Insurtech for Health Insurance Market Size, Share, Trends, Growth Outlook

The Global Insurtech for Health Insurance Market Size is estimated to register 50.8% growth over the forecast period from 2023 to 2030.

 

The market growth is driven by an increasing Consumers are demanding more personalized insurance products that cater to their specific health needs. Insurtech companies are leveraging data analytics and AI to offer customized insurance plans. Leading Companies focusing on Data-Driven Underwriting, Telehealth Integration, Wellness and Preventive Care, Evolving Regulatory Compliance, Mental Health Coverage, and others to boost market shares in the industry.

Market Overview

Insurtech in the health insurance market represents the fusion of technology and insurance, revolutionizing the industry through digital transformation, data analytics, and personalized services. It encompasses telehealth integration, blockchain data security, AI-driven processes, user-friendly interfaces, and the promotion of wellness and preventive care. Insurtech firms collaborate with healthcare providers and prioritize mental health coverage, ESG principles, and cybersecurity. As a global industry, Insurtech is committed to enhancing the customer experience and addressing evolving healthcare regulations, positioning itself as a key player in the future of health insurance.

 

Market Dynamics

Market Trends- Insurtech is using digital health adoption to improve the efficiency, accuracy, and accessibility of health insurance services.

Insurtech is capitalizing on the widespread adoption of digital health tools to enhance the health insurance sector. This involves using data from wearables, telemedicine, and health apps to streamline processes like claims, underwriting, and risk assessment. It also promotes preventive care through wellness programs, personalized premiums, and chronic disease management, ultimately creating a more efficient and customer-centric health insurance experience.

 

Market Driver- The growing demand for value-based care models is driving demand for insurtech solutions that can help health insurers transition to these new models.

The rising demand for value-based care models is driving the adoption of insurtech solutions in the health insurance sector. Insurtech enables health insurers to transition from traditional fee-for-service approaches to value-based care by offering advanced data analytics for measuring healthcare outcomes, automating outcome-based payments, promoting patient engagement, optimizing provider networks, emphasizing preventive care, and ensuring regulatory compliance. Insurtech's technology-driven and patient-centered approach empowers insurers to enhance care quality, control costs, and align with evolving healthcare paradigms, ultimately improving healthcare outcomes for both patients and providers.

 

Market Opportunity- Data analytics is helping insurtech companies to improve the efficiency, effectiveness, and accuracy of health insurance services.

Data analytics is a central component of insurtech's impact on the health insurance market, significantly enhancing efficiency and effectiveness. Insurtech companies leverage data analytics to refine risk assessment, streamline claims processing, detect fraud, personalize policies, and proactively manage chronic diseases. By analyzing customer data, insurers gain insights into behavior and preferences, facilitating personalized offerings. Moreover, data analytics ensures compliance with healthcare regulations, optimizes operations, and drives continuous improvement, ultimately improving the accuracy and quality of health insurance services.

 

Market Share Analysis- Critical Illness Insurance Insurtech for Health Insurance Market will register the fastest growth

The Global Insurtech for Health Insurance Market is analyzed across Maternity Insurance, Individual Insurance, Senior Citizen Insurance, Critical Illness Insurance, Others, and others. Critical Illness Insurance is poised to register the fastest growth. Insurtech is revolutionizing critical illness insurance in the health insurance market. It streamlines enrollment and underwriting, offering personalized coverage and fast claims processing through data analytics and AI. Telehealth integration and wellness programs promote proactive health management, while early detection through data analysis helps prevent critical illnesses. Insurtech enhances the overall customer experience with user-friendly interfaces and global expansion and ensures regulatory compliance, making critical illness insurance more accessible and efficient, ultimately providing policyholders with financial security in times of crisis.

