Insurtech - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2024 latest report "Insurtech- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030". Based on current situation and impact historical analysis (2019-2023) and forecast calculations (2024-2030), this report provides a comprehensive analysis of the global Wire Drawing Dies market, including market size, share, demand, industry development status, and forecasts for the next few years.
 
Insurtech is transforming the insurance industry with new technology to improve customer experience, simplify policy management, and increase competition.
 
【Get a free sample PDF of this report (Including Full TOC, List of Tables & Figures, Chart)】 
https://www.qyresearch.com/reports/2336777/insurtech
 
 

European Insurtech Market Expected to Grow to €40.6 Billion by 2030 Driving Funding Surge for Startups

Geneva, Switzerland - September 10, 2024

Paris-based Insurtech startup Korint has raised €5 million in a funding round led by Ventech, with continued support from 360 Capital. This brings the total raised to €7 million, following its first round in March 2023. The investment will be directed towards accelerating Korint's technological development and expanding its team.
Korint's flagship offering is a "Core Insurance Platform" that has quickly gained traction for its ability to simplify and scale the deployment of complex insurance products. The platform operates on an event-sourcing logic engine, allowing insurers to manage the full lifecycle of contracts in real-time, handling intricate policies like multi-asset fleet insurance or clients with multiple products.
The platform's cloud-based, API-first infrastructure offers flexibility and control to insurers and brokers, who can easily introduce new products or adapt existing ones to the market. Leading companies such as Wakam and WTW have already leveraged Korint's platform, with Wakam introducing a product for insuring employees' bicycles and WTW using the system for automotive breakdown coverage. Additionally, Yeet Assurances adopted Korint's platform for telematics motor insurance tailored to gig-economy drivers. Further partnerships are expected in the coming weeks.
The latest funding round will support recruitment and technical development. Korint plans to enhance its ability to address core challenges in the insurance industry, particularly the need for a fully digital, scalable solution for managing B2B insurance policies. As insurers seek digital transformation, Korint's platform aims to lead the shift, offering advanced tools to manage even the most complex insurance products.
Jean Bourcereau, Managing Partner at Ventech, emphasized the importance of Korint's innovative technology: "Korint's solutions manage the most advanced and innovative insurance products, giving them a significant edge in a highly competitive industry." Similarly, Thomas Nivard, Partner at 360 Capital, reiterated that the latest funding will allow Korint to become a market reference in insurance digitalization.

Policy Analysis
The European Insurtech industry is evolving rapidly, driven by digital transformation and technological innovation. Insurtech companies are playing a crucial role in reshaping traditional insurance models, offering faster, more personalized, and accessible insurance solutions. However, this transformation is accompanied by several regulatory and market dynamics.
Key Policy Drivers:
Regulatory Adaptations: European regulators are increasingly focusing on creating a balanced framework that fosters innovation while ensuring consumer protection and market stability. The Solvency II Directive plays a significant role in regulating insurance firms, ensuring they maintain adequate capital and risk management systems. This is critical for Insurtechs that handle complex products like property and casualty insurance, which require strong compliance with EU-wide regulations.
Digital Innovation and Open Insurance: A shift towards open insurance, facilitated by RegTech innovations, enables better integration of data across platforms. This trend is supported by the EU's Digital Finance Strategy, which encourages open data usage and cross-border digital services, enabling Insurtechs to leverage big data, AI, and blockchain for more efficient claims management and fraud detection.
Embedded Insurance Models: Insurtech 2.0 models focus on integrating insurance products into other services (e.g., retail or travel). The PSD2 (Payment Services Directive) laid the foundation for such integrations in the financial sector, influencing insurance policy design and distribution.
Data Privacy and Security: As Insurtech companies rely heavily on customer data, GDPR compliance is a key challenge. Companies must ensure that customer data is protected while leveraging it for advanced analytics, AI-driven underwriting, and fraud prevention.
Market Trends:
Growth in B2B Insurtechs: Business-to-business models are growing, helping traditional insurers enhance their digital capabilities. These Insurtechs are seen as enablers, offering modular solutions to improve areas like claims processing and customer service. This collaborative approach contrasts with the more competitive B2C Insurtechs, which challenge incumbents directly.
Decline in B2C Funding: With high customer acquisition costs and competitive pressure, funding for consumer-focused Insurtechs has seen a decline. Venture capitalists are now prioritizing B2B solutions, which offer better scalability and revenue potential.
Post-Pandemic Recovery: The industry faced a period of reduced valuations and funding due to economic challenges. However, European Insurtechs are now stabilizing and are expected to capture significant value by 2030, possibly generating up to €200 billion, mirroring the fintech sector's growth trajectory.

