GVR Report cover Insurtech Market Size, Share & Trends Report

Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Specialty, Travel), By Service, By Technology, By End-use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-093-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 161

Report Overview

The global insurtech market size was valued at USD 2.72 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 48.8% from 2021 to 2028. The increasing need for digitization of insurance services is expected to propel the market growth. Simplification of the claims processes is anticipated to drive the growth. Insurance companies are focusing on improving communication with their clients and capabilities to implement automation processes. They are also focusing on using these solutions as they use technology innovations particularly designed to improve the efficiency of the existing insurance industry model. These solutions are helping businesses discover avenues that large insurance companies have less incentive to achieve, such as offering social insurance and ultra-customized policies. These solutions use new streams of information from the internet-enabled devices to price premiums according to observed behavior.

U.S. insurtech market size, by type, 2016 - 2028 (USD Million)

Numerous insurtech companies are focusing on using deep learning competent artificial intelligence (AI) to efficiently handle the tasks of agents and find the accurate mix of policies to complete an individual’s coverage. The increasing use of applications to pull dissimilar policies into one platform for monitoring and management is expected to fuel the market growth over the forecast period. These applications can be widely used for creating on-demand insurance for micro-events, such as borrowing an associate's car. Moreover, these applications can create tailored group coverage and incentivize optimistic choices through group rebates.

Insurtech is the usage of technology innovations particularly designed to make the existing insurance model more efficient. By using technologies such as AI and data analytics, insurtech solutions allow products to be priced more competitively. Insurance companies are widely adopting these solutions to drive cheaper, better, and faster operational results. Hence, the insurance industry is witnessing increased investment in technology.

The outbreak of COVID-19 is anticipated to have a positive impact on the market. Numerous insurance companies are reconsidering their long-term strategies and short-term needs. The COVID-19 and its impacts are accelerating the implementation of online platforms and new mobile applications to meet consumer needs. However, privacy concerns and data security are expected to hamper the market growth over the forecast period.

Type Insights

The health segment led the market and accounted for more than 24.0% share of the global revenue in 2020. The increasing demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance, is anticipated to fuel the demand for the health segment. Life and health insurers are focusing on using advanced analytics to better serve and understand their customers. Numerous health insurance companies are adopting insurtech solutions to streamline claims processing procedures.

The home segment is anticipated to register the highest CAGR over the forecast period. Numerous home insurance companies are seeking to create innovative products for commercial and residential real estate professionals and their respective tenants and residents. These companies are adopting insurtech solutions as it offers faster list-to-lease time. These solutions use AI technology to create and deliver personalized insurance policies and efficiently handle claims for customers without needing insurance brokers.

Service Insights

The managed services segment dominated the insurtech market and accounted for more than a 42.0% share of the global revenue in 2020. Managed services providers can provide insurers a measured gateway to transformation by incorporating expertise and talent with new technologies. Managed services providers also offer best processes, practices, and regulatory considerations to insurers. Insurers have started acknowledging and embracing the value of improved business models, thereby creating growth opportunities for the managed services segment.

The support & maintenance segment is anticipated to register the highest CAGR over the forecast period. The segment growth can be attributed to the increasing adoption of advanced technologies and distribution channels by insurance companies. Numerous insurance companies across the globe are focusing on deploying advanced technology and customizing legacy software products to specific needs. This, as a result, is expected to drive the demand for support & maintenance services across the globe.

Technology Insights

The cloud computing segment led the market and accounted for more than 24.0% share of the global revenue in 2020. Cloud computing has transformed the insurance industry with its resourcefulness, ease of deployment, and flexibility capabilities. The widespread acceptance of bring your own device (BYOD) policies coupled with the growing amount of data insurance companies collect are expected to drive the cloud computing segment growth. Insurance companies are adopting cloud computing solutions owing to various benefits it offers, such as rapid deployment, cost-effective, and highly scalable, among others.

The blockchain segment is anticipated to register the highest CAGR over the forecast period. Blockchain technology is enabling insurance companies to cut down operational costs and drive operational efficiencies. This technology can be used to drive growth and integrate varied insurtech platforms. The technology delivers efficiencies, which in turn enable new services to come to market, particularly for those who could not access insurance previously.

End-use Insights

The BFSI segment led the market and accounted for more than 20.0% share of the global revenue in 2020. BFSI businesses are widely adopting insurtech solutions for improving business efficiency. The increase in the number of connected devices in the BFSI sector has led to the generation of a huge amount of data. Moreover, insurance companies have realized that they can use such data to deliver better services, optimize costs, gain insights, and boost revenues.

Europe insurtech market share, by end-use, 2020 (%)

The healthcare segment is expected to register the fastest over the forecast period. The influence of digitization is an important trend, which will further 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. The growing digitization among customers has amplified the demand for easier and better access to insurance technology services.

Regional Insights

North America dominated the market for insurtech and accounted for more than a 37.0% share of the global revenue in 2020. The North American region is witnessing an increased adoption of insurtech solutions owing to increased spending of customers in the area of insurance-related products. Moreover, these solutions offer customizable and flexible insurance plans for property and health. Furthermore, the significant presence of technology providers in the North American region and the increasing demand for end-to-end digital financial solutions is expected to propel the regional market growth.

The Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period. The Asia Pacific regional market is expected to witness significant growth over the forecast period due to the presence of numerous emerging economies and financial hubs in Singapore, India, and Hong Kong. The insurance service providers in the region are aiming to offer affordable insurance premium plans. The growing adoption of cloud technologies and high penetration of internet users is encouraging insurance companies in the region to opt for digital insurance platforms.

Key Companies & Market Share Insights

The market is highly fragmented in nature. The market is characterized by the presence of a large number of small players, which cater to the requirements of life- and non-life insurance sectors. The market players are focusing on innovations and offering unique solutions to improve the insurance value chain. This improved value chain is further attracting funds from investors and legacy players worldwide.

Regulation has curbed vendors’ ability to experiment. However, limited competition has given them no particular reason to do so. Ubiquitous data communications and digitization have enabled market players to build global supply chains. The capability of the insurtech businesses to drive innovation in the insurance industry by developing new products and solutions will help insurance firms meet the dynamic customer requirements. Some prominent players operating in the insurtech market include:

  • Damco Group

  • DXC Technology Company

  • Insurance Technology Services

  • Majesco

  • Oscar Insurance

  • Quantemplate

  • Shift Technology

  • Trōv, Inc.

  • Wipro Limited

  • Zhongan Insurance

Insurtech Market Report Scope

Report Attribute


Market size value in 2021

USD 3.78 billion

Revenue forecast in 2028

USD 60.98 billion

Growth Rate

CAGR of 48.8% from 2021 to 2028

Base year of estimation


Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, service, technology, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil

Key companies profiled

Damco Group; DXC Technology Company; Insurance Technology Services; Majesco; Oscar Insurance; Quantemplate; Shift Technology; Trōv, Inc.; Wipro Limited; Zhongan Insurance

Customization scope

Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global insurtech market report based on type, service, technology, end-use, and region:

  • Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Auto

    • Business

    • Health

    • Home

    • Specialty

    • Travel

    • Others

  • Service Outlook (Revenue, USD Million, 2016 - 2028)

    • Consulting

    • Support & Maintenance

    • Managed Services

  • Technology Outlook (Revenue, USD Million, 2016 - 2028)

    • Blockchain

    • Cloud Computing

    • IoT

    • Machine Learning

    • Robo Advisory

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Automotive

    • BFSI

    • Government

    • Healthcare

    • Manufacturing

    • Retail

    • Transportation

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.