Technavio, a tech-focused market research firm, has published a new report on the global insurtech market, which is expected to post an impressive growth in terms of CAGR of more than 10% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global insurtech market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global insurtech market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global insurtech market for 2015 (market share %)
|
EMEA |
72.15% |
|
Americas |
18.72% |
|
APAC |
9.13% |
Source: Technavio
The global insurtech market in EMEA
EMEA occupied the maximum share of over 72% in the global insurtech market during 2015. The emergence of new business models such as telematics, may create new insurance products in the EMEA region. In EMEA, the technological trades are established in countries like the Germany, Netherlands, and the UK.
According to Amit Sharma, a lead analyst at Technavio, “The technological innovations in the form of upgraded digitization has created an environment favorable for establishing insurtech start-ups. These start-ups offer different technological platforms, which is improving a customers’ digital interactions with insurance companies. It is important for the insurers to have a digital strategy to expand their market footprint and improve the end user’s experience.”
The life insurance industry is witnessing a significant change in the current scenario. With the rapid changes in the regulatory policies, consumer behavior, and financial charges, insurance providers are looking for streamlining their revenue processes to make it more profitable. To gain a competitive edge in the market, the insurance firms are likely to leverage their structural advantages and invest in developing the right technology-enabled business capabilities. Technavio expects the insurance companies to collaborate with different technological platforms. The technological market is in a strong position to leverage the innovations in areas such as mobile technology, big data analytics, and social networking.
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The global insurtech market in the Americas
In the Americas, several technological start-ups are coming up in the Silicon Valley which is expected to increase the insurance business and upgrade it in the region. Technavio expects that the insurtech market in the America will undergo various acquisitions, collaborations, partnerships, and competition during the forecast period. These mergers and acquisitions will enhance the insurance underwriting procedures, as the firms would provide different insurance products to the individuals as well as the start-up businesses, with the help of the big data analytics. The factors that are influencing and will continue to shape the insurance industry significantly are digital transformation, market consolidation, and servitization. Digital technologies such as mobility, social media, big data analytics, and IoT will disrupt the value chain of insurance from client acquisition to claims processing.
The global insurtech market in APAC
There has been a continuous increase in the technological deals taking place in the APAC region. Technavio expects a strong growth around blockchain, which is an underlying distributed ledger technology that supports the exchange of secured financial assets. The blockchain and the distributed ledger technologies play a vital role in the international trade, including collateral management, settlement, clearing, payments, and reconciliation in insurtech start-ups. The research analysts forecast the distributed ledger technologies to become the backbone of future insurtech markets. The insurance firms are embracing mobile wallets, cloud technology, and blockchain to redefine their business and operational models fundamentally. There has also been an increase in the investments made by the insurance firms in technological venture capital funding, incubators, and start-ups. Customers’ demands for more digital services will increase the demand for insurtech solutions. There is likely to be a significant growth potential for motor vehicle insurance providers in APAC during the forecast period. Another factor that will push the market is the insurers’ ability to offer the right strategies and operations at the right time to customers.
The top leading vendors operating in the global insurtech market are:
- Friendsurance
- Guevara
- Oscars
- Zhong An
Other prominent vendors in the market include Acculitx, Allay, Analyze Re, Array Health, BankBazaar.com, Bayzat, Bought By Many, Censio, Claim Di, Collective Health, Common Easy, CoverFox, CoverHound, Cuvva, Dynamis Software, EaseCentral, Eligible, EverQuote, FirstBest Systems, Gather, Gives range, GoHealth, Goji, Gravie, GroupHub, Haven Life, HealthCare.com, HealthSherpa, Hixme, InforcePRO, insPeer, insuremyrentalcar.com, Insurify, Jointly, Justworks, Ladder, Limelight Health, Lumity, Maxwell Health, Metromile, miEdge, Navera, Picwell, PlanSource, PokitDok, PolicyBazaar, PolicyGenius, Praedicat, QuanTemplate, RenewBuy, ROOT, Sherpaa, Shift Technology, SimplyInsured, Snapsheet, Spex, Stride Health, Sure, Sureify, Inspool, Zebra, TongJuBao, Trov, Tyche, Uvamo, Zenefits, Zest Health, and Zipari.
A more detailed analysis is available in the Technavio report tilted, ‘Global Insurtech Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Microinsurance Market 2016-2020
- Global Insurance Brokerage Market 2016-2020
- Insurance Technology Market in Europe 2015-2019
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