InsurTech Market - UK and France to be the Fastest Growing Regions in Europe

NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The InsurTech MARKET was a fragmented industry that was in a phase of growth in 2020. By 2025, the market structure would continue to be fragmented. Its lifecycle stage would continue to be in the growth phase. InsurTech refers to insurance technology, where technological innovations are used for improving the efficiency and savings of the conventional insurance industry model. Many venture capital firms are investing in InsurTech start-ups. InsurTech firms are leveraging the power of software to promote different insurance products and other portfolio management tasks. These start-ups offer platforms or technologies for insurance companies and can disrupt the less technologically savvy corporations. InsurTech platforms help insurance companies in facilitating their operational efficiency. They can lower the cost of insurance products using InsurTech platforms.

According to the recent market study by Technavio ?

• InsurTech market value is set to grow by USD 33.73 billion, progressing at a CAGR of 45.28% from 2020 to 2025.
• InsurTech market is segmented by Geography (North America, Europe, APAC, MEA, and South America) and Value Chain Positioning (marketing and distribution, IT support, policy administration and management, claim management, and others).
• Key vendors of the InsurTech market include 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 Property Insurance Co. Ltd. among others.
• The need to improve business efficiency is notably driving the InsurTech market growth, although factors such as the high cost of the investment may impede the market growth. The investors collaborating with InsurTech firms to be the premium trend of the market.
• 47% of the market's growth will originate from Europe during the forecast period and the InsurTech market share growth by the marketing and distribution segment will be significant during the forecast period.

Browse Summary of this InsurTech MARKET Research Report to Learn More

Europe's potential as a global InsurTech hub ?

UK and France are the key markets for InsurTech in Europe. Market growth in this region will be faster than the growth of the market in the North American and MEA regions. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

Benefits of InsurTech to improve business efficiency ?

The increase in the number of connected devices in financial industries has led to massive amounts of data generation. Insurance companies have realized that they can use the data to optimize costs, deliver better services, and boost revenues. In the traditional insurance systems, high costs were involved due to the physical distribution of the data. With the customers becoming more digitized, the demand for better and easier access to insurance technology services is increasing. The use of InsurTech, which includes risk-averting models and predictive mechanisms, helps businesses with a substantial amount of data to enhance their productivity. To implement these technologies in the insurance framework, there is a high need for establishing a seamless connection for efficient communication among systems, machines, and people. Thus, InsurTech has become a strategic priority for several insurance organizations.

DOWNLOAD FREE INSURTECH MARKET SAMPLE REPORT to Gain Further Insights

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the InsurTech industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Overview of Adjacent InsurTech Market Research Reports available with Technavio ?

Browse Summary of the InsurTech MARKET IN UK Research Report by Deployment and Value Chain Positioning - Forecast and Analysis 2022-2026: The market value is set to grow by USD 4.20 billion, progressing at a CAGR of 43.74% from 2021 to 2026, as per the latest report by Technavio. Furthermore, this report extensively covers InsurTech market in the UK segmentation by deployment (on-premises and cloud) and value chain positioning (marketing and distribution, IT support, policy administration and management, claim management, and others). 

Browse for Technavio "INFORMATION TECHNOLOGY MARKET" Research Reports

Table of Contents

1 Executive Summary

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 01: Parent market
• Exhibit 02: Market characteristics

• 2.2 Value chain analysis

3 Market Sizing

• 3.1 Market definition
• Exhibit 03: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 04: Market segments

• 3.3 Market size 2020

• 3.4 Market outlook: Forecast for 2020 - 2025
• Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ million)
• Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 07: Five forces analysis 2020 & 2025

• 4.2 Bargaining power of buyers
• Exhibit 08: Bargaining power of buyers

• 4.3 Bargaining power of suppliers
• Exhibit 09: Bargaining power of suppliers

• 4.4 Threat of new entrants
• Exhibit 10: Threat of new entrants

• 4.5 Threat of substitutes
• Exhibit 11: Threat of substitutes

• 4.6 Threat of rivalry
• Exhibit 12: Threat of rivalry

• 4.7 Market condition
• Exhibit 13: Market condition - Five forces 2020

5 Market Segmentation by Value chain positioning

• 5.1 Market segments
• Exhibit 14: Value chain positioning - Market share 2020-2025 (%)

• 5.2 Comparison by Value chain positioning
• Exhibit 15: Comparison by Value chain positioning

• 5.3 Marketing and distribution - Market size and forecast 2020-2025
• Exhibit 16: Marketing and distribution - Market size and forecast 2020-2025 ($ million)
• Exhibit 17: Marketing and distribution - Year-over-year growth 2020-2025 (%)

• 5.4 IT support - Market size and forecast 2020-2025
• Exhibit 18: IT support - Market size and forecast 2020-2025 ($ million)
• Exhibit 19: IT support - Year-over-year growth 2020-2025 (%)

• 5.5 Policy administration and management - Market size and forecast 2020-2025
• Exhibit 20: Policy administration and management - Market size and forecast 2020-2025 ($ million)
• Exhibit 21: Policy administration and management - Year-over-year growth 2020-2025 (%)

