The North America Insurtech Market would witness market growth of 46.8% CAGR during the forecast period (2021-2027).
Insurtech is anticipated to continue to play an important role in promoting digital innovation to the insurance industry as a whole. Moreover, the insurance sector is being impacted by digital adoption, with consumers choosing to meet their insurance needs through online channels. Insurtech companies are striving to bridge the gap between customers and insurance vendors by offering digital brokerage and insurance markets. Due to the oversaturation of the insurance market and severe competition among insurers, they have been compelled to adopt digital technologies that emphasize the client interface. Additionally, people are encouraged to choose among the best plans because of the flexibility and customization of several insurance products like health, property, life, and others.
Artificial intelligence, machine learning, blockchain, and cloud computing technologies offer real-time surveillance and monitoring of insured activity for certain business lines, as well as streamlining and modernizing corporate procedures. In addition, as a result of changing business models, insurance companies are leveraging modern digital solutions to scale their operations and build product lines based on niche client demand. Moreover, different insurance sector norms and laws, as well as privacy and security concerns, are some of the variables that impact market expansion
Some of the major trends of the regional market are increased acceptance of Insurtech among insurance companies, as well as a boom in Insurtech partnerships with traditional insurers. In addition, several insurers are embracing and substantially investing in Insurtech to promote business efficiency, minimize compliance risk exposure, and improve claim settlement process in different countries of the regional market.
With over 290 million smartphone users, the United States has one of the world's largest smartphone markets. In accordance with the overall growth of the smartphone market in North America, the smartphone penetration rate in the United States has steadily increased to more than 80% during the last 10 to 15 years. As a result, the increase in the number of smartphone users in the United States is one of the most important key drivers of the transformation of physical insurance policy activities to InsurTech, which is more easy, safe, and time-efficient in nature for clients without the use of intermediaries or agent fees.
The US market dominated the North America Insurtech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $9,568.8 million by 2027. The Canada market is poised to grow at a CAGR of 50.1% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 48.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Insurtech Market is Estimated to reach $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
- US
- Canada
- Mexico
- Rest of North America
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
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Insurtech Market, by Component
1.4.2 North America Insurtech Market, by End-use
1.4.3 North America Insurtech Market, by Technology
1.4.4 North America Insurtech Market, by Type
1.4.5 North America Insurtech Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2018, Sep – 2022, Mar) Leading Players
Chapter 4. North America Insurtech Market by Component
4.1 North America Solution Market by Country
4.2 North America Services Market by Country
4.3 North America Insurtech Market by Services Type
4.3.1 North America Managed Services Market by Country
4.3.2 North America Consulting Market by Country
4.3.3 North America Support & Maintenance Market by Country
Chapter 5. North America Insurtech Market by End-use
5.1 North America BFSI Market by Country
5.2 North America Automotive Market by Country
5.3 North America Healthcare Market by Country
5.4 North America Retail & eCommerce Market by Country
5.5 North America Government & Defense Market by Country
5.6 North America Transportation Market by Country
5.7 North America Manufacturing Market by Country
5.8 North America Others Market by Country
Chapter 6. North America Insurtech Market by Technology
6.1 North America Cloud Computing Market by Country
6.2 North America IoT & Machine Learning Market by Country
6.3 North America Blockchain Market by Country
6.4 North America Robo Advisory Market by Country
6.5 North America Others Market by Country
Chapter 7. North America Insurtech Market by Type
7.1 North America Health Market by Country
7.2 North America Specialty Market by Country
7.3 North America Travel Market by Country
7.4 North America Auto Market by Country
7.5 North America Home Market by Country
7.6 North America Business & Others Market by Country
Chapter 8. North America Insurtech Market by Country
8.1 US Insurtech Market
8.1.1 US Insurtech Market by Component
8.1.1.1 US Insurtech Market by Services Type
8.1.2 US Insurtech Market by End-use
8.1.3 US Insurtech Market by Technology
8.1.4 US Insurtech Market by Type
8.2 Canada Insurtech Market
8.2.1 Canada Insurtech Market by Component
8.2.1.1 Canada Insurtech Market by Services Type