Market Overview

The European Insurtech market is expanding rapidly, with innovative technologies and shifting consumer preferences driving its growth. As of 2023, the market was valued at $1.8 billion and is projected to grow at a CAGR of 41.2%, reaching $40.6 billion by 2032. This impressive growth trajectory is supported by several factors, including technological advancements, increased demand for personalized insurance products, and robust venture capital investments.
Technological Advancements
Blockchain, cloud computing, IoT, and machine learning are at the forefront of the Insurtech revolution. Blockchain technology, with its ability to enhance transparency and security, is used to automate insurance contracts via smart contracts, ensuring claims are processed quickly and efficiently. Cloud computing enables Insurtech firms to scale their operations rapidly, handle large datasets efficiently, and provide real-time insights, all while reducing infrastructure costs. IoT devices are increasingly integrated into insurance products, such as in auto and home insurance, to collect real-time data that insurers use for proactive risk management and personalized pricing.
Machine learning plays a pivotal role in predictive analytics and underwriting, allowing insurers to assess risk more accurately and offer tailored insurance products. This is particularly crucial for sectors like health and auto insurance, where personalized coverage is becoming more prevalent.
Regional Breakdown
The United Kingdom, Germany, and France are leading the European Insurtech market. Germany, known for its strong regulatory framework and high digital adoption, is particularly advanced in areas like health and life insurance. In France, collaboration between traditional insurers and startups has fostered an environment conducive to innovation, especially in digital health insurance solutions. The UK benefits from a supportive regulatory environment, including sandbox initiatives that allow for the testing of new Insurtech solutions.
Market Segmentation
Insurtech services can be broadly categorized into consulting, support and maintenance, and managed services. Consulting services help traditional insurers adopt digital transformation strategies, while support and maintenance ensure the seamless operation of digital insurance platforms. Managed services, meanwhile, allow Insurtech firms to handle the entire operational lifecycle of these platforms.
From an insurance type perspective, the market includes auto, health, home, travel, and business insurance. Auto insurance, fueled by telematics and IoT integration, is growing as insurers offer usage-based products. Health insurance is seeing innovations like wellness programs and telemedicine, which are aimed at preventative care and lowering costs for both insurers and consumers.
Competitive Landscape and Investments
The market is highly competitive, with major players like Wefox, Clark, Luko, and FRISS leading the charge. Wefox, in particular, raised $110 million in 2023 to further develop its insurance platform, which is aimed at enabling other insurers to use its technology. Other companies, such as GetSafe and Coya, are also making significant strides, particularly in property and casualty insurance.
Investment in the Insurtech sector remains robust, with venture capitalists showing strong interest in companies that demonstrate scalable, innovative solutions. This financial backing is crucial for Insurtech startups, especially as they compete for market share and push for digital transformation across the insurance industry.

