on-Demand Insurance Market Report 2024

The on-demand insurance market size has grown rapidly in recent years. It will grow from $4.79 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth observed in the historical period can be attributed to several factors, the rise in smartphone and internet penetration, increasing consumer demand for convenience, a transition from traditional to digital insurance channels, regulatory changes that support digital insurance, and heightened awareness of digital financial services.

The on-demand insurance market size is expected to see rapid growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period can be attributed to several key factors, the expanding use of big data analytics, rising demand for personalized insurance products, the proliferation of digital-only insurance providers, increased investment in insurtech startups, and the growing popularity of peer-to-peer insurance models. Major trends expected in this period include the integration of AI-driven chatbots for customer service, increased adoption of blockchain for transparency and security, the expansion of on-demand insurance into new markets, heightened focus on cybersecurity insurance, and partnerships between traditional insurers and technology firms.

The on-demand insurance market is poised for growth driven by the increasing adoption of digital platforms. These platforms facilitate the purchase, management, and customization of insurance policies online, responding to consumer demand for convenience, technological advancements, and competitive pricing. Digital platforms simplify the insurance buying process and boost consumer confidence in their coverage decisions. For example, e-commerce sales in the first quarter of 2024 rose by 8.6% compared to the same period in 2023, highlighting the significant role of digital adoption in driving market expansion.

Leading companies in the on-demand insurance sector are focusing on innovation to offer more personalized and flexible coverage options. One notable advancement is mobile telematics-based comprehensive motor insurance, which uses real-time driving data to accurately assess risk, tailor premiums based on usage, and enhance customer engagement. In July 2023, Zuno General Insurance (formerly Edelweiss General Insurance) introduced SWITCH, an app-based solution that calculates personalized premiums and promotes safer driving habits through real-time data insights. This approach transforms traditional motor insurance by providing a customer-centric, data-driven experience.

In April 2023, Zinnia Tech Solutions LLC expanded its capabilities in the on-demand insurance market by acquiring Acquire Policygenius Systems. This strategic move integrates digital insurance technologies and enhances product offerings and digital distribution. Policygenius, a prominent digital insurance marketplace, plays a pivotal role in expanding Zinnia Tech Solutions' reach and expertise in catering to the evolving demands of the on-demand insurance sector.

Major companies operating in the on-demand insurance market are Life Insurance Corporation of India, Tata Consultancy Services Limited, Infosys Limited, DXC Technology, Pegasystems Inc., Bajaj Allianz General Insurance, Xceedance Inc., Zego, Appian, Getsafe, Metromile, Max Life Insurance Company, Cuvva, Sure Inc., Trōv, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.

North America was the largest region in the on-demand insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the on-demand insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the on-demand insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

On-demand insurance represents a flexible insurance model enabling consumers to instantly purchase coverage for specific periods or events through digital platforms. This type of insurance offers tailored, short-term coverage for diverse needs, emphasizing convenience and cost-efficiency for users.

The on-demand insurance market is segmented into various coverage areas including car insurance, home appliance insurance, entertainment insurance, contractor insurance, electronic equipment insurance, and other specialized coverages. It encompasses different types of insurance such as general insurance, life insurance, cybersecurity insurance, and others, catering to both individuals and businesses as end-users.

The on-demand insurance market research report is one of a series of new reports that provides on-demand insurance market statistics, including on-demand insurance industry global market size, regional shares, competitors with a on-demand insurance market share, detailed on-demand insurance market segments, market trends and opportunities, and any further data you may need to thrive in the on-demand insurance industry. This on-demand insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The on-demand insurance market includes revenues earned by claims management, policy administration, risk assessment, and customer support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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