pacific IT Market Value, By Technology, 2017-2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Asia Pacific IT Market Value, By Services, 2017-2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Asia Pacific IT Market Value, By End-use, 2017-2027 (US$ Bn)
10.5.1. Market Analysis
10.6. Asia Pacific IT Market Value, By Region/Country, 2017-2027 (US$ Bn)
10.6.1. Market Analysis
10.6.2. Japan
10.6.3. China
10.6.4. India
10.6.5. Rest of Asia Pacific

11. Rest of the World Insurance Technology Market Analysis, 2017-2027 (US$ Bn)
11.1. Overview
11.1.1. Rest of the World IT Market Value and Growth, 2017-2027, (US$ Bn)
11.2. Rest of the World IT Market Value, By Type, 2017-2027 (US$ Bn)
11.2.1. Market Analysis
11.3. Rest of the World IT Market Value, By Technology, 2017-2027 (US$ Bn)
11.3.1. Market Analysis
11.4. Rest of the World IT Market Value, By Services, 2017-2027 (US$ Bn)
11.4.1. Market Analysis
11.5. Rest of the World IT Market Value, By End-use, 2017-2027 (US$ Bn)
11.5.1. Market Analysis
11.6. Rest of the World IT Market Value, By Region, 2017-2027 (US$ Bn)
11.6.1. Market Analysis
11.6.2. Middle East & Africa
11.6.3. Latin America

12. Company Profiles
12.1. Damco Group
12.2. DXC Technology Company
12.3. Majesco
12.4. Oscar Insurance
12.5. Quantemplate
12.6. Shift Technology
12.7. Trōv, Inc.
12.8. Wipro Limited
12.9. Zhongan Insurance
12.10. Friendsurance
12.11. Allay
12.12. Analyze Re
12.13. GetInsured
12.14. Bayzat
12.15. Bought By Many
12.16. Claim Di
12.17. CommonEasy

List of Figures

FIG. 1 Global Insurance Technology Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global IT Market Segmentation
FIG. 4 Global IT Market, by Type, 2018 (US$ Bn)
FIG. 5 Global IT Market, by Technology, 2018 (US$ Bn)
FIG. 6 Global IT Market, by Services, 2018 (US$ Bn)
FIG. 7 Global IT Market, by End-use, 2018 (US$ Bn)
FIG. 8 Global IT Market, by Geography, 2018 (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key IT Market Players, 2018
FIG. 11 Global IT Market Value Contribution, By Type, 2018 & 2027 (Value %)
FIG. 12 Global IT Market, by Home, Value, 2017–2027 (US$ Bn)
FIG. 13 Global IT Market, by Health, Value, 2017–2027 (US$ Bn)
FIG. 14 Global IT Market, by Business, Value, 2017–2027 (US$ Bn)
FIG. 15 Global IT Market, by Automotive, Value, 2017–2027 (US$ Bn)
FIG. 16 Global IT Market, by Others (Speciality, Travel, etc.), Value, 2017–2027 (US$ Bn)
FIG. 17 Global IT Market Value Contribution, By Technology, 2018 & 2027 (Value %)
FIG. 18 Global IT Market, by IoT, Value, 2017–2027 (US$ Bn)
FIG. 19 Global IT Market, by Block Chain, Value, 2017–2027 (US$ Bn)
FIG. 20 Global IT Market, by Cloud Computing, Value, 2017–2027 (US$ Bn)
FIG. 21 Global IT Market, by Machine Learning, Value, 2017–2027 (US$ Bn)
FIG. 22 Global IT Market, by Others (Robo Advisory, etc.), Value, 2017–2027 (US$ Bn)
FIG. 23 Global IT Market Value Contribution, By Services, 2018 & 2027 (Value %)
FIG. 24 Global IT Market, by Consulting, Value, 2017–2027 (US$ Bn)
FIG. 25 Global IT Market, by Managed Services, Value, 2017–2027 (US$ Bn)
FIG. 26 Global IT Market, by Support & Maintenance, Value, 2017–2027 (US$ Bn)
FIG. 27 Global IT Market Value Contribution, By End-use, 2018 & 2027 (Value %)
FIG. 28 Global IT Market, by BSFI, Value, 2017–2027 (US$ Bn)
FIG. 29 Global IT Market, by Retail, Value, 2017–2027 (US$ Bn)
FIG. 30 Global IT Market, by Automotive, Value, 2017–2027 (US$ Bn)
FIG. 31 Global IT Market, by Government, Value, 2017–2027 (US$ Bn)
FIG. 32 Global IT Market, by Healthcare, Value, 2017–2027 (US$ Bn)
FIG. 33 Global IT Market, by Others (Transportation, Manufacturing, etc.), Value, 2017–2027 (US$ Bn)
FIG. 34 U.S. IT Market, 2017–2027 (US$ Bn)
FIG. 35 Canada IT Market, 2017–2027 (US$ Bn)
FIG. 36 U.K. IT Market, 2017–2027 (US$ Bn)
FIG. 37 Germany IT Market, 2017–2027 (US$ Bn)
FIG. 38 France IT Market, 2017–2027 (US$ Bn)
FIG. 39 Italy IT Market, 2017–2027 (US$ Bn)
FIG. 40 Rest of Europe IT Market, 2017–2027 (US$ Bn)
FIG. 41 Japan IT Market, 2017–2027 (US$ Bn)
FIG. 42 China IT Market, 2017–2027 (US$ Bn)
FIG. 43 India IT Market, 2017–2027 (US$ Bn)
FIG. 44 Rest of Asia Pacific IT Market, 2017–2027 (US$ Bn)
FIG. 45 Middle East & Africa IT Market, 2017–2027 (US$ Bn)
FIG. 46 Latin America IT Market, 2017–2027 (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Insurance Technology Market
TABLE 2 Global IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 3 Global IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 4 Global IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 5 Global IT Market, by End-use, 2018 (US$ Bn)
TABLE 6 Global IT Market, by Geography, 2017–2027 (US$ Bn)
TABLE 7 North America IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 8 North America IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 9 North America IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 10 North America IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 11 North America IT Market, by Country, 2017–2027 (US$ Bn)
TABLE 12 Europe IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 13 Europe IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 14 Europe IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 15 Europe IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 16 Europe IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 18 Asia Pacific IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 19 Asia Pacific IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 20 Asia Pacific IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 21 Asia Pacific IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 22 RoW IT Market, by Type, 2017–2027 (US$ Bn)
TABLE 23 RoW IT Market, by Technology, 2017–2027 (US$ Bn)
TABLE 24 RoW IT Market, by Services, 2017–2027 (US$ Bn)
TABLE 25 RoW IT Market, by End-use, 2017–2027 (US$ Bn)
TABLE 26 RoW IT Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 27 Damco Group: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 28 DXC Technology Company: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 29 Majesco: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 30 Oscar Insurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 31 Quantemplate: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 32 Shift Technology: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 33 Trōv, Inc.: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments)
TABLE 34 Wipro Limited: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 35 Zhongan Insurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 36 Friendsurance: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 37 Allay: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 38 Analyze Re: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 39 GetInsured: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 40 Bayzat: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 41 Bought By Many: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 42 Claim Di: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments
TABLE 43 CommonEasy: Company Snapshot (Company Overview; Material Portfolio; Financial Information; Key Developments