Dublin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The "Embedded Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
The Embedded Insurance Market, in terms of gross written premiums value, is expected to grow from USD 156.06 billion in 2024 to USD 703.44 billion by 2029, at a CAGR of 35.14% during the forecast period (2024-2029).
Embedded Insurance Market Trends
Increasing Life Insurance Premiums is Fuelling the Market
The increasing availability and affordability of life insurance policies have made them attractive options for inclusion in embedded insurance offerings. As life insurance premiums have become more competitive and accessible due to technological advancements, improved underwriting processes, and increased competition among insurers, they have become a viable component of embedded insurance solutions. By partnering with life insurance providers, non-insurance platforms provide customers with life insurance coverage directly within their user experiences.
For example, a fintech app may allow users to buy life insurance while setting up a savings account or applying for a loan. This integration provides convenience and a seamless user experience, making it easier for individuals to obtain life insurance coverage without needing separate applications or interactions with traditional insurance channels.
Embedded Insurance Market is Increasing in Asia
Asia has witnessed significant growth in digitalization and e-commerce, with a large population adopting online platforms for various services. This digital transformation has created opportunities for insurance providers to partner with e-commerce platforms, ride-hailing apps, financial technology companies, and other digital service providers to offer insurance coverage seamlessly within their platforms. Asia has a high smartphone adoption rate, with a sizable proportion of the populace using mobile devices to access the internet.
This widespread mobile usage provides a convenient channel for delivering embedded insurance solutions, allowing users to access insurance products and services through mobile apps and websites. Many Asian countries have a significant underinsured population, where individuals lack adequate insurance coverage. Embedded insurance presents an opportunity to address this gap by offering insurance products that are easily accessible, affordable, and cater to specific needs.
Embedded Insurance Industry Overview
The embedded insurance market is moderately consolidated, with few players. Some major global players include Lemonade, Metromile, Slice, Hippo, and Root Insurance. In the study period, market players were also involved in mergers and acquisitions, and partnerships focused on expanding their presence in the market.
he market is anticipated to present growth opportunities over the forecast period, which will ratchet up competition. Nonetheless, mid-size to smaller businesses are expanding their market presence by landing new contracts and breaking into untapped sectors thanks to product innovation and technology improvement.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation & Insight Generation
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Embedded Insurance Market
4.5 Insights on the Impact of Technology on the Embedded Insurance Market (Insurtech, APIs, etc.)
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.7 Use Cases (Key Partnerships Between Insurance Companies And Retailers, E-Commerce, Technology Providers)
4.8 Value Chain Analysis
4.9 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Insurance Line
5.1.1 Electronics
5.1.2 Furniture
5.1.3 Sports Equipment
5.1.4 Travel Insurance
5.1.5 Others
5.2 By Channel
5.2.1 Online
5.2.2 Offline
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Cover Genius
6.2.2 Penn.io
6.2.3 Lemonade
6.2.4 FetchaQuote
6.2.5 Fletch
6.2.6 Bubble
6.2.7 Companjon
6.2.8 Rein
6.2.9 Mulberri
6.2.10 Qover
6.2.11 Bolttech
6.2.12 Igloo
6.2.13 Assurant
6.2.14 Bsurance
6.2.15 Extend
7 MARKET OPPORTUNTIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/g3alhs
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