NEW YORK, June 4, 2021 /PRNewswire/ — Technavio has been monitoring the Insurtech market and it is poised to grow by USD 21.72 billion during 2020-2024, progressing at a CAGR of over 36% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. 

Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. 

Frequently Asked Questions:

• Based on segmentation by value chain positioning, which is the leading segment in the market? 
  
  The marketing and distribution segment led the market and will continue to dominate the market growth during the forecast period.
• What is the major trend in the market? 
  
  The integration of Big Data and AI in InsurTech will emerge as the key trend in the market
• At what rate is the market projected to grow?
  
  The market is projected to grow at a CAGR of over 36% during the forecast period.
• What is the key challenge?
  
  High cost of investment will challenge the market growth during the next few years.
•  How big is the Europe market?
  
  46% of the growth will originate from Europe.

Related Report on Information Technology Include:

Insurance Software Market by Deployment and Geography – Forecast and Analysis 2021-2025: The insurance software market size is expected to grow by USD 7.29 billion and record a CAGR of 8.09% during 2021-2025, according to Technavio. Download PDF Sample

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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.  The influence of digitization will offer immense growth opportunities, but high cost of investment is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this insurtech market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies. 

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

InsurTech Market 2020-2024: Segmentation

InsurTech Market is segmented as below:

• Market Landscape
  • Marketing And Distribution
  • IT Support
  • Policy Administration And Management
  • Claim Management
  • Others
• Geographic
  • North America
  • Europe
  • APAC
  • MEA
  • South America

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InsurTech Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The insurtech market report covers the following areas:

• InsurTech Market Size
• InsurTech Market Trends
• InsurTech Market Industry Analysis

This study identifies the integration of Big Data and AI in InsurTech as one of the prime reasons driving the InsurTech Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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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 across North America, Europe, APAC, MEA, and South America
• 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

Table of Contents:

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

• Overview

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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Report: https://www.technavio.com/report/insurtech-market-industry-analysis

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