Embedded Insurance Market Size to Grow USD 296.85 Billion by 2029 at a CAGR of 24.12% | Valuates Reports
BANGALORE, India, Oct. 17, 2023 /PRNewswire/ -- Global Embedded Insurance Market Is Segmented By Type (Life Insurance,Non-life Insurance), By Application (Consumer Products, Travel And Hospitality, Automotive, Healthcare, Real Estate, Transport and Logistics, Others): Global Opportunity Analysis And Industry Forecast, 2023-2029.
Embedded Insurance market is projected to reach USD 296.85 Billion in 2029, increasing from USD 65.41 Billion in 2022, with a CAGR of 24.12% during the period of 2023 to 2029.
Major Factors Driving the Growth of Embedded Insurance Market
Embedded insurance has a number of potential advantages for both policyholders and insurers. These advantages include lower administrative costs, better customer satisfaction and retention, greater access to data and analytics, a lower risk of claims and fraud, more convenience, better coverage, lower costs, and greater peace of mind.
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TRENDS INFLUENCING THE GROWTH OF EMBEDDED INSURANCE MARKET
Products with embedded insurance are very well integrated into users' digital travels, which improves the experience. For instance, ride-hailing services provide customers the choice to purchase ride protection insurance when they schedule a ride. To speed up the process, integrated insurance makes use of extra customer-related data points. Additionally, embedded-insurance channels provide specific insurance products that add value to the main company offering. This factor is expected to drive the growth of Embedded Insurance market.
Embedded insurance saves policyholders time and money by removing the need to buy separate insurance policies. For people who lack the time or resources to examine various regulations, this might be extremely useful. When a requirement for coverage materializes, insurance products can be made available thanks to embedded insurance. As a result, it is much easier to buy insurance cover. This factor is expected to drive the growth of Embedded Insurance market.
Embedded insurance offers clients extra protection that they would not have had access to under a conventional policy. They may feel more secure knowing that they have extra security in case of need. Purchasing integrated insurance plans can frequently be less expensive than doing it separately. By doing this, customers may save money without sacrificing access to comprehensive insurance. This factor is expected to drive the growth of Embedded Insurance market.
Technology developments have led to a significant increase in embedded insurance. Insurance may now more easily be integrated into a variety of goods and services thanks to digital platforms and data-driven procedures, increasing its usability and customer attractiveness. Offering insurance at the time of need is now more effective and convenient thanks to technology advancements. This factor is expected to drive the growth of Embedded Insurance market
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EMBEDDED INSURANCE MARKET SHARE ANALYSIS
In North America, embedded insurance is widely used, particularly in the USA because it provides automobile buyers more flexibility. Based on their banking history, Americans and Canadians frequently buy embedded insurance from banks, which enables customers to acquire alternatives that are appropriate for their requirements and preferences.
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Key Companies:
- Trov Insurance Solution
- Hokodo Services
- Cover Genius
- ELEMENT Insurance
- Qover
- Bsurance
- OptioPay
- Extracover
- Wrisk Transfer
- Kasko
- GUARDHOG
- Players Health
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SIMILAR REPORTS
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