Product Code: FBI112110
Growth Factors of insurtech Market
The global insurtech market was valued at USD 19.06 billion in 2025 and is projected to grow to USD 23.54 billion in 2026, reaching USD 132.71 billion by 2034, with a CAGR of 24.1% during the forecast period. North America dominated the market in 2025, accounting for 47.9% share, reflecting the region's advanced digital infrastructure and strong adoption of innovative insurance technologies.
Insurtech refers to the integration of technology into the insurance sector to enhance efficiency, reduce operational costs, and improve customer experience. Companies in this space provide solutions through digital platforms, Software as a Service (SaaS), and mobile applications. The market growth is primarily driven by the demand for digital solutions, AI-powered analytics, and seamless insurance experiences, along with shifting consumer expectations for accessible, personalized, and automated insurance services.
For example, in March 2024, CNB Bank & Trust (CIBC) partnered with Insuritas to launch a fully functional digital insurance platform, integrating Insuritas' BUNDLE solution for retail and commercial clients. This demonstrates the growing trend of product-driven growth models focused on accessibility and customer convenience.
Impact of Generative AI
The adoption of Generative AI is reshaping insurtech by enabling personalized policy offerings. AI analyzes customer data to design tailored insurance plans that match individual risk profiles, preferences, and behavior. This allows for more accurate pricing and potentially lower premiums. Generative AI is expected to significantly influence product development, underwriting, claims processing, and customer satisfaction in the coming years.
Market Dynamics
Drivers: The primary driver is the digital transformation in insurance, supported by AI, machine learning, cloud computing, and automation. For instance, Lemonade, an AI-driven insurer, uses its AI bot "Maya" to streamline claims and personalize policies, minimizing human intervention and improving operational efficiency.
Restraints: Data privacy concerns remain a challenge due to the use of distributed ledger technologies and varying international regulations, which may hinder market expansion.
Opportunities: The rise of peer-to-peer (P2P) insurance models offers opportunities for community-driven insurance solutions that reduce administrative costs and provide transparency. In 2023, Friendsurance in Germany enabled users to pool premiums in small groups, sharing costs in case of claims, with refunds if no claims occurred.
Market Trends
The market is witnessing a shift toward fully automated and embedded insurance platforms. Companies such as Root Insurance utilize telematics and smartphone apps to monitor driving behavior and determine premiums automatically, offering a seamless, on-demand experience. Embedded insurance, integrated into product purchases, is gaining traction for its convenience and accessibility.
Segmentation Analysis
- By Component: The solution segment dominated in 2026 with 53.11% share, driven by demand for tailored digital platforms, SaaS, and mobile applications. Services are projected to grow at the highest CAGR due to digital transformation adoption.
- By Application: Policy administration and management dominated the market in 2026 with 25.07% share, while underwriting and risk assessment is expected to grow at the highest CAGR of 33.30%, leveraging AI and predictive analytics for precise risk management.
- By Technology: AI & ML dominated in 2024, enabling accurate risk prediction and faster, personalized underwriting. Big data and analytics are projected to grow at the highest CAGR of 31.20%, improving operational efficiency and service innovation.
- By End-User: Insurance companies led the market in 2026 with 47.16% share, driven by digitalization and AI innovations. Brokers and agents hold the second-largest share due to efficiency improvements and enhanced customer experience.
Regional Outlook
- North America: Dominated in 2025 with USD 9.13 billion, projected to grow with robust adoption of personalized insurance products. The U.S. market is expected to reach USD 5.54 billion in 2026.
- Asia Pacific: Expected to reach USD 6.56 billion in 2026, growing at a CAGR of 33.90%, driven by mobile-first insurtech solutions in countries like India.
- Europe: Projected at USD 3.74 billion in 2026, with Germany, France, and the U.K. leading in digital insurance adoption.
- Middle East & Africa: Anticipated at USD 1.06 billion in 2026, focusing on mobile-based insurance due to low traditional insurance penetration.
- South America: Emerging market with AI-driven chatbots and claims processing gaining traction.
Competitive Landscape
Key players include DXC Technology, Majesco, Oscar Insurance, Shift Technology, ZhongAn Insurance, Wipro, and Lemonade, employing strategies such as partnerships, acquisitions, and AI integration to expand market presence. Notable developments include Lemonade acquiring an AI claims automation startup in January 2024 and Zego expanding fleet insurance to Southeast Asia in March 2024, reflecting global expansion and technological innovation.
Investment Analysis and Opportunities
Investments in digital platforms, SaaS, and mobile applications are expected to drive market growth, with companies seeking to enhance accessibility, personalization, and customer engagement. The market offers lucrative opportunities for innovators adopting AI, analytics, and mobile-first solutions.