Future Outlook
The future outlook for the European Insurtech market is promising, driven by digital transformation, evolving consumer expectations, and advancements in key technologies such as AI, blockchain, IoT, and machine learning. Here are the key trends and challenges shaping the industry's future:
1. Rapid Market Expansion
The European Insurtech market is expected to grow significantly, with projections suggesting it will reach €200 billion in value by 2030. This growth is partly driven by increasing venture capital investments, particularly in late-stage deals. Insurtechs now capture about 20% of global funding volumes, which is expected to increase if they continue to demonstrate value across different segments.
2. Key Technological Drivers
The widespread use of AI to automate underwriting, fraud detection, and claims processing is likely to increase by 2030. AI can deliver faster, more accurate results than manual processes, significantly improving operational efficiency and customer satisfaction. Additionally, IoT will continue to enable insurers to offer personalized, usage-based insurance (UBI) products, particularly in sectors such as automotive and health insurance.
3. Challenges: Geopolitical and Economic Volatility
The ongoing Russia-Ukraine conflict, high inflation, and rising interest rates are placing pressure on insurers. Companies with weaker reserve levels or pricing power may struggle to maintain profitability, particularly in non-life insurance markets where claims inflation is already a concern. Despite these challenges, the push for digital transformation is expected to continue as insurers seek ways to reduce costs and enhance competitiveness.
4. Embedded Insurance and Customer-Centric Solutions
Embedded insurance, where coverage is bundled with existing products, is projected to grow substantially, reaching over $28 billion by 2029 in Europe. This model improves customer experience by integrating insurance into everyday transactions, making it more accessible and relevant to consumers.
5. Regulatory Challenges: EU AI Act
One of the most significant regulatory challenges for Insurtechs will be the EU AI Act, which introduces stricter guidelines for the use of AI in high-risk industries, including insurance. This regulation will require insurers to rethink how they deploy AI for tasks such as risk assessment and policy decision-making.

Challenges
The European Insurtech industry faces numerous challenges that complicate its rapid expansion despite its promising growth potential. Here are some additional critical factors impacting the industry's trajectory:
1. Regulatory and Compliance Burden
Post-Brexit, European insurtechs must adhere to both EU and UK regulatory frameworks, which significantly increase operational complexity and costs. Navigating these different regulatory environments can create barriers for cross-border growth, especially for smaller firms lacking the resources to manage compliance across multiple jurisdictions. Additionally, as the European Commission works on regulations like the EU AI Act, insurtechs employing AI in underwriting and claims processes face stricter oversight. This could slow down the deployment of AI-driven solutions if they are deemed high-risk under these new rules.
2. Economic Pressures and Market Instability
The broader European economic environment presents ongoing challenges for the insurtech sector. High inflation, rising interest rates, and geopolitical tensions, especially in regions like Eastern Europe due to the Russia-Ukraine conflict, are causing economic instability. These pressures result in increased claims inflation, particularly in non-life insurance sectors, leading to margin erosion for companies already struggling with the delicate balance between pricing and profitability.
3. Increased Competition and Market Saturation
The European insurtech market is becoming increasingly crowded. While this competition drives innovation, it also results in aggressive pricing strategies that can erode profitability, particularly for new entrants. Many startups face challenges in differentiating their products in a market dominated by established players such as Wefox, Clark, and Coya. This saturation has made it difficult for some insurtechs to secure the necessary funding or carve out a competitive niche.
4. Decreasing Venture Capital and Shifting Investment Dynamics
Funding in the insurtech space has seen a slowdown, especially for later-stage financing rounds. While venture capital investments were robust in 2021, they have declined in subsequent years. This has led to a shift where strategic investors-those with deep industry knowledge-are beginning to replace traditional VCs. These strategic investors are more patient, focusing on long-term profitability rather than quick returns. However, this reduced availability of capital has caused some insurtechs to either scale back operations or face acquisition by larger players.
5. Technological and Ethical Risks
The heavy reliance on emerging technologies such as AI and blockchain introduces not only operational challenges but also ethical and transparency issues. Insurtechs are increasingly scrutinized for how they handle customer data and for the transparency of their algorithms, particularly in AI-driven underwriting and claims processing. Ensuring that these technologies comply with stringent European data protection laws like GDPR adds another layer of complexity for firms operating across multiple countries.
6. Scalability and Sustainability Concerns
Many insurtechs, especially those adopting direct-to-consumer (D2C) models, struggle with the high customer acquisition costs and achieving profitability at scale. Companies that are not able to scale rapidly or demonstrate sustainable business models risk being overtaken by competitors or acquired by larger incumbents. Additionally, the move toward embedded insurance, while providing new opportunities, requires partnerships with a diverse array of industries (such as automotive or retail), adding another layer of operational complexity.
7. Rising Claims and Operational Costs
The rising cost of claims, exacerbated by inflation and supply chain disruptions, particularly in the automotive and property sectors, presents a significant challenge for insurtechs. Higher operational costs mean that insurers must increase premiums to remain profitable, which could reduce their competitive edge in a price-sensitive market.

