Europe Insurtech Market Introduction and Overview
According to SPER Market Research, the Europe Insurtech Market is estimated to reach USD XX Billion by 2033 with a CAGR of 15.5%.
The report includes an in-depth analysis of the Europe Insurtech Market, including market size and trends, product mix, applications, and supplier analysis. The term "insurtech" describes the application of cutting-edge technology to boost the effectiveness of the present insurance business model. Technological advances have been pushed towards by the insurance business value chain's diverse actors due to the increasing digitization. The insurtech sector is growing as a result of these quick advances in technology.
- 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.
Market Opportunities and Challenges
Europe Insurtech Market Opportunities:
- 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.
Europe Insurtech Market Challenges:
- 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.
Market Competitive Landscape
The European insurance market is quite fragmented due to the influx of numerous new start-ups. In France, Germany, and the United Kingdom, the number is noticeably rising. Wefox, Clark, Coya, Luko, GetSafe, SimpleInsurance, Omni: US, INZMO, Decado, FRISS, and Thinksurance are the up-and-coming companies in the market. Few insurtechs are in the development and maturity stage; the majority are still in the seed stage. As a result, there is competition among insurtech firms to secure venture capitalists' seed money.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Business Model
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| Regions covered | France, Germany, Italy, Netherlands, Sweden, Switzerland, United Kingdom, Other Countries
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| Companies Covered | Clark, Coya, Decado, FRISS, GetSafe, INZMO, Lukp, OMNI: US, Simplesurance, Thinksurance, and Wefox, Others
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COVID-19 Impact on Europe Insurtech Market
The COVID-19 epidemic has positively impacted the expansion of the insurtech business since customers now place a much higher value on insurance coverage. Consumers have chosen to purchase several insurance plans, including personal, house, and health insurance. As a result, as the market for insurance policies has grown, so has the use of cutting-edge technical solutions by insurance carriers to provide their clients cutting-edge tech-based services. As a result, the need for Insurtech solutions has grown dramatically amid the world health emergency.
Key Target Audience
- Insurance Companies
- Startups and Entrepreneurs
- Technology Providers
- Investors
- Insurance Brokers and Agents
- Consulting Firms
- Educational Institutions
- Others
Our in-depth analysis of the Europe Insurtech Market includes the following segments:
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By Business Model:
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Carrier
Enabler
Distributor
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By Region:
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France
Germany
Italy
Netherlands
Sweden
Switzerland
United Kingdom
Other Countries
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Key Topics Covered in the Report
- 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. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Europe Insurtech Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Europe Insurtech Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Insurtech Market
7. Europe Insurtech Market, By Business Model (USD Million)
7.1. Europe Insurtech Market Value Share and Forecast, By Business Model, 2023-2033
7.2. Carrier
7.3. Enabler
7.4. Distributor
8. Europe Insurtech Market Forecast, 2019-2033 (USD Million)
8.1. Europe Insurtech Market Size and Market Share
9. Europe Insurtech Market, By Business Model, 2019-2033 (USD Million)
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. Europe Insurtech Market, By Region, 2019-2033 (USD Million)
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. France
10.4. Germany
10.5. Italy
10.6. Netherlands
10.7. Sweden
10.8. Switzerland
10.9. United Kingdom
10.10. Other Countries
11. Company Profile11.1. Clark
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Coya
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Decado
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. FRISS
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. GetSafe
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. INZMO
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Lukp
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. OMNI: US
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Simplesurance
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Thinksurance
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Wefox
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Others
12. List of Abbreviations
13. Reference Links
14. Conclusion
15. Research Scope
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.
