(MENAFN- GlobeNewsWire - Nasdaq) Fort Collins, Colorado, Sept. 13, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Embedded Insurance market Size, Growth, Trends, Share, Statistics, Analysis Report, By Type (Intrinsic Insurance, Billboard Insurance, Opt-In Bundled Insurance, Opt-Out Bundled Insurance), By industry (Automotive, Healthcare, Real Estate), By Region, And Segment Forecasts, 2023- 2032." According to DataHorizzon Research , The embedded insurance market size was valued at USD 63.1 Billion in 2022 and is expected to reach USD 482.8 Billion by 2032 with a CAGR of 22.6%. Embedded insurance includes insurance or protection when purchasing a third-party good or service. Technological advancements and the growth of e-commerce and mobile commerce have paved the way for a new era of embedded insurance. Almost all industries have been affected or are preparing for this new stage of digital distribution.
Embedded insurance is a seamless way to access variinsurance services through digital technology. It benefits all parties involved by saving customers the hassle of searching for policies elsewhere and helping insurers reduce sales costs while improving customer retention. This approach has revolutionized the way customers obtain insurance.
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Report Snapshot:
| Report Title | Embedded Insurance Market |
| Market Size in 2022 | USD 63.1 Billion |
| Market Size by 2032 | USD 482.8 Billion |
| CAGR from 2023 to 2032 | 22.6% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Type | Intrinsic Insurance, Opt-Out Bundled Insurance, Opt-In Bundled Insurance and Billboard Insurance |
| By Industry | Automotive, Healthcare, Real Estate, Consumer Products, Travel and Hospitality, and Others |
| By Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Zurich Insurance Group, Matic, Symbo Insurance, Nimbla, Hokodo Insurance, Trov, Qover, Bsurance, Wrisk, itsWOOP, Acko, Duuo, Digit Insurance and others. |
Segmentation Overview
The embedded insurance market has been segmented as type, industry, and region. Based on the type, embedded insurance is essential for safety and trust between platform providers and users. It also prevents third-party interference in the relationship. Prioritizing protection programs can increase conversion rates and mitigate inherent risks.
Based on industry, the automotive industry is the most extensive for embedded insurance because Automotive-embedded insurance is a policy that protects vehicle owners from financial losses due to theft or damage. It's suitable for personal and commercial vehicles.
Embedded insurance is dominant in North America, especially in the USA, where it offers flexibility for car buyers. Canadians and Americans often purchase embedded insurance from banks based on their banking history, which helps them receive relevant options for their needs and preferences.
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Key Developments in the Embedded Insurance Market:
Broadridge Financial Solutions has launched a new digital communications platform that helps financial intermediaries provide better customer experiences and data-driven insights while lowering costs.
Go Digit General Insurance partners with Vetina Healthcare to expand dog insurance coverage. We're dedicated to providing reliable and comprehensive services to pet lovers worldwide.
Embedded Insurance Market Report Highlights:
The embedded insurance market size is projected to reach the market with a CAGR of 22.6% by 2032. Embedded insurance offers protection when purchasing a third-party product or service. It's a new era of digital distribution, benefiting customers and insurers alike. It saves customers time and helps insurers reduce sales costs while improving customer retention.
Embedded insurance is crucial for trust and safety between platform providers and users, and prevents third-party interference. Prioritizing protection programs can boost conversion rates and reduce risks. Automotive-embedded insurance protects vehicle owners from financial losses due to theft or damage for personal and commercial vehicles, including two-wheelers.
Major players in the embedded insurance market report include Zurich Insurance Group, Matic, Symbo Insurance, Nimbla, Hokodo Insurance, Trov, Qover, Bsurance, Wrisk, itsWOOP, Acko, Duuo, and Digit Insurance.
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Embedded Insurance Market Segmentation:
Embedded Insurance Market, By Type (2023-2032)
Intrinsic Insurance Opt-Out Bundled Insurance Opt-In Bundled Insurance Billboard Insurance
Embedded Insurance Market, By Industry (2023-2032)
Automotive Healthcare Real Estate Consumer Products Travel and Hospitality Others
Embedded Insurance Market, By Region (2023-2032)
Europe U.K. Germany France Rest of Europe
Asia Pacific China India Japan South Korea Rest of Asia Pacific
Latin America Brazil Mex Rest of Latin America
Middle East & Africa Saudi Arabia South Africa Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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