The Asia Pacific Insurtech Market would witness market growth of 51.4% CAGR during the forecast period (2021-2027).
Customers' requirements are understood via digital technology, which are then used to improve offers depending on changing customer needs. According to a poll done by EIS Group, a software firm, 59 percent of insurance businesses surveyed want to expand their digital infrastructure expenditure in 2021. Blockchain technology's advantages, such as cost reductions, speedier payments, and fraud avoidance, are boosting demand among insurance businesses throughout the world. Insurance businesses employ blockchain technology for Know Your Customer (KYC), Anti-Money Laundering (AML) procedures, claim administration, and the creation of peer-to-peer models.
Furthermore, emerging nations, particularly developing markets like Australia, China, India, Singapore, and South Korea, provide considerable prospects for the Insurtech sector to expand and develop its offerings. In addition, the use of technologies like cloud computing, artificial intelligence, and blockchain to help with loss prediction and prevention, risk monitoring, and claims processing is the key market trend.
Due to the existence of multiple rising countries and financial hubs in Singapore, India, and Hong Kong, the regional market would grow intensively in the insurance sector. In addition, insurers in the region are attempting to provide insurance premium options that are inexpensive. Smartphone adoption is predicted to increase across Asia Pacific countries, which would help the regional providers to digitalize their insurance process.
Another aspect helping Insurtech innovation in Singapore is the regulatory environment, which is favorable for Insurtech adoption and innovation. The Monetary Authority of Singapore (MAS) acknowledged that Insurtech collaborations had taken off in Singapore in 2019 and emphasised that the MAS would continue to promote and foster such partnerships. In 2016, the MAS launched its FinTech regulatory sandbox. The sandbox allows businesses to test out new financial products and services in a real-world setting, but only for a limited time and with particular safeguards in place.
The China market dominated the Asia Pacific Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,261.5 million by 2027. The Japan market is exhibiting a CAGR of 50.5% during (2021 - 2027). Additionally, The India market would display a CAGR of 52.3% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Insurtech Market is Projected to reach USD 39.4 Billion by 2027, at a CAGR of 48.9%
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:
By Component
- Solution
- Services
- Managed Services
- Consulting
- Support & Maintenance
By End-use
- BFSI
- Automotive
- Healthcare
- Retail & eCommerce
- Government & Defense
- Transportation
- Manufacturing
- Others
By Technology
- Cloud Computing
- IoT & Machine Learning
- Blockchain
- Robo Advisory
- Others
By Type
- Health
- Specialty
- Travel
- Auto
- Home
- Business & Others
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Wipro Limited
- DXC Technology Company
- Oscar Health, Inc.
- Majesco
- Insurance Technology Services
- OutSystems
- Shift Technology
- Quantemplate, Inc.
