A three-pronged approach was followed for deducing the insurtech market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for insurtech market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of insurtech market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The insurtech market was categorized into five segments, namely type (Auto, Business, Health, Home, Specialty, Travel), service (Consulting, Support & Maintenance, Managed Services), technology (Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory), end-use (Automotive, BFSI, Government, Healthcare, Manufacturing, Retail, Transportation), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The insurtech market was segmented into type, service, technology, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The insurtech market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; Germany; the UK; China; India; Japan; Brazil.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The insurtech market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Damco Group - Damco Group is engaged in providing IT solutions and services. It operates as a technology partner for businesses across the globe, enabling them to leverage IT solutions and services for their operations. The company offers software solution frameworks that can be implemented as customized solutions or standalone products for end-to-end process optimization. The company’s solutions are easy to configure and include post-implementation support and regular software updates/upgrades. It offers solutions and services to end-use industries such as BFSI, automotive, media & advertising, energy & utilities, education, manufacturing, transportation, telecom, retail, and travel & hospitality.
Insurance Technology Services - Insurance Technology Services is a provider of insurance consulting services. It offers its consulting services for designing, utilization of technology, and implementation. The company offers its services to Property & Casualty (P&C) and Life & Health (L&H) insurance organizations to manage insurance and technical expertise. The Property & Casualty (P&C) services offered by the company enable insurance companies to implement and improve the application and utilization of the latest technologies. The company offers services in five areas, namely testing, business analytics, data, change management, and project management. The solutions offered by the company include system implementation, project management, business analysis, forms design & development, testing, data migration, and end-user training
Majesco - Majesco is a provider of cloud insurance solutions. The company’s solutions enable life, property & casualty/general insurance companies; pensions and group/voluntary benefits insurers; brokers; managing general agents; and reinsurers to modernize and optimize their businesses across the end-to-end insurance value chain, comply with policies and regulations, and launch new products and services. Its solution portfolio includes core insurance platform solutions for policy, underwriting, rating, billing, distribution management, claims, digital, data & analytics, and apps that provide access to innovative data sources. Its solutions can be deployed on the cloud as well as on-premise platforms.
Shift Technology - Shift Technology is a provider of SaaS solutions for insurance companies. The company offers AI-powered products for fraud detection and claim automation. It also offers solutions for Property & Casualty (P&C) claims processing, health insurance claims processing & fraud detection, and travel insurance claims processing. The company offers products and solutions for P&C, travel, workers’ compensation, health, and life insurers. The company’s SaaS solutions are delivered via secure servers in certified data centers, which offer both physical and technical security. Its security certifications include AFAQ ISO/IEC 27001 and SOC certification. Its clientele includes Axa S.A.; Spirica; CNA; Group P & V Groep; and MS&AD Insurance Group Holdings, Inc. The company has partnerships with various technology providers and system integrators across the globe to deliver innovative solutions to customers. The company’s partners include Microsoft Corporation, Capgemini, Guidewire, and OVHCloud, among others.
Oscar Insurance - Oscar Insurance is a healthcare company that offers technology platforms to insurance companies. The company offers small groups with medicare advantages and individual & family plans. As of January 2021, the company had approximately 529,000 members using its platforms across 18 states of the Americas. The company has experienced significant growth in its members by ensuring that the premiums are affordable for the members. The company offers solutions, including insurance plans, such as medicare advantage, Oscar for individuals & families, and Oscar for Businesses. The Oscar app offered by the company helps users review the plan information and lab results, among others. The app also enables users to review claims and track deductibility.
Quantemplate - Quantemplate helps organizations in gaining insights into data to grow their business and enable digital transformation. The company's products include data integration, machine learning, analytics, technology & security, videos, and pricing. The company has been recognized with various awards such as Medici Top 21 Insurtech and Insuranceday. Some of the leading insurance companies using Quantemplate’s insurance solution include AXA, Chubb, Sompo International, and Falls Lake Insurance. The company has marked its presence in the U.S. and the U.K. Insurance companies use the company's solutions for insurance data automation, integration, and analytics. Data integration enables insurers to cleanse and connect the datasets. Moreover, the company enters into partnerships to gain a competitive advantage over its competitors in the market. Some of the key competitors of the company include AnalyzeRe, and Brit Insurance, among others.
