Discover trends, market shifts, and competitive outlooks for the embedded insurance industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has The Embedded Insurance Market Size Shifted, And What Is the Outlook Through 2034?#

The expansion of the embedded insurance market has been swift in the recent past. The market, which is projected to swell from a worth of $97.57 billion in 2024 to $116.49 billion in 2025, is set to experience a compound annual growth rate (CAGR) of 19.4%. The historical progression of the market can be credited to factors such as regulatory backing, cost efficiency, growing cognizance of cyber threats, increased understanding of environmental dangers, and escalating urbanization rates.

Expectations suggest a swift acceleration in the embedded insurance market size in the coming years, expanding to $233.83 billion by 2029, at a compound annual growth rate (CAGR) of 19.0%. The anticipated growth during this period is a result of improved customer service, deeper market reach, enhanced risk management, operational efficacy, and robust data privacy and security measures. The forecast period will likely witness increased emphasis on sustainability, compatible IoT devices, blockchain integration, microinsurance, and telematics-based insurance.

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#What Are the Major Market Drivers Behind the Rising Adoption of Embedded Insurance Market?#

The expansion of the embedded insurance market is anticipated to be driven by the escalating use of digital platforms. These are online systems offering a range of services, which encompasses the buying, administration, and personalization of insurance plans. The increasing uptake is fueled by factors such as customer desire for convenience, economic progression, technological innovation, and appealing pricing models. Digital platforms make it possible to incorporate insurance services into non-insurance platforms via APIs. This allows companies to provide insurance provisions directly through their digital environments. For instance, the Bureau of the Census, a US Federal Statistical System agency, has reported a rise of 8.6% (±1.1%) in e-commerce estimates in the first quarter of 2024, from the previous year’s first quarter. Simultaneously, overall retail sales saw a boost of 1.5% (±0.5%) during the same timeframe, while e-commerce sales constituted 15.9% of total first quarter sales in 2024. Consequently, the upward trend in digital platform use is fueling the expansion of the embedded insurance market.

#Which Key Market Segments Comprise the Embedded Insurance Market and Drive Its Revenue Growth?#

The embedded insurance market covered in this report is segmented –

1) By Type: Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance, Billboard Insurance

2) By Channel: Online, Offline

3) By Industry: Automotive, Healthcare, Real Estate, Consumer Products, Travel And Hospitality, Other Industries

Subsegments:

1) By Intrinsic Insurance: Embedded In Consumer Products (Smartphones, Electronics), Embedded In Automotive (Car Insurance Included With Vehicle Purchase), Embedded In Travel Services (Travel Insurance Included In Booking), Embedded In Financial Products (Life Insurance With Loans)

2) By Opt-Out Bundled Insurance: Insurance Bundled With Services (Consumers Automatically Enrolled But Can Opt Out), Travel Insurance With Ticket Purchase (Opt-Out At Checkout), Extended Warranties With Product Purchases (Electronics, Appliances), Health Insurance With Subscription Services (Wellness Programs)

3) By Opt-In Bundled Insurance: Insurance Bundled With Services But Requires Customer Opt-In, Car Rental Insurance (Optional At Booking), Product Insurance For Electronics Or Appliances (Opt-In At Point Of Sale), Travel Insurance (Optional When Booking Flights, Hotels, Or Vacation Packages)

4) By Billboard Insurance: Insurance Offered Through Advertisements (In-app Insurance Offers Or Digital Billboards), Insurance Ads Via E-Commerce Platforms (Insurance Offers During Online Checkout), Mobile App Insurance Offers (Banners Or Push Notifications For Insurance Products)

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#Which Areas Are Leading Regions in the Embedded Insurance Market Expansion Across the Globe?#

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.

#What Are the Key Market Trends in the Embedded Insurance Market Over the Coming Years?#

Leading entities in the embedded insurance sector are pioneering state-of-the-art embedded insurance solutions fused with artificial intelligence, aimed at improving claims handling, customizing insurance products, refining risk analysis, and bolstering customer service. AI supercharges embedded insurance by automating procedures, fine-tuning risk evalutation, tailoring offerings, and expediting claims. To exemplify, Qover, a Belgian insurance enterprise, introduced an AI-driven embedded insurance solution in June 2024. This innovative solution by Qover leverages the power of cutting-edge data extraction methodologies – generative artificial intelligence (GenAI) and optical character recognition (OCR), to expedite the claims settlement process. With this amalgamation, claims are resolved just moments after being approved, thus broadening efficiency and increasing client satisfaction.

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#How Is the Embedded Insurance Market Conceptually Defined?#

Embedded insurance integrates coverage directly into the purchase process of products or services, bundling insurance with related goods or services to simplify the process for customers. This approach aims to make insurance more accessible and convenient, increasing adoption by eliminating the need for a separate purchase decision.

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