• 5.6 Claim management - Market size and forecast 2020-2025
• Exhibit 22: Claim management - Market size and forecast 2020-2025 ($ million)
• Exhibit 23: Claim management - Year-over-year growth 2020-2025 (%)

• 5.7 Others - Market size and forecast 2020-2025
• Exhibit 24: Others - Market size and forecast 2020-2025 ($ million)
• Exhibit 25: Others - Year-over-year growth 2020-2025 (%)

• 5.8 Market opportunity by Value chain positioning
• Exhibit 26: Market opportunity by Value chain positioning

6 Customer landscape

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 28: Market share by geography 2020-2025 (%)

• 7.2 Geographic comparison
• Exhibit 29: Geographic comparison

• 7.3 North America - Market size and forecast 2020-2025
• Exhibit 30: North America - Market size and forecast 2020-2025 ($ million)
• Exhibit 31: North America - Year-over-year growth 2020-2025 (%)

• 7.4 Europe - Market size and forecast 2020-2025
• Exhibit 32: Europe - Market size and forecast 2020-2025 ($ million)
• Exhibit 33: Europe - Year-over-year growth 2020-2025 (%)

• 7.5 APAC - Market size and forecast 2020-2025
• Exhibit 34: APAC - Market size and forecast 2020-2025 ($ million)
• Exhibit 35: APAC - Year-over-year growth 2020-2025 (%)

• 7.6 MEA - Market size and forecast 2020-2025
• Exhibit 36: MEA - Market size and forecast 2020-2025 ($ million)
• Exhibit 37: MEA - Year-over-year growth 2020-2025 (%)

• 7.7 South America - Market size and forecast 2020-2025
• Exhibit 38: South America - Market size and forecast 2020-2025 ($ million)
• Exhibit 39: South America - Year-over-year growth 2020-2025 (%)

• 7.8 Key leading countries
• Exhibit 40: Key leading countries

• 7.9 Market opportunity by geography
• Exhibit 41: Market opportunity by geography

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges
• Exhibit 42: Impact of drivers and challenges

• 8.3 Market trends

9 Vendor Landscape

• 9.1 Vendor landscape
• Exhibit 43: Vendor landscape

• 9.2 Landscape disruption

• 9.3 Competitive scenario

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 46: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 47: Market positioning of vendors

• 10.3 Alan SA
• Exhibit 48: Alan SA - Overview
• Exhibit 49: Alan SA - Product and service
• Exhibit 50: Alan SA - Key offerings

• 10.4 Clover Health
• Exhibit 51: Clover Health - Overview
• Exhibit 52: Clover Health - Product and service
• Exhibit 53: Clover Health - Key news
• Exhibit 54: Clover Health - Key offerings

• 10.5 Cytora Ltd.
• Exhibit 55: Cytora Ltd. - Overview
• Exhibit 56: Cytora Ltd. - Product and service
• Exhibit 57: Cytora Ltd. - Key offerings

• 10.6 Haven Life Insurance Agency LLC
• Exhibit 58: Haven Life Insurance Agency LLC - Overview
• Exhibit 59: Haven Life Insurance Agency LLC - Product and service
• Exhibit 60: Haven Life Insurance Agency LLC - Key offerings

• 10.7 Oscar Insurance Corp.
• Exhibit 61: Oscar Insurance Corp. - Overview
• Exhibit 62: Oscar Insurance Corp. - Product and service
• Exhibit 63: Oscar Insurance Corp. - Key offerings

• 10.8 Quantemplate Technologies Inc.
• Exhibit 64: Quantemplate Technologies Inc. - Overview
• Exhibit 65: Quantemplate Technologies Inc. - Product and service
• Exhibit 66: Quantemplate Technologies Inc. - Key offerings

• 10.9 Shift Technology
• Exhibit 67: Shift Technology - Overview
• Exhibit 68: Shift Technology - Product and service
• Exhibit 69: Shift Technology - Key offerings

• 10.10 simplesurance GmbH
• Exhibit 70: simplesurance GmbH - Overview
• Exhibit 71: simplesurance GmbH - Product and service
• Exhibit 72: simplesurance GmbH - Key offerings

• 10.11 Trov Insurance Solutions LLC
• Exhibit 73: Trov Insurance Solutions LLC - Overview
• Exhibit 74: Trov Insurance Solutions LLC - Product and service
• Exhibit 75: Trov Insurance Solutions LLC - Key offerings

• 10.12 ZhongAn Online Property Insurance Co. Ltd.
• Exhibit 76: ZhongAn Online Property Insurance Co. Ltd. - Overview
• Exhibit 77: ZhongAn Online Property Insurance Co. Ltd. - Business segments
• Exhibit 78: ZhongAn Online Property Insurance Co. Ltd. - Key offerings
• Exhibit 79: ZhongAn Online Property Insurance Co. Ltd. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Currency conversion rates for US$
• Exhibit 80: Currency conversion rates for US$

• 11.3 Research methodology
• Exhibit 81: Research Methodology
• Exhibit 82: Validation techniques employed for market sizing
• Exhibit 83: Information sources

• 11.4 List of abbreviations
• Exhibit 84: List of abbreviations

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SOURCE Technavio