ZhongAn Insurance - ZhongAn Insurance is an online insurtech company based in China. The company is focused on implementing technologies to reshape its insurance value chain, focusing on the ecosystems of consumer finance, healthcare, aviation, and automobiles, among others. It aims to export its business technology across the globe. For instance, in November 2016, the company established a subsidiary named ZhongAn Information Technology Service Co., Ltd. to export technology products and commercialized technical solutions to overseas markets as well as provide them in the domestic market. Additionally, in 2019, the company signed contracts with 260 customers to further strengthen its market position. It has formed partnerships with various overseas companies such as SOMPO, a property insurance company based in Japan; Grab, an O2O platform in Southeast Asia; and Income, an insurance agency based in Singapore.
Wipro Limited - Wipro Limited is a consulting, information technology, and business process service company. It leverages advanced technologies such as hyper-automation, cognitive computing, cloud analytics, and robotics to support clients in adapting to the digital world and enhancing their offerings. The company’s services include data, analytics & AI, consulting, infrastructure services, and digital operations and platforms, among others. It caters to a wide range of sectors, such as aerospace & defense, consumer, packaged goods, education, insurance, oil & gas, industrial & process manufacturing, retail, utilities, and pharmaceuticals. Its offerings include cloud, digital, cybersecurity, and engineering. The company’s cloud portfolio includes cloud security, cloud operation, cloud engineering, and cloud integration, among others. It offers solutions such as AWS Managed Security Services, Physical Security Convergence Platform, Gooogle Cloud Security, and Third-Party Risk Management under its cybersecurity category.
DXC Technology Company - DXC Technology Company provides information technology services & solutions across North America, Australia, Asia Pacific, and Europe. In 2017, the company was renamed DXC Technology Company from Computer Sciences Corporation (CSC) due to its merger with Hewlett Packard Enterprise Company (HPE). DXC Technology Company operates through three segments, namely Global Infrastructure Services (GIS), Global Business Services (GBS), and the United States Public Sector (USPS). The GIS segment offers cloud and platform services, internet of things, mobility and workplace services, and security solutions. The GBS segment offers a range of technology solutions and services in areas such as consulting, cloud applications and enterprise, business process, analytics, application management, development, testing, and modernization. The company offers its services and solutions to various industries and sectors such as manufacturing, healthcare, and telecommunications. DXC Technology Company has established over 250 associations with global market players, including its strategic partners such as AWS, Lenovo, Microsoft Corporation, ServiceNow, Oracle Corporation, IBM Corporation, and HPE.
Bright Healthcare - Bright Healthcare is a subsidiary of Bright Health Group, a public company registered at NYSE with the trading symbol: BHG. Bright Healthcare specializes in providing healthcare services such as healthcare insurance. It is a multi-line healthcare distribution and financing platform, aggregating and delivering healthcare benefits to its consumers. The company has marked its presence in 17 states across the U.S., providing healthcare plans across cities including Texas, California, Utah, Georgia, and Virginia. Bright Healthcare has segmented its insurance plans into two categories, namely insurance plans for individual and family plans and Medicare advantage plans. Under its individuals and families’ category, it allows to shop for individual & family insurance plans, find a doctor, and offer RX drug coverage. The company provides a platform to purchase self-insurance, insurance for families, and insurance for people over 65 years. Bright Healthcare is a provider of Chronic Condition Special Needs Plans and offers several specialized plans. The company is engaged in acquisitions, mergers, and partnerships to gain a competitive edge. Some of the company's key competitors include Oscar Insurance and Clover Health.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
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.
ESOMAR certified & member