Insurtech Market
Insurtech Market Forecasts to 2032 – Global Analysis By Component (Software and Services), Insurance Type, Deployment Mode, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Insurtech Market is accounted for $35.5 billion in 2025 and is expected to reach $323.3 billion by 2032 growing at a CAGR of 37.1% during the forecast period. Insurtech, short for insurance technology, refers to the innovative use of digital tools and platforms to transform the insurance industry. It leverages technologies such as artificial intelligence, blockchain, big data, and the Internet of Things (IoT) to streamline processes like underwriting, claims management, customer service, and risk assessment. Insurtech enhances efficiency, reduces costs, and improves customer experience through automation, personalization, and real-time analytics. It enables new models like peer-to-peer insurance, microinsurance, and embedded coverage. By disrupting traditional practices, insurtech empowers insurers to adapt to changing consumer expectations and deliver smarter, faster, and more accessible insurance solutions.
Market Dynamics:
Driver:
Growing Demand for Digital Insurance Platforms
The growing demand for digital insurance platforms is a key driver of the insurtech market. Consumers increasingly prefer online access to policy management, claims processing, and instant quotes. Digital platforms offer convenience, transparency, and speed, especially for tech-savvy users. Insurtech firms are leveraging mobile apps, chatbots, and AI to enhance customer experience and streamline operations. As expectations shift toward personalized and on-demand services, digital platforms are becoming essential for insurers to remain competitive and responsive in a rapidly evolving market.
Restraint:
Regulatory and Compliance Challenges
Regulatory and compliance challenges pose a significant restraint to the insurtech market. Navigating complex, region-specific insurance laws and data protection regulations can delay product launches and increase operational risk. Insurtech firms must ensure compliance with evolving standards around digital contracts, cybersecurity, and consumer rights. These requirements demand substantial legal expertise and investment, especially for startups. Inconsistent global frameworks further complicate cross-border expansion.
Opportunity:
Advancements in AI, IoT, and Big Data
Advancements in AI, IoT, and big data present major opportunities for the insurtech market. These technologies enable predictive analytics, automated underwriting, and real-time risk assessment. IoT devices like wearables and smart home sensors provide continuous data streams that improve policy personalization and claims accuracy. AI enhances fraud detection and customer service through intelligent automation. Big data supports dynamic pricing and behavioral insights. As insurers embrace these innovations, they unlock new business models and deliver more efficient, tailored, and proactive insurance solutions.
Threat:
High Initial Investment Requirements
High initial investment requirements represent a key threat to the insurtech market. Developing and deploying advanced technologies such as AI, blockchain, and cloud infrastructure demands significant capital. Startups and smaller firms may struggle to secure funding for R&D, regulatory compliance, and market entry. Additionally, integrating new systems with legacy platforms can be costly and time-consuming. These financial barriers can slow innovation and limit scalability.
Covid-19 Impact:
The COVID-19 pandemic accelerated digital transformation in the insurance industry, boosting demand for insurtech solutions. Lockdowns and remote work highlighted the need for contactless policy management, digital claims processing, and virtual customer support. Insurtech platforms enabled insurers to maintain operations and engage customers during disruptions. The crisis also increased awareness of health, travel, and life insurance, driving innovation in personalized coverage.
The travel insurance segment is expected to be the largest during the forecast period
The travel insurance segment is expected to account for the largest market share during the forecast period, due to rising global mobility and heightened awareness of travel-related risks. Insurtech platforms offer instant policy issuance and real-time claims processing for travelers. Integration with booking platforms and mobile apps enhances accessibility and convenience. As consumers seek flexible, on-demand coverage for cancellations, medical emergencies, and disruptions, digital travel insurance solutions are gaining traction. This segment’s dominance reflects its alignment with consumer expectations and digital-first service models.
