
Europe Insurtech Market Growth, Size, Trends, Revenue, Share, Demand and Future Outlook
Europe Insurtech Market Size- By Business Model- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
Published: Jan-2024 | Report ID: BFSI2407 | Pages: 1 - 154 | Formats*: |
Category : BFSI |
- October 2021: GetSafe has expanded its financing round for Series B. The company raised an additional USD 63 million in capital on top of its initial USD 30 million Series B funding. In the Series B round, GetSafe raised a total of USD 93 million. Abacon Capital, Earlybird, and an undisclosed family office were among the investors.
- June 2021: Wefox Group, a Berlin-based insurance company, raised an unprecedented USD 650 million in funding, resulting in a USD 3 billion valuation for the business. Since reaching out to investors in 2019, the insurtech start-up's valuation has tripled thanks to this cash.
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- Digital Transformation: One of the main forces behind this is the insurance industry's push for digitization. By easing the shift from conventional, paper-based procedures to digital platforms, insurtech enhances client satisfaction and efficiency.
- Client Expectations: As client needs for tech-driven, personalised, on-demand insurance products change, insurers are being forced to adapt and embrace new technology in order to keep up with the times.
- Data Analytics: Insurtech companies can now more correctly assess risk, offer competitively priced insurance, and improve underwriting procedures because to the availability of big data and advanced analytics.
- Emergence of AI and Machine Learning: Decision-making is enhanced by automation, predictive modelling, and more complex risk assessments made possible by the combination of artificial intelligence (AI) and machine learning (ML) technologies.
- Regulatory Compliance: Complying with regulations is difficult for insurtech businesses because it takes time, money, and experience to navigate ever-changing and complex regulatory environments.
- Legacy Systems: The speed of the digital transition can be slowed down by the difficult and time-consuming integration of insurtech with the current legacy systems of traditional insurers.
- Data Security and Privacy: Data security and privacy are issues that are brought up by the processing of large volumes of sensitive customer data. It's critical to strike a balance between innovation and protecting consumer data.
- Opposition to Change: The insurance sector has long-standing customs and a conventional outlook. Insurtech adoption may be hampered by resistance to change in both customer and organisational populations.
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Report Metric | Details |
Market size available for years | 2019-2033 |
Base year considered | 2022 |
Forecast period | 2023-2033 |
Segments covered | By Business Model |
Regions covered | France, Germany, Italy, Netherlands, Sweden, Switzerland, United Kingdom, Other Countries |
Companies Covered | Clark, Coya, Decado, FRISS, GetSafe, INZMO, Lukp, OMNI: US, Simplesurance, Thinksurance, and Wefox, Others |
- Insurance Companies
- Startups and Entrepreneurs
- Technology Providers
- Investors
- Insurance Brokers and Agents
- Consulting Firms
- Educational Institutions
- Others
By Business Model: |
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By Region: |
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- Europe Insurtech Market Size (FY’2023-FY’2033)
- Overview of Europe Insurtech Market
- Segmentation of Europe Insurtech Market By Business Model (Carrier, Enabler, Distributor)
- Statistical Snap of Europe Insurtech Market
- Expansion Analysis of Europe Insurtech Market
- Problems and Obstacles in Europe Insurtech Market
- Competitive Landscape in the Europe Insurtech Market
- Impact of COVID-19 and Demonetization on Europe Insurtech Market
- Details on Current Investment in Europe Insurtech Market
- Competitive Analysis of Europe Insurtech Market
- Prominent Players in the Europe Insurtech Market
- SWOT Analysis of Europe Insurtech Market
- Europe Insurtech Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1.1. Scope of the report1.2. Market segment analysis
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Europe Insurtech Market
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6.1. Europe Insurtech Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Insurtech Market
7.1. Europe Insurtech Market Value Share and Forecast, By Business Model, 2023-20337.2. Carrier7.3. Enabler7.4. Distributor
8.1. Europe Insurtech Market Size and Market Share
9.1. Europe Insurtech Market Size and Market Share By Business Model (2019-2026)9.2. Europe Insurtech Market Size and Market Share By Business Model (2027-2033)
10.1. Europe Insurtech Market Size and Market Share By Region (2019-2026)10.2. Europe Insurtech Market Size and Market Share By Region (2027-2033)10.3. France10.4. Germany10.5. Italy10.6. Netherlands10.7. Sweden10.8. Switzerland10.9. United Kingdom10.10. Other Countries
11.1. Clark
11.1.1. Company details11.1.2. Financial outlook11.1.3. Product summary11.1.4. Recent developments
11.2. Coya
11.2.1. Company details11.2.2. Financial outlook11.2.3. Product summary11.2.4. Recent developments
11.3. Decado
11.3.1. Company details11.3.2. Financial outlook11.3.3. Product summary11.3.4. Recent developments
11.4. FRISS
11.4.1. Company details11.4.2. Financial outlook11.4.3. Product summary11.4.4. Recent developments
11.5. GetSafe
11.5.1. Company details11.5.2. Financial outlook11.5.3. Product summary11.5.4. Recent developments
11.6. INZMO
11.6.1. Company details11.6.2. Financial outlook11.6.3. Product summary11.6.4. Recent developments
11.7. Lukp
11.7.1. Company details11.7.2. Financial outlook11.7.3. Product summary11.7.4. Recent developments
11.8. OMNI: US
11.8.1. Company details11.8.2. Financial outlook11.8.3. Product summary11.8.4. Recent developments
11.9. Simplesurance
11.9.1. Company details11.9.2. Financial outlook11.9.3. Product summary11.9.4. Recent developments
11.10. Thinksurance
11.10.1. Company details11.10.2. Financial outlook11.10.3. Product summary11.10.4. Recent developments
11.11. Wefox
11.11.1. Company details11.11.2. Financial outlook11.11.3. Product summary11.11.4. Recent developments
11.12. Others
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
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