Conclusion
The insurtech market is poised for substantial growth, reaching USD 132.71 billion by 2034, driven by AI-powered solutions, digital transformation, P2P insurance models, and automated processes. North America leads adoption, while Asia Pacific and Europe present significant growth opportunities. The market's expansion reflects increasing demand for personalized, accessible, and efficient insurance services, positioning insurtech as a transformative force in the global insurance industry.
Segmentation By Component, Application, Technology, End-User, and Region
Segmentation By Component
- Solution
- Digital Platforms
- SaaS
- Mobile Applications
- Services
By Application
- Claims Management
- Policy Administration and Management
- Fraud Detection and Prevention
- Underwriting and Risk Assessment
- Customer Experience Management
- Regulatory Compliance
- Sales and Distribution
By Technology
- AI & ML
- Blockchain
- Internet of Things
- Big Data and Analytics
- Cloud Computing
- Robotic Process Automation
- Others
By End-User
- Insurance Companies
- Brokers and Agents
- Third-Party Administrators
- Insureds
By Region
- North America (By Component, Application, Technology, End-User, and Country)
- Europe (By Component, Application, Technology, End-User, and Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Asia Pacific (By Component, Application, Technology, End-User, and Country)
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
- Middle East & Africa (By Component, Application, Technology, End-User, and Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of MEA
- South America (By Component, Application, Technology, End-User, and Country)
- Brazil
- Argentina
- Rest of South America
Companies Profiled in the Report NTT Data Corporation (Japan), Hexaview Technologies, Inc. (U.S.), InsureMO Corporation (Singapore), Damco Group (U.S.), DXC Technology (U.S.), Insurance Technology Services (U.S.), Majesco (U.S.), Oscar Insurance (U.S.), Quantemplate (U.S.), and Shift Technology (France)
Table of Content
1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
2. Executive Summary
3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Insurtech Key Players (Top 3 - 5) Market Share/Ranking, 2025
5. Global Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 5.1. Key Findings
- 5.2. By Component (USD)
- 5.2.1. Solution
- 5.2.1.1. Digital Platforms
- 5.2.1.2. SaaS
- 5.2.1.3. Mobile Applications
- 5.2.2. Services
- 5.3. By Application (USD)
- 5.3.1. Claims Management
- 5.3.2. Policy Administration and Management
- 5.3.3. Fraud Detection and Prevention
- 5.3.4. Underwriting and Risk Assessment
- 5.3.5. Customer Experience Management
- 5.3.6. Regulatory Compliance
- 5.3.7. Sales and Distribution
- 5.4. By Technology (USD)
- 5.4.1. AI & ML
- 5.4.2. Blockchain
- 5.4.3. Internet of Things
- 5.4.4. Big Data and Analytics
- 5.4.5. Cloud Computing
- 5.4.6. Robotic Process Automation
- 5.4.7. Others
- 5.5. By End User (USD)
- 5.5.1. Insurance Companies
- 5.5.2. Brokers and Agents
- 5.5.3. Third-Party Administrators
- 5.5.4. Insureds
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Middle East & Africa
- 5.6.5. South America
6. North America Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 6.1. Key Findings
- 6.2. By Component (USD)
- 6.2.1. Solution
- 6.2.1.1. Digital Platforms
- 6.2.1.2. SaaS
- 6.2.1.3. Mobile Applications
- 6.2.2. Services
- 6.3. By Application (USD)
- 6.3.1. Claims Management
- 6.3.2. Policy Administration and Management
- 6.3.3. Fraud Detection and Prevention
- 6.3.4. Underwriting and Risk Assessment
- 6.3.5. Customer Experience Management
- 6.3.6. Regulatory Compliance
- 6.3.7. Sales and Distribution
- 6.4. By Technology (USD)
- 6.4.1. AI & ML
- 6.4.2. Blockchain
- 6.4.3. Internet of Things
- 6.4.4. Big Data and Analytics
- 6.4.5. Cloud Computing
- 6.4.6. Robotic Process Automation
- 6.4.7. Others
- 6.5. By End User (USD)
- 6.5.1. Insurance Companies
- 6.5.2. Brokers and Agents
- 6.5.3. Third-Party Administrators
- 6.5.4. Insureds
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.2. Canada
- 6.6.3. Mexico
7. Europe Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 7.1. Key Findings
- 7.2. By Component (USD)
- 7.2.1. Solution
- 7.2.1.1. Digital Platforms
- 7.2.1.2. SaaS
- 7.2.1.3. Mobile Applications
- 7.2.2. Services
- 7.3. By Application (USD)
- 7.3.1. Claims Management
- 7.3.2. Policy Administration and Management
- 7.3.3. Fraud Detection and Prevention
- 7.3.4. Underwriting and Risk Assessment
- 7.3.5. Customer Experience Management
- 7.3.6. Regulatory Compliance
- 7.3.7. Sales and Distribution
- 7.4. By Technology (USD)
- 7.4.1. AI & ML
- 7.4.2. Blockchain
- 7.4.3. Internet of Things
- 7.4.4. Big Data and Analytics
- 7.4.5. Cloud Computing
- 7.4.6. Robotic Process Automation
- 7.4.7. Others
- 7.5. By End User (USD)
- 7.5.1. Insurance Companies
- 7.5.2. Brokers and Agents
- 7.5.3. Third-Party Administrators
- 7.5.4. Insureds
- 7.6. By Country (USD)
- 7.6.1. U.K.