The cloud computing segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the cloud computing segment is predicted to witness the highest growth rate, due to its cost-efficiency, and support for real-time data access. Insurtech firms are leveraging cloud platforms to host applications, manage customer data, and deploy AI-driven services. Cloud infrastructure enables seamless integration, remote collaboration, and rapid innovation. It also enhances cybersecurity and disaster recovery capabilities. As insurers modernize legacy systems and embrace digital transformation, cloud computing becomes central to operational agility, customer engagement, and future-ready insurance delivery.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share, due to rising smartphone penetration, expanding middle-class populations, and increasing demand for digital financial services. Countries like China, India, and Singapore are investing in fintech innovation and regulatory support for insurtech startups. The region’s dynamic consumer base and strong tech infrastructure support rapid adoption of mobile insurance platforms, embedded coverage, and microinsurance. Asia Pacific’s leadership reflects its role as a hub for digital insurance transformation.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to advanced technology adoption, strong venture capital activity, and evolving consumer expectations. The U.S. and Canada are home to leading insurtech startups and established insurers embracing AI, blockchain, and cloud solutions. Regulatory frameworks are increasingly supportive of digital innovation. High demand for personalized, on-demand insurance products fuels growth across health, auto, and property segments. North America’s innovation ecosystem positions it as a global leader in insurtech acceleration.
Key players in the market
Some of the key players in Insurtech Market include Lemonade, ZhongAn Online P&C Insurance, Oscar Health, Root Insurance, Metromile, Hippo, Next Insurance, Policygenius, bolttech, Guidewire Software, Duck Creek Technologies, Tractable, Bought By Many, Clover Health, and Acko General Insurance.
Key Developments:
In October 2025, Elektra Health and Oscar Health have launched HelloMeno, the first-ever menopause-specific health plan in the individual market. It offers women 45+ $0 primary, gynecology and behavioral health visits, no-cost labs, hormone therapy, insomnia medications, bone-density scans, around-$900 annual savings, and access to Elektra’s menopause-experts’ team.
In September 2025, Oscar Health, Inc. has launched a proposed private offering of $350 million in convertible senior subordinated notes due 2030 aiming to support long-term growth and boost consumer and employer adoption in the individual market.
Components Covered:
• Solutions
• Services
Insurance Types Covered:
• Life and Health Insurance
• Property and Casualty Insurance
• Auto Insurance
• Travel Insurance
• Specialty Insurance
Deployment Modes Covered:
• On-Premises
• Cloud-Based
Technologies Covered:
• Artificial Intelligence (AI) and Machine Learning
• Blockchain
• Cloud Computing
• Internet of Things (IoT)
• Big Data and Analytics
• Robotic Process Automation (RPA)
• Chatbots and Virtual Assistants
Applications Covered:
• Product Development and Underwriting
• Sales and Marketing
• Customer Service and Claims Management
• Compliance and Risk Management
End Users Covered:
• Insurance Companies
• Third-Party Administrators (TPAs)
• Brokers and Agents
• Reinsurance Companies
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Insurtech Market, By Component
5.1 Introduction
5.2 Solutions
5.2.1 Policy Administration and Management
5.2.2 Claims Management
5.2.3 Customer Relationship Management (CRM)
5.2.4 Risk Management
5.2.5 Analytics and Reporting
5.3 Services
5.3.1 Consulting Services
5.3.2 Implementation and Integration
5.3.3 Support and Maintenance
6 Global Insurtech Market, By Insurance Type
6.1 Introduction
6.2 Life and Health Insurance
6.3 Property and Casualty Insurance
6.4 Auto Insurance
6.5 Travel Insurance
6.6 Specialty Insurance
7 Global Insurtech Market, By Deployment Mode
7.1 Introduction
7.2 On-Premises
7.3 Cloud-Based
