The Europe Insurtech Market would witness market growth of 47.9% CAGR during the forecast period (2021-2027).
Insurtech refers to the use of new technology to improve the insurance sector by lowering costs for consumers and insurance firms while improving customer experience. Additionally, customers may study, compare products, and buy insurance online without having to visit a local agent due to the use of Insurtech. Furthermore, insurtech companies have simplified the process of purchasing all sorts of insurance by providing quicker and more convenient solutions.
A number of insurtech firms are forming agreements with insurance firms to provide blockchain-based solutions. For example, Amodo, an insurtech firm, formed a relationship with Galileo Platforms Limited, a technology firm, in December 2020. The companies would leverage blockchain technologies to enable insurance companies to deliver new insurance products and alter their client experience as a result of their relationship. Cryptocurrency-based payments are becoming more widely accepted by insurance providers. For example, Metromile, an auto insurance business, stated in December 2021 that subscribers would be able to pay premiums and claim payouts using bitcoin. This initiative should assist the organization to improve its market position.
The insurance business in the United Kingdom is undergoing significant transformation. The general insurance industry in the United Kingdom is intensely competitive, but it is plagued by low profitability, which is exacerbated by the prevalence of online distribution channels. In addition, insurers acknowledge that emerging technologies are transforming their consumers’ everyday lives. They also acknowledge that this transition is having an impact on their own industry, which is experiencing an ecosystem disruption brought on by both new entrants and established competitors. As a result, insurers are under increasing pressure to innovate and redefine themselves before the disruption has a negative impact on their bottom line.
FinTech businesses are revolutionizing the banking industry, and now the insurance industry is embracing the digital revolution. For millennials and other customers who have become accustomed to managing their entire financial lives through their mobile devices, insurance is just another aspect of their finances that can be managed through an app on their phone. Real-time interaction and online access to services handled across their mobile and personal devices are now expected.
The Germany market dominated the Europe Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,768.4 million by 2027. The UK market is estimated to witness a CAGR of 46.7% during (2021 - 2027). Additionally, The France market would exhibit a CAGR of 49% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services (Managed Services, Consulting, and Support & Maintenance). Based on End-use, the market is segmented into BFSI, Automotive, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Based on Technology, the market is segmented into Cloud Computing, IoT & Machine Learning, Blockchain, Robo Advisory, and Others. Based on Type, the market is segmented into Health, Specialty, Travel, Auto, Home, and Business & Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, DXC Technology Company, Oscar Health, Inc., Majesco, Insurance Technology Services, OutSystems, Shift Technology, Quantemplate, Inc., and Damco Group.
Scope of the Study
Market Segments covered in the Report:
o Managed Services
o Support & Maintenance
• Retail & eCommerce
• Government & Defense
• Cloud Computing
• IoT & Machine Learning
• Robo Advisory
• Business & Others
• Rest of Europe
• Wipro Limited
• DXC Technology Company
• Oscar Health, Inc.
• Insurance Technology Services
• Shift Technology
• Quantemplate, Inc.
• Damco Group
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Our reports have been used by over 10K customers, including:
Fraud Detection & Prevention Market By Component (Solution, Services), By Organization Size (Large Enteprises, Small and Medium-sized Enteprises), By Deployment Model (On-Premises, Cloud), By Industry Vertical (BFSI, Government and Defence, Retail, IT and Telecom, Helathcare, Manufacturing, Travel and Transportation, Others): Global...
Humn.ai - Tech Innovator Profile Summary Humn.ai is a technology-driven solutions provider for the fleet insurance sector. The company has developed an insurance platform designed to offer real-time risk management information and insights to fleets. The report provides information and...
G8 Countries Insurance - Market Summary, Competitive Analysis and Forecast, 2016-2025 Summary The G8 Insurance industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2016-20, and forecast to 2025). The profile also contains...
Brexit in Insurance - Thematic Research Summary UK insurers have lost their passporting rights, losing the freedom to provide cross-border services to any European Economic Area (EEA) member state and vice versa.No decision on equivalence for financial services providers has been confirmed, which...
Insurance Global Group of Eight (G8) Industry Guide 2016-2025 Summary The G8 Insurance industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading...
Market Overview Europe Dashboard Camera Market is expected to register a CAGR of 18.01% over the forecast period and is expected to reach a market value of USD 1739.8 million by 2024. The increasing number of road accidents and thefts in the region and growing use of camera clips for insurance policies are some of the...
The Europe Insurance Fraud Detection Market would witness market growth of 25.6% CAGR during the forecast period (2019–2025). Insurers have a tendency of taking a reactive approach to fraud, and they fail to use the data that has been collected to stay ahead. As an alternative, they must adopt machine learning and artificial intelligence....
Market Overview - The global motor insurance market is estimated to be more than USD 880 billion in 2019, and it is expected to witness CAGR of approximately 6.2% during the forecast period. - Premiums from motor insurance accounted for more than 40% of the overall non-life insurance premiums in 2018. This is expected...
Synopsis "Industry Dynamics and Competitive Landscape in France Non-Life Insurance Industry to 2019: Market Profile" is the result of extensive research into the non life insurance segment in France, covering its dynamics and competitive landscape. It provides insights on the market size and forecast of the segment and the personal...
Synopsis "Industry Dynamics and Competitive Landscape in Germany Non-Life Insurance Industry to 2019: Market Profile" is the result of extensive research into the non-life insurance segment in Germany, covering its dynamics and competitive landscape. It provides insights on the size and forecast for the non-life segment. It provides...
Gross Written Premium
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.