Press release
Top Factor Driving Insurtech Market Growth in 2025: Rising Tide Of Insurance Claims Propels Growth In The Insurtech Market
Insurtech
The expected surge in insurance claims is projected to directly contribute to the expanded growth of the insurtech market. Insurtech plays a critical role in claim management, risk assessment, contract processing, and policy underwriting. The increase in hospitalizations during the COVID-19 pandemic has resulted in a steep rise in insurance claims. An illustrative example of this could be seen in April 2024, when LV=, a top-tier personal lines insurer based in the UK, released a report stating that in 2023 the company observed a payout of $175.16 million (£135 million) in individual protection claims. This was a 6% increase when compared to the figure in 2022. Therefore, it is anticipated that the surge in insurance claims will fuel the growth of the insurtech market.
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What growth opportunities are expected to drive the insurtech market's CAGR through 2034?
The scale of the insurtech market has seen exponential growth in the past few years. It is projected to swell from a worth of $17.08 billion in 2024 to $22.08 billion in 2025, marking a compound annual growth rate (CAGR) of 29.3%. The phenomenal growth in the past years has been propelled by solid economic growth in emerging markets, the widespread digitization of insurance services, the growing application of robotic process automation in insurance firms, and the surge in the number of insurtech startups.
In the coming years, a tremendous expansion is predicted for the insurtech market, reaching $82.3 billion by 2029 with a compound annual growth rate (CAGR) of 38.9%. This anticipated growth during the forecast period can be credited to the surge in insurance claims, growing implementation of advanced technological solutions in the insurance sector, and supportive government initiatives. The forecast period also highlights several key trends such as the application of artificial intelligence (AI), concentration on intelligent automation solutions, emphasis on product innovations and blockchain technology adoption, the importance of partnerships and collaborations, and the utilization of IoT (Internet of things) technology.
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How are the latest trends influencing the growth of the insurtech market?
Key players in the insurtech market are concentrating their efforts on creating innovative solutions like AI-powered insurance platforms to improve customer interaction. The term "AI-powered insurance platforms" refers to digital frameworks that employ artificial intelligence to automate and optimize several insurance procedures, including underwriting, claims handling, and customer support, thereby raising efficiency and enhancing decision-making processes. As an illustration, in June 2024, Sapiens International Corporation, a computer software organization based in Israel, introduced the Next-Gen Intelligent Insurance Platform. This cutting-edge insurance platform amalgamates AI, machine learning, and cloud-based technologies to simplify insurance tasks and boost data-based decision-making. It empowers insurance companies to innovate swiftly, bolster their operational efficiency, and offer superior customer service through a robust ecosystem.
Which growth-oriented segments of the insurtech market are leading the industry's development?
The insurtech market covered in this report is segmented -
1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products
2) By Technology: Blockchain, Cloud Computing, IoT (Internet Of Things), Artificial Intelligence, Big Data And Business Analytics, Other Technologies
3) By Offering: Solutions, Services
4) By Deployment: On-Premises, Cloud
5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Transportation, Other Applications
Subsegments:
1) By Health Insurance: Individual Health Insurance, Group Health Insurance, Critical Illness Insurance
2) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance
3) By Travel Insurance: Single Trip Insurance, Annual Multi-Trip Insurance, Medical Travel Insurance
4) By Car Insurance: Third-Party Liability Insurance, Comprehensive Car Insurance, Collision Coverage
5) By Business Insurance: General Liability Insurance, Property Insurance, Workers' Compensation Insurance
6) By Home Insurance: Homeowners Insurance, Renters Insurance, Landlord Insurance
7) By Other Products: Pet Insurance, Cyber Insurance, Event Insurance
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What regions are leading the charge in the insurtech market?
North America was the largest region in the insurtech service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the insurtech market?
Major companies operating in the insurtech market include DXC Technology, Damco Group, Majesco, Shift Technology, Earnix, Simplesurance, Outsystems, Cytora Ltd, Planck Resolution LTD, Bdeo, Allianz (China) Insurance Holding Co., Ltd, Insurance Technology Services, Oscar Insurance, Quantemplate, Tokio Marine & Nichido Fire Insurance Co. Ltd, Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc, Grupo Nacional Provincial, MetLife Mexico, Seguros BBVA Bancomer, AXA Seguros, Banorte Seguros, State Farm Insurance, Nationwide Mutual Insurance Company, Liberty Mutual Group, The Progressive Corporation, American International Group Inc, Bradesco Saude, South America Health Insurance Company, Amil International Medical Assistance, Mapfre Seguros Gerais, Porto Seguro General Insurance Company, Dubai Insurance Company, Alliance Insurance PSC, Union Insurance Company, Zurich Life Insurance Middle East, Al Nabooda Insurance Brokers, National General Insurance Co, Al Buhaira Insurance, Howden Guardian Insurance Brokers LLC, Tawasul Insurance Services LLC, Al Wathba National Insurance Company
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What Is Covered In The Insurtech Global Market Report?
• Market Size Forecast: Examine the insurtech market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the insurtech market for a structured understanding.
• Key Players Overview: Analyze major players in the insurtech market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurtech market.
• Segment Contributions: Evaluate how different segments drive overall growth in the insurtech market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurtech market.
• Industry Challenges: Identify potential risks and obstacles affecting the insurtech market.
• Competitive Landscape: Review strategic developments in the insurtech market, including expansions, agreements, and new product launches.
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