III. Industry Analysis

• The global insurtech market size is estimated to value $7.87 billion in 2023 and will expand to reach $152.43 billion in 2030 at a CAGR of 52.7% from 2023 to 2030¹.
• The insurtech market is estimated to grow by $61.75 billion at a CAGR of 44.05% between 2022 and 2027² .
• In 2022, North America held a commanding position in the insurtech market, contributing more than 36.0% of worldwide revenue³ .
• In 2022, the managed services segment had the highest revenue share, exceeding 42.0%⁴ .
• In 2022, the health industry dominated the market and generated more than 24.0% of global sales⁵ .

The insurance fintech sector has experienced a remarkable expansion in recent years due to changes in customer preferences and technological improvements. Insurtech companies are transforming the traditional insurance industry by providing innovative solutions and disrupting traditional business models. The industry is also witnessing a shift towards personalized policies and services, where customers can customize their insurance coverage based on their specific needs and preferences. Additionally, the rise of the sharing economy has led to an increase in demand for usage-based insurance policies. As the insurance fintech industry continues to grow and evolve, companies are also focusing on improving risk management and fraud prevention by using blockchain and other technologies to create more secure and transparent systems. The industry is expected to have continued expansion and innovation in the years to come as a result of the ongoing development and rising demand for digital insurance products. 

1.https://www.grandviewresearch.com/industry-analysis/insurtech-market.
2.https://www.technavio.com/report/insurtech-market-industry-analysis
3.https://www.grandviewresearch.com/industry-analysis/insurtech-market.
4.https://www.grandviewresearch.com/industry-analysis/insurtech-market.
5.https://www.grandviewresearch.com/industry-analysis/insurtech-market.