Industry Background:
Embedded insurance is the real-time combination and sale of insurance coverage or protective measures while a customer is purchasing products or services, bringing this same media attention directly to the customer at the time of purchase. Embedded insurance is about providing customers with affordable, relevant, and customized insurance when they need it the most.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Wrisk Transfer (United Kingdom), Trov Insurance Solution (United States), Qover (United Kingdom), Players Health (United States), OptioPay (Germany), Kasko (United Kingdom), Hokodo Services (United Kingdom), GUARDHOG (United Kingdom), Extracover (United Kingdom) and ELEMENT Insurance (Germany) |
This growth is primarily driven by Increasing Demand for Embedded Banking Due to Ease of Use for Customers and Rise of Digital Platforms for Embedded Insurance.
Globally, a noticeable market trend is evident Rising Prevalence of Banking-as-a-Service
. Major Players, such as Wrisk Transfer (United Kingdom), Trov Insurance Solution (United States), Qover (United Kingdom), Players Health (United States), OptioPay (Germany), Kasko (United Kingdom), Hokodo Services (United Kingdom), GUARDHOG (United Kingdom), Extracover (United Kingdom) and ELEMENT Insurance (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 4th January 2022, Arthur J. Gallagher & Co. announced the acquisition of Risk Transfer Insurance Agency, LLC, based in Orlando, Florida. The transaction's terms were not disclosed.
On 17th May 2021, Wrisk, a UK insurtech leader, announced a £4.6M investment led by QBN Capital, with Guinness Asset Management and Cell Rising Capital also participating. Wrisk's Series a funding will support the company's mission to transform how insurance is sold globally and create a new standard that makes simplicity, transparency, and customer ownership the norm.
Regulatory Insights:
Governments of various countries in Latin America have introduced improved regulations and frameworks. Brazilian government launched a regulatory sandbox for a selected group of insurance companies, supervised by the Brazil Insurance Superintendent (SUSEP). The regulatory sandbox is expected to spur insurance market innovation.
Market Drivers
- Increasing Demand for Embedded Banking Due to Ease of Use for Customers
- Rise of Digital Platforms for Embedded Insurance
Market Trend
- Rising Prevalence of Banking-as-a-Service
- Rapid Development of Automation and APIs in Banking
Restraints
- Resistance of Banks to Adopt Embedded Banking could Hamper Market Growth
Opportunities
Growing Demand for Embedded Banking Due to Regulatory Compliance Such as Payment Services and Rising Opportunities for Direct-to-Consumer and FinTech Companies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Embedded Insurance Study Sheds Light on
The Embedded Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Embedded Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Embedded Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.
Frequently Asked Questions (FAQ):
1. Who are the top performing companies in Embedded Insurance Market?Top performing companies in the Global Embedded Insurance market are Wrisk Transfer (United Kingdom), Trov Insurance Solution (United States), Qover (United Kingdom), Players Health (United States), OptioPay (Germany), Kasko (United Kingdom), Hokodo Services (United Kingdom), GUARDHOG (United Kingdom), Extracover (United Kingdom) and ELEMENT Insurance (Germany), to name a few.
2. Which region dominated the worldwide market for Embedded Insurance in 2021?
is dominating the Embedded Insurance Market.
3. Which market fluctuations have an effect on the Embedded Insurance Market most?
"Lack of Awareness in Emerging Economies
" is seen as one of major challenge by many Industry Players of Embedded Insurance Market
4. What is the growth rate predicted for the Global Embedded Insurance Market?
The Embedded Insurance market is expected to see a CAGR of % during projected year 2021 to 2027.