The Market Reports

Synopsis

The global market for InsurTech (Insurance Technology) was estimated to be worth US$ 17828 million in 2024 and is forecast to a readjusted size of US$ 57179 million by 2031 with a CAGR of 17.7% during the forecast period 2025-2031.

InsurTech (Insurance Technology) refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. Insurtech powers the creation, distribution, and administration of the insurance business.Technologies that are currently used in the insurtech field mainly covered Artificial intelligence (AI), Machine learning (ML), Internet of Things (IoT), Smartphone apps, Blockchain technology, etc.The report mainly counts InsurTech technology providers, third-party platforms, agency platforms and insurance IT is not covered.

The InsurTech (Insurance Technology) market is undergoing rapid transformation as digital technologies reshape how insurance services are developed, distributed, and consumed. Traditionally conservative and slow to change, the insurance sector is now embracing digital innovation to improve efficiency, customer experience, and competitiveness. Leading global players such as DXC Technology, Damco Solutions, Wipro Limited, and Majesco play pivotal roles in driving this change, although each currently holds a relatively modest market share—over 1% respectively—reflecting the fragmented and dynamic nature of the industry.

The market is marked by a diverse ecosystem of startups and established firms developing specialized solutions tailored to various insurance segments.

Regionally, North America and Europe are the primary hubs for InsurTech innovation, each accounting for approximately 38% and 22% of the global market. These regions benefit from well-developed financial infrastructures, favorable regulatory environments, and high digital adoption rates. However, Asia-Pacific is emerging as a strong contender due to its growing middle class, smartphone penetration, and demand for personalized insurance solutions. Increasing investment activity and government support in countries like China and India are expected to accelerate InsurTech adoption in the region over the coming years.

Looking ahead, the InsurTech market is expected to continue expanding as both insurers and customers demand more efficient, transparent, and personalized services. The property and casualty insurance segment already accounts for over 50% of the market, and it will remain a focal point due to its suitability for automation and data-driven innovation. As regulatory frameworks evolve to accommodate digital insurance models and new technologies such as blockchain and IoT gain traction, InsurTech companies that can adapt quickly and prioritize trust, security, and user experience will lead the next phase of market growth.

This report aims to provide a comprehensive presentation of the global market for InsurTech (Insurance Technology), focusing on the total sales revenue, key companies market share and ranking, together with an analysis of InsurTech (Insurance Technology) by region & country, by Type, and by Application.

The InsurTech (Insurance Technology) market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding InsurTech (Insurance Technology).

Market Segmentation
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

Segment by Region

• North America: United States, Canada, and Mexico
• Europe: United Kingdom, Germany, France, Spain, Italy, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
• Middle East & Africa: Saudi Arabia, South Africa, and Rest of MEA
• Latin America: Brazil, Argentina, and Rest of Latin America

*If you need a regional or country-specific version, or customized segmentation, we can tailor the report to your requirements.