Investment Opportunities

The European Insurtech market continues to offer significant investment opportunities, driven by several technological, regulatory, and consumer behavior trends. Investors looking to tap into this dynamic market can explore multiple areas poised for substantial growth:
1. Generative AI and Automation
The integration of Generative AI is revolutionizing the insurance industry, particularly in areas such as claims management, underwriting, and customer service. AI technology, including tools like document scanning and automated processing systems, reduces manual labor, streamlines workflows, and improves accuracy. Insurtechs that harness AI's potential can deliver up to 30-40% productivity improvements in key operational areas. This presents a lucrative investment area as insurers increasingly prioritize efficiency and cost reduction.
2. Embedded Insurance Models
One of the fastest-growing areas in insurtech is embedded insurance, which integrates insurance products into other services and platforms, such as e-commerce, automotive, and digital health. By embedding insurance into digital channels, companies can offer personalized, seamless experiences that drive customer engagement and increase conversion rates. Embedded insurance in sectors like electric vehicles and mobile commerce is expected to grow significantly, presenting a prime investment opportunity.
3. Collaboration and Partnerships with Traditional Insurers
Rather than disrupting the insurance industry outright, many insurtechs are forming partnerships with traditional insurers, particularly in B2B and B2B2C models. These partnerships focus on enhancing operational efficiencies in areas like claims processing, fraud detection, and customer service through the use of digital tools and advanced analytics. Investing in insurtechs that specialize in B2B solutions offers a strategic advantage, as traditional insurers continue to modernize their systems and adopt digital innovations.
4. Data Analytics and Hyper-Personalization
The insurtech industry is increasingly driven by data analytics and the ability to deliver hyper-personalized insurance products based on real-time customer data. IoT and telematics are playing pivotal roles in sectors such as auto, home, and health insurance by providing insurers with detailed risk profiles that allow them to offer tailored policies. Insurtechs specializing in data-driven insights are well-positioned to capitalize on the rising demand for personalized, usage-based insurance products.
5. Cybersecurity and Digital Health Insurance
With the increasing use of digital platforms in insurance, cybersecurity and digital health insurance solutions are growing in importance. Insurtechs focused on cyber risk analytics and digital health insurance are attracting investor interest, as they address growing concerns over data breaches and offer scalable solutions for health coverage. These sectors are expected to see continued expansion, driven by the demand for secure, digital-first insurance solutions.
6. Sustainability and ESG-Focused Products
Environmental, Social, and Governance (ESG) considerations are becoming central to the European insurance landscape. Insurtechs that develop sustainability-focused products, such as climate risk insurance or green bonds for insurance investments, are drawing attention from institutional investors prioritizing long-term, socially responsible investments. As regulations around sustainability and climate risk tighten, there is a growing market for insurance products that help mitigate environmental risks.
7. Rise of Strategic Investors
The shift from traditional venture capital to strategic investors has been a notable trend in recent years. Strategic investors are focusing on long-term partnerships with insurtechs that show potential for sustainable growth. These investors bring not just capital but industry expertise, helping insurtech companies scale and gain market share. Insurtechs that position themselves as strategic partners to large incumbents are more likely to attract investment.