8 Global Insurtech Market, By Technology
8.1 Introduction
8.2 Artificial Intelligence (AI) and Machine Learning
8.3 Blockchain
8.4 Cloud Computing
8.5 Internet of Things (IoT)
8.6 Big Data and Analytics
8.7 Robotic Process Automation (RPA)
8.8 Chatbots and Virtual Assistants
9 Global Insurtech Market, By Application
9.1 Introduction
9.2 Product Development and Underwriting
9.3 Sales and Marketing
9.4 Customer Service and Claims Management
9.5 Compliance and Risk Management
10 Global Insurtech Market, By End User
10.1 Introduction
10.2 Insurance Companies
10.3 Third-Party Administrators (TPAs)
10.4 Brokers and Agents
10.5 Reinsurance Companies
11 Global Insurtech Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Lemonade
13.2 ZhongAn Online P&C Insurance
13.3 Oscar Health
13.4 Root Insurance
13.5 Metromile
13.6 Hippo
13.7 Next Insurance
13.8 Policygenius
13.9 bolttech
13.10 Guidewire Software
13.11 Duck Creek Technologies
13.12 Tractable
13.13 Bought By Many
13.14 Clover Health
13.15 Acko General Insurance
List of Tables
1 Global Insurtech Market Outlook, By Region (2024-2032) ($MN)
2 Global Insurtech Market Outlook, By Component (2024-2032) ($MN)
3 Global Insurtech Market Outlook, By Solutions (2024-2032) ($MN)
4 Global Insurtech Market Outlook, By Policy Administration and Management (2024-2032) ($MN)
5 Global Insurtech Market Outlook, By Claims Management (2024-2032) ($MN)
6 Global Insurtech Market Outlook, By Customer Relationship Management (CRM) (2024-2032) ($MN)
7 Global Insurtech Market Outlook, By Risk Management (2024-2032) ($MN)
8 Global Insurtech Market Outlook, By Analytics and Reporting (2024-2032) ($MN)
9 Global Insurtech Market Outlook, By Services (2024-2032) ($MN)
10 Global Insurtech Market Outlook, By Consulting Services (2024-2032) ($MN)
11 Global Insurtech Market Outlook, By Implementation and Integration (2024-2032) ($MN)
12 Global Insurtech Market Outlook, By Support and Maintenance (2024-2032) ($MN)
13 Global Insurtech Market Outlook, By Insurance Type (2024-2032) ($MN)
14 Global Insurtech Market Outlook, By Life and Health Insurance (2024-2032) ($MN)
15 Global Insurtech Market Outlook, By Property and Casualty Insurance (2024-2032) ($MN)
16 Global Insurtech Market Outlook, By Auto Insurance (2024-2032) ($MN)
17 Global Insurtech Market Outlook, By Travel Insurance (2024-2032) ($MN)
18 Global Insurtech Market Outlook, By Specialty Insurance (2024-2032) ($MN)
19 Global Insurtech Market Outlook, By Deployment Mode (2024-2032) ($MN)
20 Global Insurtech Market Outlook, By On-Premises (2024-2032) ($MN)
21 Global Insurtech Market Outlook, By Cloud-Based (2024-2032) ($MN)
22 Global Insurtech Market Outlook, By Technology (2024-2032) ($MN)
23 Global Insurtech Market Outlook, By Artificial Intelligence (AI) and Machine Learning (2024-2032) ($MN)
24 Global Insurtech Market Outlook, By Blockchain (2024-2032) ($MN)
25 Global Insurtech Market Outlook, By Cloud Computing (2024-2032) ($MN)
26 Global Insurtech Market Outlook, By Internet of Things (IoT) (2024-2032) ($MN)
27 Global Insurtech Market Outlook, By Big Data and Analytics (2024-2032) ($MN)
28 Global Insurtech Market Outlook, By Robotic Process Automation (RPA) (2024-2032) ($MN)
29 Global Insurtech Market Outlook, By Chatbots and Virtual Assistants (2024-2032) ($MN)
30 Global Insurtech Market Outlook, By Application (2024-2032) ($MN)
31 Global Insurtech Market Outlook, By Product Development and Underwriting (2024-2032) ($MN)
32 Global Insurtech Market Outlook, By Sales and Marketing (2024-2032) ($MN)
33 Global Insurtech Market Outlook, By Customer Service and Claims Management (2024-2032) ($MN)
34 Global Insurtech Market Outlook, By Compliance and Risk Management (2024-2032) ($MN)
35 Global Insurtech Market Outlook, By End User (2024-2032) ($MN)
36 Global Insurtech Market Outlook, By Insurance Companies (2024-2032) ($MN)
37 Global Insurtech Market Outlook, By Third-Party Administrators (TPAs) (2024-2032) ($MN)
38 Global Insurtech Market Outlook, By Brokers and Agents (2024-2032) ($MN)
39 Global Insurtech Market Outlook, By Reinsurance Companies (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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