Revolutionizing the Future: Insurtech Market Set to Soar, Projected to Reach US$ 210.7 Billion by 2033

Insurtech Market Insurtech Market

The insurtech market is expected to rise from a paltry market value of US$ 16.6 billion in 2021 to a net worth of US$ 165.4 billion in 2032, according to Future Market Insights (FMI). A CAGR of 25.9% is predicted for the near future, which is impressive.

Because more people are becoming aware of the benefits of insurance policies, there is a high demand for the general insurance plans provided by different organisations around the world. By deploying digital insurtech or insurance technology infrastructure in response to the changing economic landscape, insurance companies have increased their market presence.

The ability of insurtech firms to provide customers with tailored plans has grown over the years of service and development of commercial insurance. The adoption of such technologies for consumer data collection and analysis by insurtech life insurance companies has increased the market’s appeal to businesses further.

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The market has become more fragmented and fiercely competitive as a result of the entry of numerous small, regional firms operating in various categories, such as insurtech vehicle insurance or insurtech house insurance companies.

The majority of the major providers are expanding their market by forming alliances and working together with banks and other financial institutions to launch new, specialised insurtech solutions for commercial insurance.

“Global insurance providers’ business models have changed as a result of the quick digitization of all significant service sectors of the economy. The addition of professional and consulting services to the available to potential clients through online platforms has required the integration of insurance technology solutions, further boosting the growth of the global insurtech market.

Insurers were found to have boosted their spending on building digital infrastructure in approximately 59% of the companies, according to the EIS group’s market survey report. This includes a record number of P&C insurtech businesses popping up on the international market.

Key Takeaways

  • As per the market analysis report, the absolute growth of the global insurtech market size in terms of value is predicted to be around US$ 148.8 Bn over the forecast years 2022 to 2032.
  • As the concept of insurtech insurance companies is expanding to new areas of service, the solution segment is growing at a faster rate than the service segment. The CAGR predicted for the solution segment is nearly 25.8% for the coming decade.
  • On the basis of various technologies adopted by life insurance tech companies, cloud computing has emerged to be the most attractive segment in the present market. The estimated growth of this segment over the forecast years is nearly 25.2%.
  • US market holds the dominant position in the global market for having the highest amount of insurtech capital, valued at about US$ 6 Bn in the year 2022. It is also the top-performing country with a CAGR of 25.6% that is predicted to reach the net worth of the regional insurtech market up to US$ 58.6 Bn by the end of this forecast period.

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Competitive Landscape

The major players operating in the global insurtech market include

  • Damco Group,
  • DXC Technology Company,
  • Majesco,
  • Oscar Insurance,
  • Quantemplate,
  • Shift Technology,
  • Trov Insurance Solutions, LLC,
  • Wipro Limited, and
  • Zhongan Insurance, among others.

One of the top insurance companies in the USA named, Universal Fire & Casualty Insurance Company, announced to accept cryptocurrency payments for premiums, starting a new business model for home insurance insurtech companies in the US market. Integration of such advanced digital facilities and blockchain technologies is expected to further boost the global insurtech market.

An automobile insurance company named Metromile also announced in December 2021 to accept cryptocurrency from its customers to pay their premiums and claim payments. This new development is anticipated to give way to some new opportunities in the domain of insurtech car insurance services in the coming days.

Key Segments

By Offering

  • Solution
  • Service

By Deployment Model

  • On-premise
  • Cloud

By Technology

  • Artificial Intelligence
  • Cloud Computing
  • Blockchain
  • Big Data & Business Analytics
  • IoT
  • Others

By End User

  • Life & Health Insurance
  • Property and Casualty (P&C) Insurance
  • Auto Insurance
  • Buildings Insurance
  • Commercial Buildings Insurance
  • Home Insurance
  • Dwelling Coverage
  • Contents Coverage
  • Marine Insurance
  • Liability Insurance
  • Others

By Application

  • Product Development & Underwriting
  • Sales & Marketing
  • Policy Admin Collection & Disbursement
  • Claims Management

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America


Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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