Related Market Reports From QY Research

QY Research Releases Comprehensive Market Reports on the Insurtech Market, as shown in the links below. These reports provide an in-depth analysis of the current market landscape, key trends, and future growth opportunities.
Global Insurtech Market Insights, Forecast to 2030
https://www.qyresearch.com/reports/3118673/insurtech
Insurtech - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
https://www.qyresearch.com/reports/2336777/insurtech
Global Insurtech Consulting Market Research Report 2024
https://www.qyresearch.com/reports/2749607/insurtech-consulting
 
 
The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.
 
The Insurtech market is segmented as below:
By Company
    Zipari
    Corvus Insurance
    Wipro Limited
    DXC Technology Company
    Majesco
    OutSystems
    Damco Solutions
    Octo
    ControlExpert
    Sureify
    iSoftStone
    eBaoTech
 
Segment by Type
    Cloud Computing
    IoT
    AI
    Others
 
Segment by Application
    Property and Casualty
    Health
    Life
 
Each chapter of the report provides detailed information for readers to further understand the Insurtech market:
Chapter 1: Introduces the report scope of the Insurtech report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2019-2030)
Chapter 2: Detailed analysis of Insurtech manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2019-2024)
Chapter 3: Provides the analysis of various Insurtech market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2019-2030)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2019-2030)
Chapter 5:  Sales, revenue of Insurtech in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2019-2030)
Chapter 6:  Sales, revenue of Insurtech in country level. It provides sigmate data by Type, and by Application for each country/region.(2019-2030)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2019-2024)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.
 
Benefits of purchasing QYResearch report:
Competitive Analysis: QYResearch provides in-depth Insurtech competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.
Industry Analysis: QYResearch provides Insurtech comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.
and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.
Market Size: QYResearch provides Insurtech market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.
 
Other relevant reports of QYResearch:
Global Insurtech Market Insights, Forecast to 2030
Global Insurtech Market Research Report 2024
Global Insurtech Consulting Market Insights, Forecast to 2030
Global Insurtech Consulting Market Research Report 2024
Global Insurtech Consulting Services Market Research Report 2024
Global and United States Insurtech Consulting Services Market Report & Forecast 2024-2030
Global Insurtech Consulting Services Market Insights, Forecast to 2030
Insurtech Consulting Services- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global Insurance Technology (InsurTech) Market Insights, Forecast to 2030
Global InsurTech (Insurance Technology) Industry Research Report, Growth Trends and Competitive Analysis 2024-2030
Global InsurTech (Insurance Technology) Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2024-2030
Global InsurTech (Insurance Technology) Market Insights, Forecast to 2030
Global Insurance Technology (InsurTech) Market Research Report 2024
InsurTech (Insurance Technology) - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Insurance Technology (InsurTech) - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global InsurTech (Insurance Technology) Market Research Report 2024
Global Artificial Intelligence In Insurtech Market Insights, Forecast to 2030
Artificial Intelligence In Insurtech - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030
Global Artificial Intelligence In Insurtech Market Research Report 2024
Global Insurtech Market Report, History and Forecast 2018-2029, Breakdown Data by Companies, Key Regions, Types and Application
 
 

About Us：
QYResearch founded in California, USA in 2007, which is a leading global market research and consulting company. Our primary business include market research reports, custom reports, commissioned research, IPO consultancy, business plans, etc. With over 17 years of experience and a dedicated research team, we are well placed to provide useful information and data for your business, and we have established offices in 7 countries (include United States, Germany, Switzerland, Japan, Korea, China and India) and business partners in over 30 countries. We have provided industrial information services to more than 60,000 companies in over the world.
 

Contact Us:
If you have any queries regarding this report or if you would like further information, please contact us:
QY Research Inc.
Add: 17890 Castleton Street Suite 369 City of Industry CA 91748 United States
EN: https://www.qyresearch.com
Email: global@qyresearch.com
Tel: 001-626-842-1666(US)  
JP: https://www.qyresearch.co.jp

This release was published on openPR.