Insurtech: Market Forecasts, Segment Analysis & Market Evolution 2021-2025

• Extensive Vendor Analysis: 20 established insurers and 21 digitally native insurtech providers are considered in the two-part vendor analysis within the report; using a Juniper Research Leaderboard and Vendor Positioning Index respectively.
• Market Trends & Dynamics:  The report assesses in depth the potential for insurtech, which trends have been driving its adoption, and what the impact of the pandemic has been on this dynamic sector.
• Extensive Forecasting: Detailed forecast modelling predicting market growth up to 2025. Forecasts analyse the market both by insurance type and by sector, as well as comprehensive holistic market forecasts. The forecasts include the following 19 countries, as well as 8 key regions:
  • Australia
  • Brazil
  • Canada
  • China
  • Denmark
  • France
  • Germany
  • India
  • Japan
  • Mexico
  • Netherlands
  • Norway
  • Portugal
  • Saudi Arabia
  • South Korea
  • Spain
  • Sweden
  • UK
  • US

1. What specific impacts is insurtech expected to have on the insurance market, and in what way will the market landscape evolve in the coming years?
2. What forms of insurtech are set to populate the market in the coming years, and what service do they offer that customers are currently lacking?
3. How can established traditional insurance providers ready themselves for a giant shift in the market terrain, and which vendors are currently best placed to deal with the shift?
4. What other features and factors are helping to fuel the transition towards insurtech, such as the increasing importance of emerging markets and social trends?
5. How strong will insurtech become by 2025, in terms of revenue and market share?

Case Studied: Lemonade, Vitality.
 
Included in Juniper Research Insurtech Readiness Index: Aetna, Allianz SE, Anthem, Assicurazioni Generali SpA, AXA SA, Berkshire Hathaway, Centene Corporation, China Life Insurance, Dai-ichi Life Holdings, Humana, Kaiser Permanente, Life Insurance Corporation of India, Munich Re, Nippon Life Insurance Company, People’s Insurance Company of China, Ping An Insurance, Prudential, State Farm Group, Tokio Marine Holdings, UnitedHealth Group.
 
Included in Juniper Research Leaderboard: Blink Innovation, Clara Analytics, Digital Fineprint, Duck Creek Technologies, FINEOS, FRISS, Guidewire, Hi Marley, Octo Telematics, omni:us, Quantemplate, Roost, Shift Technology, Slice Labs, Snapsheet, SPIXII, The Floow, Tractable, Webfleet Solutions, wefox, Zendrive.
 
Mentioned: Accel, Accenture, Acko, ActiveHealth Management, Admiral Seguros Banks, Ageas, AIG, Alaska National Insurance, Ambetter, AME Cloud Ventures, American Well, AmTrust, Amwell, Anthemis Group, Aon, Apache Kafka, Apax Partners, Apixio, Appalachian Underwriters, Apple, Armed Forces Insurance, Assurance IQ, Aviva Ventures, AXIS Capital, Babylon Health, Baidu, Bain Capital Venture, Bajaj Allianz Life Insurance, BC Platforms, Bessemer Venture Partners, BiBERK,  BMW, Bridgestone Europe, Bullingdon Capital, BUPA, Can Serter, Centauri Insurance, Change Healthcare, CNA Financial Corporation, Cognizant, Columbia Lake Partners, Comet Labs, Confluent Cloud , Covéa, Coverfox, Coverys, CPPGroup, Credit Agricole Pacifica, Curo Health Services, DataCede, DCM Ventures, DEVK, DXC Technology, Elephant Insurance, Elexa, EOS Venture Partners, ETInsure, European Innovation Council, Eviid, Evry, Expression Insurance, F&G, Farmers Protective Mutual Insurance Company, Fitbit, Focum, Force Over Mass Capital, F-Prime Capital, General Catalyst, General Insurance Association of Singapore, Generali Osiguranje Srbija, Georgian, Ginger, Global Investors Americas , Greenspring Associates, Grupo Sura, Guidewire, HardGamma, HDI, Heal, HiRoad, Hiscox, Horizons Ventures, HSB Ventures, IA Capital Group, IBM Watson Health, Ignition Partners, Inpathy, Inshur, Insight Catastrophe Group, Insight Partners, InsureFirst, Iris Capital, JetBlue Technology Ventures, Kenko Nenrei (Health Age), Keylane, Kindred Healthcare, Liberty Mutual, Lightbank, Limelight, MACIF, Magellan Health, Magnolia Health, Mansutti SpA, MassChallenge, Medloop, Mercedes-Benz, MetLife, Michael Schmitt, Mini, MMC Ventures, MS&AD Insurance Group, Mubadala Capital, Nationale-Nederlanden, Nationwide, Nauto, Nebraska Total Care, Neos Smart Home Insurance, NLI Strategic Venture Investment Fund, OMERS Ventures, ONE, Outline Systems, PANTHERx, Paytm, Pentech Ventures, PICC (People’s Insurance Group of China), Plug and Play, Praedicat, PURE, QBE, QInsure, Qualitas, Quantemplate, Relayr, Renova Holdings, Rhion Digital, RiskStream Collaborative, Route 66 Ventures, Royal Philips, RPM Ventures, RxAdvance, Salesforce Ventures, Sapiens, SAS, Selective, Signal Iduna, Simplesurance, SOMPO, Spirica, Startupbootcamp, StoneCo, Sure Ventures, Swiss Re, Talis Capital, Target Global, Techstars, The Co-operators, Ticker, Tictrac, Tieto, Tola Capital, Trasamerica Ventures, Trexis Insurance, TRISTAR, Trōv, True Ventures, Unbound, Underscore VC, Underscore VC, UnipolSai, UNIQA Ventures GmbH, United Fire Group, United Imaging Healthcare, UniteUs, USAA, Utica National Insurance Group, Valuta Capital Partners, Ventures, Ventures Europe, Veronorte, Via Verde, Viola Fintech, Willis Tower Watson, Woop, Workit Health, Wysa, XL Innovate, Zetta Venture Partners, Zurich.
 

Juniper Research’s Insurtech forecast suite includes:

• Forecasts, including splits across four insurance segments and related to the market as a whole. Forecasts relate to:
  • Insurtech Assisted Underwriting Revenue
  • AI Assisted Underwriting Revenue
  • Digital Platform Revenue
  • AI-driven Gross Premiums Savings
  • Telematics-based Premiums Revenue
• Interactive Scenario Tool allowing users to manipulate Juniper Research’s data for 10 different metrics.
• Access to the full set of forecast data of 135 tables and more than 27,500 datapoints.

Geographical splits: 19 countries

Harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables, overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and get alerted whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the Interactive Scenario Tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.

• The total value of premiums generated by insurtech platforms – platforms with technology supporting insurance at the heart of their design – will exceed $556 billion in 2025, from $260 billion in 2020; growing by 123%. Insurance providers in the motor, life, home and health industries risk becoming less attractive to potential customers if they fail to capitalise on the benefits that AI underwriting systems can bring.
• Weakened customer loyalty and the driving down of premiums will cause a seismic change in the insurance landscape in the next five years. Large insurers must focus on using insurtech solutions to improve customer interactions by creating data-driven models, or they will lose market share to newer, digitally-native vendors.
• Insurtech will affect health insurance particularly strongly, with the value of premiums underwritten by insurtech growing by over 1,000% between 2020 and 2025; exceeding $95 billion globally in 2025.
• Customer data will be collected and used through wearables, API calls for electronic health records and digital therapeutics as critical to driving digital transformation. Health insurers are advised to redesign their user experience to be digital first, in order to increase user engagement and loyalty