United Kingdom Insurtech Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 4.9% from 2023 to 2033
• The U.K. Insurtech Market Size is expected to Hold a Significant Share by 2033

The United Kingdom Insurtech Market is anticipated to hold a significant share by 2033, growing at a CAGR of 4.9% from 2023 to 2033. The growing customer acquisition, customer retention, risk assessment, and fraud prevention and detection are driving the growth of the insurtech market in the United Kingdom.     

Market Overview

Insurtech is the short term for “insurance technology,” which refers to the application of cutting-edge technologies, like artificial intelligence, big data analytics, blockchain, and machine learning, to enhance and automate the conventional insurance market. By applying advanced technology, InsurTech companies seek to improve customer experience, streamline operations, and create personalized insurance products. Insurance companies are increasingly investing in digital technologies to reduce operational costs and improve operational efficiency and the entire customer experience. The insurance sector is embracing the digital revolution exactly like FinTech businesses are revolutionizing the banking sector. With the use of AI, machine learning, and Big Data, the new wave of “Insurtech” solution providers intends to completely transform the insurance industry. Leading insurers were spurred by this to step up their digital transformation projects. An increasing number of customers are shopping for insurance solutions through internet platforms.

Report Coverage

This research report categorizes the market for the UK insurtech market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the insurtech market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the insurtech market.

Driving Factors

The incorporation of digital technology like blockchain technology owing to its benefits like cost savings and faster payments as well as the need for fraud prevention and detection are driving the market demand. Further, streamlining claims processing and risk assessment to predict and prevent loss are anticipated to drive the demand for insurtech. For meeting customer demand and transforming the perception of the insurance sector from conservative and inflexible to highly personalized and user-friendly. Thus, for growing customer acquisition and customer retention, there is an upsurge in the UK insurtech market.   

Restraining Factors

The international jurisdiction related to insurtech as well as regulation and governance are restraining the UK insurtech market. Further, the data privacy concerns for insurance carriers are hampering the market growth.

Market Segmentation

The United Kingdom Insurtech Market share is classified into type, service, technology, and end-use.

• The health segment dominates the market with the largest market share during the forecast period.

The United Kingdom insurtech market is segmented by type into auto, business, health, home, specialty, travel, and others. Among these, the health segment dominates the market with the largest market share during the forecast period. Insurtech solutions are being used by many health insurance companies to expedite the claims processing process. For added convenience, insurers are increasingly concentrating on integrating mobility features with their health insurance services. The growing demand for digital platforms that link health insurance exchanges, brokers, providers, and carriers are expected to drive the market.

• The managed services segment accounted for the largest share of the United Kingdom insurtech market in 2023.       

Based on the service, the United Kingdom insurtech market is divided into consulting, support & maintenance, and managed services. Among these, the managed services segment accounted for the largest share of the United Kingdom insurtech market in 2023. Managed services give insurers the ability to take advantage of possibilities and overcome obstacles in insurance operations and IT. Improved business models are getting increasingly valued, as insurers are starting to acknowledge. Integrating new technology with experience and skill may provide insurers with a measured doorway to transformation, thereby driving the market.

• The cloud computing segment dominated the market with the largest revenue share through the forecast period.

Based on the technology, the United Kingdom insurtech market is divided into blockchain, cloud computing, IoT, machine learning, robo advisory, and others. Among these, the cloud computing segment dominated the market with the largest revenue share through the forecast period. Benefits of cloud computing in insurance companies include resourcefulness, ease of deployment, and flexibility as well as rapid deployment, cost-effectiveness, and scalability. Insurance firms can improve their insurtech offerings through partnerships with cloud computing solution providers. The increasing amount of data that insurance companies gather and the broad acceptance of Bring Your Own Device (BYOD) policies are anticipated to drive market growth.

• The BFSI segment dominates the market and accounted for the largest market share in 2023.

The United Kingdom insurtech market is segmented by end-use into automotive, BFSI, government, healthcare, manufacturing, retail, transportation, and others. Among these, the BFSI segment dominates the market and accounted for the largest market share in 2023. Insurtech solutions are being increasingly adopted by BFSI companies in order to increase business efficiency. The increasing use of smartphones and the increasing need for insurtech solutions in the BFSI industry are driving the market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the UK insurtech market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Zego
• Gryphon Group Holdings
• Bought By Many
• Trunomi
• Quantemplate
• Wrisk
• Anorak Technologies
• Cazana
• Setoo
• By Miles
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at United Kingdom, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom Insurtech Market based on the below-mentioned segments:

United Kingdom Insurtech Market, By Type

• Auto
• Business
• Health
• Home
• Specialty
• Travel
• Others

United Kingdom Insurtech Market, By Service

• Consulting
• Support & Maintenance
• Managed Services

United Kingdom Insurtech Market, By Technology

• Blockchain
• Cloud Computing
• IoT
• Machine Learning
• Robo Advisory
• Others

United Kingdom Insurtech Market, By End-use

• Automotive
• BFSI
• Government
• Healthcare
• Manufacturing
• Retail
• Transportation
• Others