8.2.2 Canada Insurtech Market by End-use
8.2.3 Canada Insurtech Market by Technology
8.2.4 Canada Insurtech Market by Type
8.3 Mexico Insurtech Market
8.3.1 Mexico Insurtech Market by Component
8.3.1.1 Mexico Insurtech Market by Services Type
8.3.2 Mexico Insurtech Market by End-use
8.3.3 Mexico Insurtech Market by Technology
8.3.4 Mexico Insurtech Market by Type
8.4 Rest of North America Insurtech Market
8.4.1 Rest of North America Insurtech Market by Component
8.4.1.1 Rest of North America Insurtech Market by Services Type
8.4.2 Rest of North America Insurtech Market by End-use
8.4.3 Rest of North America Insurtech Market by Technology
8.4.4 Rest of North America Insurtech Market by Type
Chapter 9. Company Profiles
9.1 Wipro Limited
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.2 DXC Technology Company
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Recent strategies and developments:
9.2.4.1 Partnerships, Collaborations, and Agreements:
9.3 Oscar Health, Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Recent strategies and developments:
9.3.3.1 Partnerships, Collaborations, and Agreements:
9.4 Majesco
9.4.1 Company Overview
9.4.2 Recent strategies and developments:
9.4.2.1 Partnerships, Collaborations, and Agreements:
9.4.2.2 Product Launches and Product Expansions:
9.4.2.3 Acquisition and Mergers:
9.5 Insurance Technology Services (ITS)
9.5.1 Company Overview
9.6 OutSystems
9.6.1 Company Overview
9.6.2 Recent strategies and developments:
9.6.2.1 Partnerships, Collaborations, and Agreements:
9.6.2.2 Geographical Expansions:
9.7 Shift Technology
9.7.1 Company Overview
9.7.2 Recent strategies and developments:
9.7.2.1 Partnerships, Collaborations, and Agreements:
9.8 Quantemplate, Inc.
9.8.1 Company Overview
9.8.2 Recent strategies and developments:
9.8.2.1 Partnerships, Collaborations, and Agreements:
9.9 Damco Group
9.9.1 Company Overview
9.9.2 Recent strategies and developments:
9.9.2.1 Partnerships, Collaborations, and Agreements:
TABLE 1 North America Insurtech Market, 2017 - 2020, USD Million
TABLE 2 North America 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 North America Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 8 North America Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 9 North America Solution Market by Country, 2017 - 2020, USD Million
TABLE 10 North America Solution Market by Country, 2021 - 2027, USD Million
TABLE 11 North America Services Market by Country, 2017 - 2020, USD Million
TABLE 12 North America Services Market by Country, 2021 - 2027, USD Million
TABLE 13 North America Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 14 North America Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 15 North America Managed Services Market by Country, 2017 - 2020, USD Million
TABLE 16 North America Managed Services Market by Country, 2021 - 2027, USD Million
TABLE 17 North America Consulting Market by Country, 2017 - 2020, USD Million
TABLE 18 North America Consulting Market by Country, 2021 - 2027, USD Million
TABLE 19 North America Support & Maintenance Market by Country, 2017 - 2020, USD Million
TABLE 20 North America Support & Maintenance Market by Country, 2021 - 2027, USD Million
TABLE 21 North America Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 22 North America Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 23 North America BFSI Market by Country, 2017 - 2020, USD Million
TABLE 24 North America BFSI Market by Country, 2021 - 2027, USD Million
TABLE 25 North America Automotive Market by Country, 2017 - 2020, USD Million
TABLE 26 North America Automotive Market by Country, 2021 - 2027, USD Million
TABLE 27 North America Healthcare Market by Country, 2017 - 2020, USD Million
TABLE 28 North America Healthcare Market by Country, 2021 - 2027, USD Million
TABLE 29 North America Retail & eCommerce Market by Country, 2017 - 2020, USD Million
TABLE 30 North America Retail & eCommerce Market by Country, 2021 - 2027, USD Million
TABLE 31 North America Government & Defense Market by Country, 2017 - 2020, USD Million
TABLE 32 North America Government & Defense Market by Country, 2021 - 2027, USD Million
TABLE 33 North America Transportation Market by Country, 2017 - 2020, USD Million
TABLE 34 North America Transportation Market by Country, 2021 - 2027, USD Million
TABLE 35 North America Manufacturing Market by Country, 2017 - 2020, USD Million
TABLE 36 North America Manufacturing Market by Country, 2021 - 2027, USD Million
TABLE 37 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 38 North America Others Market by Country, 2021 - 2027, USD Million
TABLE 39 North America Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 40 North America Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 41 North America Cloud Computing Market by Country, 2017 - 2020, USD Million
TABLE 42 North America Cloud Computing Market by Country, 2021 - 2027, USD Million
TABLE 43 North America IoT & Machine Learning Market by Country, 2017 - 2020, USD Million
TABLE 44 North America IoT & Machine Learning Market by Country, 2021 - 2027, USD Million
TABLE 45 North America Blockchain Market by Country, 2017 - 2020, USD Million
