InsurTech Market Research 2020-2024 – Alan SA, Clover Health, and Cytora Ltd., Emerge as Key Market Growth Contributors | Technavio

LONDON–(BUSINESS WIRE)–The global InsurTech market size is poised to grow by USD 21.72 billion during

LONDON–(BUSINESS WIRE)–The global InsurTech market size is poised to grow by USD 21.72 billion during 2020-2024, progressing at a CAGR of over 36% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

Insurance companies are investing significantly in digitization to improve the functionality of payment systems and simplify the transaction process. The adoption of InsurTech has allowed insurance companies to assess risks related to the market, operation, counterparty credit, and liquidity. Technologies such as embedded analytics help insurance companies to understand consumer behavior and market patterns, and make informed business-related decisions. These advantages of digital technologies are creating a significant demand for InsurTech and contributing to the expansion of this market at a global level.

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Report Highlights:

  • The major InsurTech market growth came from the marketing and distribution segment. The increasing use of smartphones and the ease-of-access of the Internet through smartphones have bolstered digital marketing and digital distribution of insurance policies through advanced technologies.
  • Europe was the largest InsurTech market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the presence of the financial services sector and key vendors will significantly drive InsurTech market growth in this region over the forecast period. 46% of the market’s growth will originate from Europe during the forecast period. The UK and France are the key markets for InsurTech in Europe. Market growth in this region will be slower than the growth of the market in APAC.
  • The global InsurTech market is fragmented. 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, and ZhongAn Online P&C Insurance Co. Ltd. are some of the major market participants. To help clients improve their market position, this InsurTech market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the Global Insurtech Market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Integration of Big Data and AI in Insurtech will be a Key Market Trend

InsurTech companies are increasingly using Big Data to identify opportunities for new products and services, optimize pricing mechanisms. Big Data also enables InsurTech companies to capture negative trends in costs and performances based on which corrective actions can be taken. The use of AI along with Big Data in InsurTech leads to enhanced customer targeting and helps in automating the decision-making process of organizations. This integration of Big Data and AI in InsurTech, one of the key InsurTech market trends, will also drive the growth of the market. Such factors will drive market growth at a CAGR of over 36% during the forecast period.

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InsurTech Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist InsurTech market growth during the next five years
  • Estimation of the InsurTech market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the InsurTech market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of InsurTech market vendors

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Related Reports on Information Technology Include:

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Insurance Brokerage Market by Insurance Type and Geography – Forecast and Analysis 2020-2024: The insurance brokerage market size has the potential to grow by USD 13.84 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Executive Summary

Market Landscape

  • Market ecosystem
  • COVID-19 impact on IT sector

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Value Chain Positioning

  • Market segments
  • Comparison by value chain positioning
  • Marketing and distribution – Market size and forecast 2019-2024
  • IT support – Market size and forecast 2019-2024
  • Policy administration and management – Market size and forecast 2019-2024
  • Claim management – Market size and forecast 2019-2024
  • Others – Market size and forecast 2019-2024
  • Market opportunity by value chain positioning

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America – Market size and forecast 2019-2024
  • Europe – Market size and forecast 2019-2024
  • APAC – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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