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Benelux
- 7.6.8. Nordics
- 7.6.9. Rest of Europe
8. Asia Pacific Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 8.1. Key Findings
- 8.2. By Component (USD)
- 8.2.1. Solution
- 8.2.1.1. Digital Platforms
- 8.2.1.2. SaaS
- 8.2.1.3. Mobile Applications
- 8.2.2. Services
- 8.3. By Application (USD)
- 8.3.1. Claims Management
- 8.3.2. Policy Administration and Management
- 8.3.3. Fraud Detection and Prevention
- 8.3.4. Underwriting and Risk Assessment
- 8.3.5. Customer Experience Management
- 8.3.6. Regulatory Compliance
- 8.3.7. Sales and Distribution
- 8.4. By Technology (USD)
- 8.4.1. AI & ML
- 8.4.2. Blockchain
- 8.4.3. Internet of Things
- 8.4.4. Big Data and Analytics
- 8.4.5. Cloud Computing
- 8.4.6. Robotic Process Automation
- 8.4.7. Others
- 8.5. By End User (USD)
- 8.5.1. Insurance Companies
- 8.5.2. Brokers and Agents
- 8.5.3. Third-Party Administrators
- 8.5.4. Insureds
- 8.6. By Country (USD)
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. South Korea
- 8.6.5. ASEAN
- 8.6.6. Oceania
- 8.6.7. Rest of Asia Pacific
9. Middle East & Africa Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 9.1. Key Findings
- 9.2. By Component (USD)
- 9.2.1. Solution
- 9.2.1.1. Digital Platforms
- 9.2.1.2. SaaS
- 9.2.1.3. Mobile Applications
- 9.2.2. Services
- 9.3. By Application (USD)
- 9.3.1. Claims Management
- 9.3.2. Policy Administration and Management
- 9.3.3. Fraud Detection and Prevention
- 9.3.4. Underwriting and Risk Assessment
- 9.3.5. Customer Experience Management
- 9.3.6. Regulatory Compliance
- 9.3.7. Sales and Distribution
- 9.4. By Technology (USD)
- 9.4.1. AI & ML
- 9.4.2. Blockchain
- 9.4.3. Internet of Things
- 9.4.4. Big Data and Analytics
- 9.4.5. Cloud Computing
- 9.4.6. Robotic Process Automation
- 9.4.7. Others
- 9.5. By End User (USD)
- 9.5.1. Insurance Companies
- 9.5.2. Brokers and Agents
- 9.5.3. Third-Party Administrators
- 9.5.4. Insureds
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.2. Israel
- 9.6.3. GCC
- 9.6.4. North Africa
- 9.6.5. South Africa
- 9.6.6. Rest of MEA
10. South America Insurtech Market Size Estimates and Forecasts, By Segments, 2021-2034
- 10.1. Key Findings
- 10.2. By Component (USD)
- 10.2.1. Solution
- 10.2.1.1. Digital Platforms
- 10.2.1.2. SaaS
- 10.2.1.3. Mobile Applications
- 10.2.2. Services
- 10.3. By Application (USD)
- 10.3.1. Claims Management
- 10.3.2. Policy Administration and Management
- 10.3.3. Fraud Detection and Prevention
- 10.3.4. Underwriting and Risk Assessment
- 10.3.5. Customer Experience Management
- 10.3.6. Regulatory Compliance
- 10.3.7. Sales and Distribution
- 10.4. By Technology (USD)
- 10.4.1. AI & ML
- 10.4.2. Blockchain
- 10.4.3. Internet of Things
- 10.4.4. Big Data and Analytics
- 10.4.5. Cloud Computing
- 10.4.6. Robotic Process Automation
- 10.4.7. Others
- 10.5. By End User (USD)
- 10.5.1. Insurance Companies
- 10.5.2. Brokers and Agents
- 10.5.3. Third-Party Administrators
- 10.5.4. Insureds
- 10.6. By Country (USD)
- 10.6.1. Brazil
- 10.6.2. Argentina
- 10.6.3. Rest of South America
11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. NTT Data Corporation
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Hexaview Technologies, Inc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. InsureMO Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Damco Group
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. DXC Technology
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Insurance Technology Services
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Majesco
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Oscar Insurance
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Quantemplate
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Shift Technology
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
12. Key Takeaways