Global Insurtech Market

Insurtech Market Size, Share, Growth Analysis, By Type (Auto, Business), By Service (Consulting, Support & Maintenance), By Technology, By Type, By Region - Industry Forecast 2025-2032

Report ID: SQMIG40O2006 | Region: Global | Published Date: December, 2024
Pages: 166 | Tables: 129 | Figures: 77

Insurtech Market News

  • In October 2024, Ingloo, an insurtech company from Singapore announced the launch of its new platform in Indonesia. The new direct-to-customer (D2C) platform is expected to help improve access for Indonesian customers to a wide variety of insurance offerings from multiple insurers offering services in the country.
  • In October 2024, Crawford & Company, a leading name in the insurance claims management business announced the launch of its new insurtech company named Turvi. The new organization will offer software-as-a-service (SaaS) solutions to enhance workflows in property and casualty insurance claims.
  • In September 2024, Onsurity, a new name in the insurtech from India announced that it had raised USD 45 million in a Series B financing round. The round was led by Creaegis and Onsurity intended to use this fresh funding to expand its business and launch new digital insurance offerings in the future.
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FAQs

Insurtech Market size was valued at USD 12.71 Billion in 2023 and is poised to grow from USD 19.41 Billion in 2024 to USD 375.66 Billion by 2032, growing at a CAGR of 52.7% during the forecast period (2025-2032).

Developing new insurtech solutions and services that are affordable will be a key strategy for all market players. Providing easy integration with legacy systems and infrastructure will also help insurtech companies expand their business scope in the future. Leveraging supportive government initiatives and funding to promote digital transformation will also offer new opportunities for insurtech providers in the long run. 'Damco Group  ', 'DXC Technology Company  ', 'Trov, Inc.  ', 'Wipro Limited  ', 'ZhongAn  ', 'TCS  ', 'Cognizant  ', 'Infosys  ', 'Pegasystems  ', 'Appian  ', 'Mindtree  ', 'Prima Solutions  ', 'Fineos  ', 'Bolt Solutions  ', 'Majesco  ', 'EIS Group  ', 'Oscar Insurance  ', 'Quantemplate  ', 'Shift Technology  ', 'OutSystems'

Almost all industries and countries are focusing on digital transformation of their financial services to keep up with digital advancements. Growing use of advanced digital technologies to modernize and optimize insurance and finance operations is projected to drive up the demand for insurtech over the coming years.

Use of Blockchain Technology: Insurtech companies should focus utilizing blockchain technology to keep up with the decentralized finance trend. Blockchain technology ensures secure, tamper-proof records, streamlining the claims process and reducing disputes. Use of smart contracts in insurtech could also help open up new avenues of business for all market players in the future.

North America emerges as the top market for insurtech companies owing to the presence of multiple finance and insurance companies coupled with quick adoption of advanced technologies. The availability of a developed IT infrastructure and high demand for better insurance policies are also expected to make this the leading regional market for insurtech companies going forward. Canada and the United States are estimated to be the most rewarding markets for insurtech companies operating in the North American region through 2031. The growing number of insurtech start-ups and rising popularity of decentralization of finance are also slated to aid market development in the future.

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Global Insurtech Market

Report ID: SQMIG40O2006

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