- Damco Group
TABLE 1 Asia Pacific Insurtech Market, 2017 - 2020, USD Million
TABLE 2 Asia Pacific Insurtech Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Insurtech Market
TABLE 4 Product Launches And Product Expansions – Insurtech Market
TABLE 5 Acquisition and Mergers – Insurtech Market
TABLE 6 Geographical Expansions – Insurtech Market
TABLE 7 Asia Pacific Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 8 Asia Pacific Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 9 Asia Pacific Solution Market by Country, 2017 - 2020, USD Million
TABLE 10 Asia Pacific Solution Market by Country, 2021 - 2027, USD Million
TABLE 11 Asia Pacific Services Market by Country, 2017 - 2020, USD Million
TABLE 12 Asia Pacific Services Market by Country, 2021 - 2027, USD Million
TABLE 13 Asia Pacific Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 14 Asia Pacific Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 15 Asia Pacific Managed Services Market by Country, 2017 - 2020, USD Million
TABLE 16 Asia Pacific Managed Services Market by Country, 2021 - 2027, USD Million
TABLE 17 Asia Pacific Consulting Market by Country, 2017 - 2020, USD Million
TABLE 18 Asia Pacific Consulting Market by Country, 2021 - 2027, USD Million
TABLE 19 Asia Pacific Support & Maintenance Market by Country, 2017 - 2020, USD Million
TABLE 20 Asia Pacific Support & Maintenance Market by Country, 2021 - 2027, USD Million
TABLE 21 Asia Pacific Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 22 Asia Pacific Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 23 Asia Pacific BFSI Market by Country, 2017 - 2020, USD Million
TABLE 24 Asia Pacific BFSI Market by Country, 2021 - 2027, USD Million
TABLE 25 Asia Pacific Automotive Market by Country, 2017 - 2020, USD Million
TABLE 26 Asia Pacific Automotive Market by Country, 2021 - 2027, USD Million
TABLE 27 Asia Pacific Healthcare Market by Country, 2017 - 2020, USD Million
TABLE 28 Asia Pacific Healthcare Market by Country, 2021 - 2027, USD Million
TABLE 29 Asia Pacific Retail & eCommerce Market by Country, 2017 - 2020, USD Million
TABLE 30 Asia Pacific Retail & eCommerce Market by Country, 2021 - 2027, USD Million
TABLE 31 Asia Pacific Government & Defense Market by Country, 2017 - 2020, USD Million
TABLE 32 Asia Pacific Government & Defense Market by Country, 2021 - 2027, USD Million
TABLE 33 Asia Pacific Transportation Market by Country, 2017 - 2020, USD Million
TABLE 34 Asia Pacific Transportation Market by Country, 2021 - 2027, USD Million
TABLE 35 Asia Pacific Manufacturing Market by Country, 2017 - 2020, USD Million
TABLE 36 Asia Pacific Manufacturing Market by Country, 2021 - 2027, USD Million
TABLE 37 Asia Pacific Others Market by Country, 2017 - 2020, USD Million
TABLE 38 Asia Pacific Others Market by Country, 2021 - 2027, USD Million
TABLE 39 Asia Pacific Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 40 Asia Pacific Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 41 Asia Pacific Cloud Computing Market by Country, 2017 - 2020, USD Million
TABLE 42 Asia Pacific Cloud Computing Market by Country, 2021 - 2027, USD Million
TABLE 43 Asia Pacific IoT & Machine Learning Market by Country, 2017 - 2020, USD Million
TABLE 44 Asia Pacific IoT & Machine Learning Market by Country, 2021 - 2027, USD Million
TABLE 45 Asia Pacific Blockchain Market by Country, 2017 - 2020, USD Million
TABLE 46 Asia Pacific Blockchain Market by Country, 2021 - 2027, USD Million
TABLE 47 Asia Pacific Robo Advisory Market by Country, 2017 - 2020, USD Million
TABLE 48 Asia Pacific Robo Advisory Market by Country, 2021 - 2027, USD Million
TABLE 49 Asia Pacific Others Market by Country, 2017 - 2020, USD Million
TABLE 50 Asia Pacific Others Market by Country, 2021 - 2027, USD Million
TABLE 51 Asia Pacific Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 52 Asia Pacific Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 53 Asia Pacific Health Market by Country, 2017 - 2020, USD Million
TABLE 54 Asia Pacific Health Market by Country, 2021 - 2027, USD Million
TABLE 55 Asia Pacific Specialty Market by Country, 2017 - 2020, USD Million
TABLE 56 Asia Pacific Specialty Market by Country, 2021 - 2027, USD Million
TABLE 57 Asia Pacific Travel Market by Country, 2017 - 2020, USD Million
TABLE 58 Asia Pacific Travel Market by Country, 2021 - 2027, USD Million
TABLE 59 Asia Pacific Auto Market by Country, 2017 - 2020, USD Million
TABLE 60 Asia Pacific Auto Market by Country, 2021 - 2027, USD Million
TABLE 61 Asia Pacific Home Market by Country, 2017 - 2020, USD Million
TABLE 62 Asia Pacific Home Market by Country, 2021 - 2027, USD Million
TABLE 63 Asia Pacific Business & Others Market by Country, 2017 - 2020, USD Million
TABLE 64 Asia Pacific Business & Others Market by Country, 2021 - 2027, USD Million
TABLE 65 Asia Pacific Insurtech Market by Country, 2017 - 2020, USD Million
TABLE 66 Asia Pacific Insurtech Market by Country, 2021 - 2027, USD Million
TABLE 67 China Insurtech Market, 2017 - 2020, USD Million
TABLE 68 China Insurtech Market, 2021 - 2027, USD Million
TABLE 69 China Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 70 China Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 71 China Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 72 China Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 73 China Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 74 China Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 75 China Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 76 China Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 77 China Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 78 China Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 79 Japan Insurtech Market, 2017 - 2020, USD Million
