Market Dynamics and Recent Developments in Insurtech Market

The insurtech market is anticipated to grow at a CAGR of 38.8% during the forecast period (2024-2031). The market growth is driven by the increasing number of insurance claims across the globe. Additionally, the shift of insurance companies towards the integration of digital technologies such as blockchain and others, is leading to market growth, particularly for those who could not access insurance previously. 

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The global insurtech market is segmented by type (auto, business, health, home, specialty, travel, and others), by service (consulting, support & maintenance, and managed services), by end-user (automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others), by technology (Artificial Intelligence (AI), cloud computing, blockchain, big data & business analytics, Internet-of-Things (IoT), and others), and by geography (into North America, Europe, Asia-Pacific, Rest of the World).  

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Market Dynamics  

The health segment is expected to hold a prominent share of the global insurance market owing to the high demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance among all age groups. Life and health insurers are focusing on using advanced analytics to better serve and understand the audience. Health insurance companies are adopting insurtech solutions to streamline claims processing procedures.

The rising digitization in the insurance sector and among customers is expected to drive the adoption of insurtech solutions in the healthcare industry. The growing number of devices has created a need for effective monitoring, management, and maintenance of data across healthcare organizations. Furthermore, the rise in the use of blockchain-based technology among health and life insurance companies is expected to drive segmental growth.

Asia-Pacific region is anticipated to emerge as the fastest-growing region during the forecast period. The region is expected to witness significant growth owing to the presence of numerous emerging economies and financial hubs in countries such as Singapore, India, and Hong Kong, among others. Additionally, the availability of affordable insurance premium plans is driving the regional market.

The major companies serving the global Insurtech market include Banc Insurance Agency Inc (Insuritas), Policy Bazaar, ZhongAn Online Property & Casualty Insurance Co. Ltd., Clover Health Insurance, Acko General Insurance Ltd, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches.

Recent Developments

• In June 2022, JAB’s European pet insurance platform Pinnacle Pet Group, acquired German pet insurance provider AGILA Tierversicherung. The financial details of the transaction were not disclosed. WERTGARANTIE Group became an investor in PPG in alignment with this deal.
• In June 2022, JAB Holding Company (JAB) acquired all of Fairfax’s interests in US-based Crum & Forster Pet Insurance Group. The deal was valued at $1.4 billion, with $1.15 billion cash and $250 million in seller notes. Fairfax will additionally make a $200 million investment in JAB’s consumer fund JCP V.

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