Insurance technology market size in Europe to grow by USD 14,523.99 million between 2022 and 2027; Increasing collaborations between investors and insurance technology vendors to be a key trend

NEW YORK, April 21, 2023 /PRNewswire/ — Technavio has been monitoring the insurance technology market in Europe, and it is expected to grow by USD 14,523.99 million between 2022 and 2027. As per the latest report, the market will progress at a CAGR of 34.58% during the forecast period. This report aid business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. Download the Latest Sample Report!

The increasing collaborations between investors and insurance technology vendors are identified as the key trend in the market. The market is witnessing an increased number of collaborations between investors and insurance technology firms. These players are focused on developing sophisticated and customized insurance products and personalized services to cater to growing consumer demand. In addition, the trend of purchasing insurance over an application has also increased investors’ collaboration with insurance technology firms. For instance, in December 2020, simplesurance GmbH, a Berlin-based insurance technology company, received USD 18 million as a convertible loan from Allianz X. Such investments will foster the growth of the market during the forecast period.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Akur8, Alan SA, Anorak Technologies Ltd., Charles Taylor Ltd., Descartes Underwriting SAS, Digital Fineprint Ltd., F2X Group Ltd., FRISS, Getsafe Digital GmbH, INZMO Europe GmbH, Majesco, Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group, Qidenus Group GmbH, Qover SA, Quantemplate Technologies Inc., Shift Technology, simplesurance GmbH, wefox Insurance AG, Xempus AG, and Duck Creek Technologies Inc. are some of the major market participants.

Although the increased adoption of cloud-based solutions will offer immense growth opportunities, changing skill requirements will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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The market is driven by the increased adoption of cloud-based solutions. Cloud-based solutions provide organizations the flexibility to scale up or down depending on their requirements. Cloud-based solutions also ensure high-speed deployment and low upfront costs. Also, it allows organizations to access data and services remotely through a web browser without installing and managing the application software. Many such benefits are increasing the adoption of cloud-based among end-users, which is driving the growth of the market.

Insurance Technology Market in Europe 2023-2027: Segmentation

The market growth in the solution segment will be significant over the forecast period. The growth of the segment is driven by the digital transformation of insurance, coupled with the increasing demand for improved, customer-centric solutions. In addition, the development of new products to meet the changing needs of customers and improve transparency are driving the growth of the segment.

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Insurance Technology Market in Europe 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our insurance technology market in Europe report covers the following areas:

Insurance Technology Market in Europe 2023-2027: Major Challenge

Changing skill requirements will challenge the growth of the market. Technological innovations have enabled vendors to provide customer-centric applications in the market. The incorporation of data analytics has enabled insurance companies to derive insights, detect fraud, and predict claim patterns. Similarly, blockchain technology and cloud insurance solutions have become more efficient and secure. However, the market faces a shortage of skilled professionals to implement digital technologies. This is hindering the adoption of technology among insurance companies, which is negatively affecting the growth of the market.

Insurance Technology Market in Europe 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the insurance technology market in Europe, including some of the key vendors. Backed with competitive intelligence and benchmarking, our research report on the insurance technology market in Europe is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

• Anorak Technologies Ltd. – The company offers insurance technology solutions such as the Adviser platform and the Consumer platform.

• Charles Taylor Ltd. – The company offers insurance technology solutions such as InHub.

• Descartes Underwriting SAS – The company offers insurance technology solutions for parametric insurance.

• FRISS – The company offers insurance technology solutions such as Create Insurance, Distribute Insurance, Manage your Insurance, and Insurance Reporting.

• Alan SA

• Digital Fineprint Ltd.

• F2X Group Ltd.

• Getsafe Digital GmbH

• INZMO Europe GmbH

• Majesco

• Powszechny Zaklad Ubezpieczen Spolka Akcyjna Group

• Qidenus Group GmbH

• Qover SA

• Quantemplate Technologies Inc.

• Shift Technology

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Insurance Technology Market in Europe 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist insurance technology market growth in Europe during the next five years

• Estimation of the insurance technology market size in Europe and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the insurance technology market in Europe

• Analysis of the market’s competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of insurance technology market vendors in Europe

Related Reports:

The insurance software market is estimated to grow at a CAGR of 7.22% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,453.98 million. The market is segmented by deployment (on-premises and cloud-based), type (life insurance, accident and health insurance, property and casualty insurance, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America).

The insurtech market is estimated to grow at a CAGR of 44.05% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,1756.27 million. The market is segmented by deployment (on-premise and cloud), management (marketing and distribution, it support, policy administration and management, claim management, and others), and geography (North America, Europe, Apac, middle east and Africa, and South America).

Browse through Technavio’s Information Technology Market Reports

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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