TABLE 80 Japan Insurtech Market, 2021 - 2027, USD Million
TABLE 81 Japan Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 82 Japan Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 83 Japan Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 84 Japan Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 85 Japan Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 86 Japan Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 87 Japan Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 88 Japan Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 89 Japan Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 90 Japan Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 91 India Insurtech Market, 2017 - 2020, USD Million
TABLE 92 India Insurtech Market, 2021 - 2027, USD Million
TABLE 93 India Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 94 India Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 95 India Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 96 India Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 97 India Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 98 India Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 99 India Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 100 India Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 101 India Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 102 India Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 103 South Korea Insurtech Market, 2017 - 2020, USD Million
TABLE 104 South Korea Insurtech Market, 2021 - 2027, USD Million
TABLE 105 South Korea Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 106 South Korea Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 107 South Korea Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 108 South Korea Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 109 South Korea Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 110 South Korea Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 111 South Korea Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 112 South Korea Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 113 South Korea Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 114 South Korea Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 115 Singapore Insurtech Market, 2017 - 2020, USD Million
TABLE 116 Singapore Insurtech Market, 2021 - 2027, USD Million
TABLE 117 Singapore Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 118 Singapore Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 119 Singapore Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 120 Singapore Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 121 Singapore Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 122 Singapore Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 123 Singapore Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 124 Singapore Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 125 Singapore Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 126 Singapore Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 127 Malaysia Insurtech Market, 2017 - 2020, USD Million
TABLE 128 Malaysia Insurtech Market, 2021 - 2027, USD Million
TABLE 129 Malaysia Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 130 Malaysia Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 131 Malaysia Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 132 Malaysia Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 133 Malaysia Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 134 Malaysia Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 135 Malaysia Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 136 Malaysia Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 137 Malaysia Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 138 Malaysia Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 139 Rest of Asia Pacific Insurtech Market, 2017 - 2020, USD Million
TABLE 140 Rest of Asia Pacific Insurtech Market, 2021 - 2027, USD Million
TABLE 141 Rest of Asia Pacific Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 142 Rest of Asia Pacific Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 143 Rest of Asia Pacific Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 144 Rest of Asia Pacific Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 145 Rest of Asia Pacific Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 146 Rest of Asia Pacific Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 147 Rest of Asia Pacific Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 148 Rest of Asia Pacific Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 149 Rest of Asia Pacific Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 150 Rest of Asia Pacific Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 151 Key Information – Wipro Limited
TABLE 152 key information – DXC Technology Company
TABLE 153 key information – Oscar Health, Inc.
TABLE 154 key information – Majesco
TABLE 155 key information – Insurance Technology Services
TABLE 156 key information – OutSystems
TABLE 157 key information – Shift Technology
TABLE 158 key information – Quantemplate, Inc.
TABLE 159 key information – Damco Group
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Sep – 2022, Mar) Leading Players
FIG 5 Recent strategies and developments: Majesco
FIG 6 Recent strategies and developments: OutSystems