 

Market Share Analysis- Policy Admin Collection & Disbursement held a significant market share in 2023

The Global Insurtech for Health Insurance Market is analyzed across various applications including        Product Development and underwriting, Sales and marketing, Policy Admin Collection and disbursement, Claims Management, and others. Of these, Policy Admin Collection & Disbursement held a significant market share in 2023. Insurtech is reshaping policy administration, premium collection, and claims disbursement in the health insurance market. Through automation, digital payment options, and self-service portals, it streamlines operations, reducing administrative costs and errors while enhancing customer convenience. Insurtech also ensures regulatory compliance, provides financial insights through data analytics, and offers global expansion opportunities. Enhanced data security safeguards sensitive information, making these processes more efficient, accurate, and secure for both insurers and policyholders.

 

Insurtech for Health Insurance Market Segmentation

By Type

• Maternity Insurance
• Individual Insurance
• Senior Citizen Insurance
• Critical Illness Insurance
• Others

By Application

• Product Development & Underwriting
• Sales & Marketing
• Policy Admin Collection & Disbursement
• Claims Management

By Offering

• Solutions
• Services

By Technology

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• IVR/Voice Store and Voice Control
• API

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Insurtech for Health Insurance Market Companies

• Lemonade
• Policygeniu
• Next Insurance
• GoHealth
• Bright Health
• OutSystems
• Oscar Insurance
• DXC Technology Company
• Clearcover
• MetroMile
• Shift Technology
• Zipari
• Majesco

 

*List not exhaustive

Insurtech for Health Insurance Market Outlook 2023

1 Market Overview

1.1 Introduction to the Insurtech for Health Insurance Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Insurtech for Health Insurance Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Insurtech for Health Insurance Market Companies with Area Served

4.2.2 Products Offerings Global Insurtech for Health Insurance Market

 

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 post-COVID-19 Scenario- Low Growth Case

5.1.3 post-COVID-19 Scenario- Reference Growth Case

5.1.4 post-COVID-19 Scenario- Low Growth Case

 

6 Global Insurtech for Health Insurance Market Trends

6.1 Global Insurtech for Health Insurance Revenue (USD Million) and CAGR (%) by Type (2018-2030)

6.2 Global Insurtech for Health Insurance Revenue (USD Million) and CAGR (%) by Applications (2018-2030)

6.3 Global Insurtech for Health Insurance Revenue (USD Million) and CAGR (%) by regions (2018-2030)

 

7 Global Insurtech for Health Insurance Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Insurtech for Health Insurance Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Insurtech for Health Insurance Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Insurtech for Health Insurance Development Regional Status and Outlook

8.1 Global Insurtech for Health Insurance Revenue (USD Million) By Regions (2018-2022)

8.2 North America Insurtech for Health Insurance Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Insurtech for Health Insurance Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Insurtech for Health Insurance Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Insurtech for Health Insurance Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Insurtech for Health Insurance Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

8.5 South America Insurtech for Health Insurance Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Insurtech for Health Insurance Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Insurtech for Health Insurance Market Revenue (USD Million), by Type, and Applications (2023-2030)

10.1 Global Insurtech for Health Insurance Revenue (USD Million) and Market Share (%) by Type (2023-2030)

10.1.1 Global Insurtech for Health Insurance Revenue (USD Million), and Market Share (%) by Type (2023-2030)

10.2 Global Insurtech for Health Insurance Revenue (USD Million) and Market Share (%) by Applications (2023-2030)

10.2.1 Global Insurtech for Health Insurance Revenue (USD Million), and Market Share (%) by Applications (2023-2030)

 

11 Global Insurtech for Health Insurance Development Regional Status and Outlook Forecast

11.1 Global Insurtech for Health Insurance Revenue (USD Million) By Regions (2023-2030)

11.2 North America Insurtech for Health Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.2.1 North America Insurtech for Health Insurance Revenue (USD) Million by Country (2023-2030)

11.2.2 North America Insurtech for Health Insurance Revenue (USD Million), by Type (2023-2030)

11.2.3 North America Insurtech for Health Insurance Revenue (USD Million), Market Share (%) by Applications (2023-2030)

11.3 Europe Insurtech for Health Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.3.1 Europe Insurtech for Health Insurance Revenue (USD Million), by Country (2023-2030)

11.3.2 Europe Insurtech for Health Insurance Revenue (USD Million), by Type (2023-2030)

11.3.3 Europe Insurtech for Health Insurance Revenue (USD Million), by Applications (2023-2030)

11.4 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) by Type, and Applications (2023-2030)

