Embedded Insurance Market Report 2024

This Embedded Insurance market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The embedded insurance market size has grown rapidly in recent years. It will grow from $82 billion in 2023 to $97.57 billion in 2024 at a compound annual growth rate (CAGR) of 19%. The growth observed during the historical period can be attributed to several factors, including regulatory support, cost-effectiveness, increased awareness of cyber risks, heightened awareness of environmental risks, and rising rates of urbanization.

The embedded insurance market size is expected to see rapid growth in the next few years. It will grow to $196.5 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The projected growth during the forecast period can be attributed to improvements in customer experience, increased market penetration, enhanced risk management, operational efficiency, and strengthened data privacy and security. Key trends expected during this period include a focus on sustainability, integration with IoT devices, the adoption of blockchain technology, the rise of microinsurance, and the use of telematics-based insurance.

The growth of the embedded insurance market is anticipated to be driven by the increasing adoption of digital platforms. Digital platforms refer to online systems that facilitate various services, including the purchase, management, and customization of insurance policies. This trend is driven by rising consumer demand for convenience, economic growth, technological advancements, and attractive pricing options. Digital platforms enable the integration of insurance services into non-insurance platforms via APIs, allowing businesses to offer insurance products directly within their digital ecosystems. For instance, data from the Bureau of the Census, a U.S. Federal Statistical System agency, shows that e-commerce sales in the first quarter of 2024 increased by 8.6% (±1.1%) compared to the first quarter of 2023, while total retail sales grew by 1.5% (±0.5%) during the same period. E-commerce sales represented 15.9% of total retail sales in the first quarter of 2024. This growing adoption of digital platforms is expected to drive the embedded insurance market.

Key players in the embedded insurance market are developing advanced solutions that leverage artificial intelligence to enhance claims processing, personalize insurance offerings, improve risk assessment, and bolster customer support. AI contributes to embedded insurance by automating processes, refining risk assessment, customizing offerings, and streamlining claims management. For example, in June 2024, Qover, a Belgium-based insurance company, introduced an AI-powered embedded insurance solution. This solution employs advanced data extraction technologies, including generative artificial intelligence (GenAI) and optical character recognition (OCR), to expedite and simplify the claims process. The integration allows for claim settlements within minutes of approval, boosting efficiency and user satisfaction.

In September 2022, Allianz X, the digital investments arm of Allianz Group based in Germany, acquired Simplesurance for an undisclosed amount. This acquisition aims to strengthen Allianz X's partnership with Simplesurance, enhance insurance distribution through Simplesurance's technology, and accelerate global expansion in the embedded insurance market. Simplesurance, based in Germany, specializes in embedded insurance solutions.

Major companies operating in the embedded insurance market are Zurich Insurance Group Ltd., The Chubb Corporation, Acko General Insurance Ltd., Root Insurance Company, Next Insurance Inc., Zego, Lemonade Insurance Agency LLC, Vouch Inc., Getsafe GmbH, Hippo Enterprises Inc, Qover S.A./N.V, Hepster, Cover Genius Insurance Services LLC, Cuvva, Sure Inc., wefox Insurance AG, SimpleSurance, Akur8 SAS, Trōv, CoverWallet Inc., Slice Insurance Technologies Inc., Boost Insurance USA Inc., Kasko Ltd., Bimaplan, Bsurance GmbH.

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

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

Embedded insurance integrates coverage seamlessly into the purchase process of products or services, effectively bundling insurance with related goods or services to enhance customer convenience. This approach is designed to simplify access to insurance and drive higher adoption rates by removing the need for a separate purchasing decision.

The primary categories of embedded insurance are intrinsic insurance, opt-out bundled insurance, opt-in bundled insurance, and billboard insurance. Intrinsic insurance refers to coverage that is automatically included with a product or service at the point of purchase, eliminating the need for a separate transaction or policy. This model operates across various channels, including both online and offline platforms, and spans multiple industries such as automotive, healthcare, real estate, consumer products, travel and hospitality, among others.

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

The embedded insurance market consists of revenues earned by entities by providing services such as policy issuance and management, claims processing, customer support, real-time risk assessment and underwriting, billing and payment processing, and policy renewals and adjustments. The market value includes the value of related goods sold by the service provider or included within the service offering. The embedded insurance market also includes sales of point of sale (POS) systems, self-service kiosks, and payment terminals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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