TABLE 46 North America Blockchain Market by Country, 2021 - 2027, USD Million
TABLE 47 North America Robo Advisory Market by Country, 2017 - 2020, USD Million
TABLE 48 North America Robo Advisory Market by Country, 2021 - 2027, USD Million
TABLE 49 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 50 North America Others Market by Country, 2021 - 2027, USD Million
TABLE 51 North America Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 52 North America Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 53 North America Health Market by Country, 2017 - 2020, USD Million
TABLE 54 North America Health Market by Country, 2021 - 2027, USD Million
TABLE 55 North America Specialty Market by Country, 2017 - 2020, USD Million
TABLE 56 North America Specialty Market by Country, 2021 - 2027, USD Million
TABLE 57 North America Travel Market by Country, 2017 - 2020, USD Million
TABLE 58 North America Travel Market by Country, 2021 - 2027, USD Million
TABLE 59 North America Auto Market by Country, 2017 - 2020, USD Million
TABLE 60 North America Auto Market by Country, 2021 - 2027, USD Million
TABLE 61 North America Home Market by Country, 2017 - 2020, USD Million
TABLE 62 North America Home Market by Country, 2021 - 2027, USD Million
TABLE 63 North America Business & Others Market by Country, 2017 - 2020, USD Million
TABLE 64 North America Business & Others Market by Country, 2021 - 2027, USD Million
TABLE 65 North America Insurtech Market by Country, 2017 - 2020, USD Million
TABLE 66 North America Insurtech Market by Country, 2021 - 2027, USD Million
TABLE 67 US Insurtech Market, 2017 - 2020, USD Million
TABLE 68 US Insurtech Market, 2021 - 2027, USD Million
TABLE 69 US Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 70 US Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 71 US Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 72 US Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 73 US Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 74 US Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 75 US Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 76 US Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 77 US Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 78 US Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 79 Canada Insurtech Market, 2017 - 2020, USD Million
TABLE 80 Canada Insurtech Market, 2021 - 2027, USD Million
TABLE 81 Canada Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 82 Canada Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 83 Canada Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 84 Canada Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 85 Canada Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 86 Canada Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 87 Canada Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 88 Canada Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 89 Canada Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 90 Canada Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 91 Mexico Insurtech Market, 2017 - 2020, USD Million
TABLE 92 Mexico Insurtech Market, 2021 - 2027, USD Million
TABLE 93 Mexico Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 94 Mexico Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 95 Mexico Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 96 Mexico Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 97 Mexico Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 98 Mexico Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 99 Mexico Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 100 Mexico Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 101 Mexico Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 102 Mexico Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 103 Rest of North America Insurtech Market, 2017 - 2020, USD Million
TABLE 104 Rest of North America Insurtech Market, 2021 - 2027, USD Million
TABLE 105 Rest of North America Insurtech Market by Component, 2017 - 2020, USD Million
TABLE 106 Rest of North America Insurtech Market by Component, 2021 - 2027, USD Million
TABLE 107 Rest of North America Insurtech Market by Services Type, 2017 - 2020, USD Million
TABLE 108 Rest of North America Insurtech Market by Services Type, 2021 - 2027, USD Million
TABLE 109 Rest of North America Insurtech Market by End-use, 2017 - 2020, USD Million
TABLE 110 Rest of North America Insurtech Market by End-use, 2021 - 2027, USD Million
TABLE 111 Rest of North America Insurtech Market by Technology, 2017 - 2020, USD Million
TABLE 112 Rest of North America Insurtech Market by Technology, 2021 - 2027, USD Million
TABLE 113 Rest of North America Insurtech Market by Type, 2017 - 2020, USD Million
TABLE 114 Rest of North America Insurtech Market by Type, 2021 - 2027, USD Million
TABLE 115 Key Information – Wipro Limited
TABLE 116 key information – DXC Technology Company
TABLE 117 key information – Oscar Health, Inc.
TABLE 118 key information – Majesco
TABLE 119 key information – Insurance Technology Services
TABLE 120 key information – OutSystems
TABLE 121 key information – Shift Technology
TABLE 122 key information – Quantemplate, Inc.
TABLE 123 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