11.4.1 Asia Pacific Insurtech for Health Insurance Revenue (USD Million), by Country (2023-2030)

11.4.2 Asia Pacific Insurtech for Health Insurance Revenue (USD Million), by Type (2023-2030)

11.4.3 Asia Pacific Insurtech for Health Insurance Revenue (USD Million), by Applications (2023-2030)

11.5 South America Insurtech for Health Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.5.1 South America Insurtech for Health Insurance Revenue (USD Million), by Country (2023-2030)

11.5.2 South America Insurtech for Health Insurance Revenue (USD Million), by Type (2023-2030)

11.5.3 South America Insurtech for Health Insurance Revenue (USD Million), by Applications (2023-2030)

11.6 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million), by Type, and Applications (2023-2030)

11.6.1 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million), by region (2023-2030)

11.6.2 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million), by Type (2023-2030)

11.6.3 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million), by Applications (2023-2030)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Insurtech for Health Insurance Market Companies with Areas Served

Table 3 Products Offerings Global Insurtech for Health Insurance Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Insurtech for Health Insurance Revenue (USD Million) And CAGR (%) By Type (2018-2030)

Table 8 Global Insurtech for Health Insurance Revenue (USD Million) And CAGR (%) By Applications (2018-2030)

Table 9 Global Insurtech for Health Insurance Revenue (USD Million) And CAGR (%) By Regions (2018-2030)

Table 10 Global Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 11 Global Insurtech for Health Insurance Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Insurtech for Health Insurance Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Insurtech for Health Insurance Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Insurtech for Health Insurance Market Share (%) By Regions (2018-2022)

Table 16 North America Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Table 17 North America Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 18 North America Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Table 26 South America Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 27 South America Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Table 31 Financial Analysis

Table 32 Global Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 33 Global Insurtech for Health Insurance Revenue Market Share (%) By Type (2023-2030)

Table 34 Global Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 35 Global Insurtech for Health Insurance Revenue Market Share (%) By Applications (2023-2030)

Table 36 Global Insurtech for Health Insurance Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)

Table 37 North America Insurtech for Health Insurance Revenue (USD)By Country (2023-2030)

Table 38 North America Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 39 North America Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 40 Europe Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Table 41 Europe Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 42 Europe Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 43 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Table 44 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 45 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 46 South America Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Table 47 South America Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 48 South America Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 49 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2023-2030)

Table 50 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2023-2030)

Table 51 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Table 52 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Insurtech for Health Insurance Revenue Market Share (%) By Type (2022)

Figure 5 Global Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Insurtech for Health Insurance Revenue Market Share (%) By Applications (2022)

Figure 7 Global Insurtech for Health Insurance Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Insurtech for Health Insurance Market Share (%) By Regions (2022)

Figure 9 North America Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Insurtech for Health Insurance Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 25 Global Insurtech for Health Insurance Revenue Market Share (%) By Type (2030)

Figure 26 Global Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 27 Global Insurtech for Health Insurance Revenue Market Share (%) By Applications (2030)

Figure 28 Global Insurtech for Health Insurance Market Revenue (USD Million) By Regions (2023-2030)

Figure 29 North America Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Figure 30 North America Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 31 North America Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 32 Europe Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Figure 33 Europe Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 34 Europe Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 35 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Figure 36 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 37 Asia Pacific Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 38 South America Insurtech for Health Insurance Revenue (USD Million) By Country (2023-2030)

Figure 39 South America Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 40 South America Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 41 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2023-2030)

Figure 42 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Region (2023-2030)

Figure 43 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Type (2023-2030)

Figure 44 Middle East and Africa Insurtech for Health Insurance Revenue (USD Million) By Applications (2023-2030)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

Insurtech for Health Insurance Market Segmentation

By Type

• Maternity Insurance
• Individual Insurance
• Senior Citizen Insurance
• Critical Illness Insurance
• Others

By Application

• Product Development & Underwriting
• Sales & Marketing
• Policy Admin Collection & Disbursement
• Claims Management

By Offering

• Solutions
• Services

By Technology

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• IVR/Voice Store and Voice Control
• API

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)