Digital Insurance Market Report 2025 (Global Edition)

Global Digital Insurance Market Report 2025 Market Size Split by Type (Life Insurance, Health Insurance, Property and Casualty Insurance, Travel Insurance, Auto Insurance, Commercial Insurance), by Di...

Digital Insurance Market Report Description

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Digital Insurance Market Insights Video

Competitive Landscape of the Digital Insurance Market

The digital insurance market is highly competitive, with traditional insurers investing in digital transformation, while insurtech firms like Lemonade and Root focus on tech-driven, customer-centric models. Companies differentiate by leveraging AI, data analytics, and automation to enhance customer experience and streamline processes. Strategic partnerships with tech firms are common, enabling rapid innovation and expansion into underserved markets. This blend of established players and agile startups drives continuous advancements, intensifying competition within the digital insurance landscape.

In August 2024, Synergy Cloud, an independent claims management system (CMS) provider, announced a new collaboration with Claim Technology to create combined solutions for the market. (Source: https://www.synergy-cloud.io/posts/synergy-cloud-partners-with-claim-technology-to-develop-joint-claims-solutions-for-p-c-claims) In June 2024, Sapiens International Corporation, a leading provider of software solutions for the insurance sector, announced its AI-powered, open, integrated, cloud-native platform. Sapiens Insurance Platform leverages digital engagement, core business processing solutions, data intelligence, and ML and GenAI capabilities to help insurers seamlessly innovate their offerings and processes, allowing them to stay competitive in a dynamic market by making smart, data-driven business decisions and hyper-automating business processes. (Source: https://sapiens.com/newsrooms/sapiens-launches-its-next-gen-intelligent-insurance-platform/)

Top Companies Market Share in Digital Insurance Industry: (In no particular order of Rank)

• DXC Technology Company
• EIS Software Limited
• Lemonade Insurance Company
• Majesco
• Oscar Insurance
• OutSystems
• Quantemplate
• Shift Technology
• Wipro Limited
• Zhongan Insurance
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Digital Insurance Market

Which Region Dominates the Digital Insurance Market in 2024?

According to Cognitive Market Research, North America currently dominates the Digital Insurances market, and the region is expected to have significant growth during the projected period. This is because of its advanced technological infrastructure, high internet penetration, and early adoption of digital services.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to rapid digitalization, increased smartphone penetration, and rising middle-class demand for accessible insurance.

The current report Scope analyzes Digital Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Digital Insurance

According to Cognitive Market Research, the global Digital Insurance market size was estimated at USD 133256.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 53302.60 million in 2024 and will rise at the compound annual growth rate (CAGR) of 10.4% from the year 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Digital Insurance market with a market size of USD 42055.75 million in 2024 and is foreseen to rise at the CAGR of 10.2% during the forecast years due to the growing demand for personalized insurance products.
• The Canada Digital Insurance market had a market share of USD 6396.31 million in 2024 and is foreseen to rise at the CAGR of 11.2% during the forecast years due to the rising consumer preference for digital platforms.
• The Mexico Digital Insurance market is foreseen to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD 4850.54 million in 2024.

Europe Digital Insurance

According to Cognitive Market Research, the global Digital Insurance market size was estimated at USD 133256.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 39976.95 million in 2024 and will rise at the compound annual growth rate (CAGR) of 10.7% from 2024 to 2031.

• The United Kingdom Digital Insurance market had a market share of USD 6716.13 million in 2024 and is foreseen to rise at the CAGR of 11.5% during the forecast years. In the UK, Digital Insurance sales witness an upswing due to the increasing consumer demand for personalized insurance solutions.
• The France Digital Insurance market is foreseen to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD 3677.88 million in 2024.
• According to Cognitive Market Research, the German Digital Insurance market size was valued at USD 7915.44 million in 2024 and is foreseen to rise at the CAGR of 10.9% during the forecast years. In Germany, Digital Insurance surged due to the advancements in insurtech innovations.
• The Italy Digital Insurance market is foreseen to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 3438.02 million in 2024.
• The Russia Digital Insurance market is foreseen to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 6196.43 million in 2024.
• The Spain Digital Insurance market is foreseen to witness growth at the CAGR of 9.8% during the forecast period with a market size of USD 3278.11 million in 2024
• The Luxembourg Digital Insurance market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 1239.29 million in 2024.
• The Portugal Digital Insurance market is projected to witness growth at a CAGR of 10.5% during the forecast years, with a market size of USD 839.52 million in 2024.
• The Greece Digital Insurance market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 479.72 million in 2024.
• The Rest of Europe's Digital Insurance market is foreseen to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 6196.43 million in 2024.

Asia Pacific Digital Insurance

According to Cognitive Market Research, the global Digital Insurance market size was estimated at USD 133256.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 30649.00 million in 2024 and will rise at the compound annual growth rate (CAGR) of 14.2% from the year 2024 to 2031.

• According to Cognitive Market Research, the China Digital Insurance market size was valued at USD 13792.05 million in 2024 and is foreseen to rise at the CAGR of 13.7% during the forecast years. Digital Insurance surged in China due to the increasing smartphone penetration and internet connectivity.
• The Japan Digital Insurance market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 4229.56 million in 2024.
• The India Digital Insurance market had a market share of USD 3677.88 million in 2024 and is foreseen to rise at the CAGR of 16.0% during the forecast years due to the growing demand for personalized insurance solutions .
• The South Korean Digital Insurance market is foreseen to witness growth at a CAGR of 13.3% during the forecast period, with a market size of USD 3064.90 million in 2024.
• The Australian Digital Insurance market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 1593.75 million in 2024.
• The South East Asia Digital Insurance market is foreseen to witness growth at a CAGR of 15.2% during the forecast period, with a market size of USD 2114.78 million in 2024.
• The Rest of the Asia Pacific Digital Insurance market is foreseen to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 2176.08 million in 2024.

South America Digital Insurance

According to Cognitive Market Research, the global Digital Insurance market size was estimated at USD 133256.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 6662.83 million in 2024 and will rise at the compound annual growth rate (CAGR) of 11.6% from the year 2024 to 2031.

• According to Cognitive Market Research, the Brazil Digital Insurance market size was valued at USD 2851.69 million in 2024 and is foreseen to rise at the CAGR of 12.2% during the forecast years. Digital Insurance flourished in Brazil due to the rapid digital transformation in financial services.
• Argentina's Digital Insurance market had a market share of USD 1119.35 million in 2024 and is foreseen to rise at the CAGR of 12.5% during the forecast years due to the growing demand for personalized insurance solutions .
• Colombia's Digital Insurance market is projected to witness growth at a CAGR of 11.4% during the forecast period, with a market size of USD 592.99 million in 2024.
• Peru Digital Insurance market is projected to witness growth at a CAGR of 11.8% during the forecast period, with a market size of USD 546.35 million in 2024.
• Chile's Digital Insurance market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 479.72 million in 2024.
• The Rest of Latin America's Digital Insurance market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 1072.71 million in 2024.

Middle East Digital Insurance

According to Cognitive Market Research, the global Digital Insurance market size was estimated at USD 133256.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 2665.13 million in 2024 and will rise at the compound annual growth rate (CAGR) of 11.9% from the year 2024 to 2031..

• The GCC Countries Digital Insurance market is foreseen to witness growth at the CAGR of 12.7% during the forecast period, with a market size of USD 1140.68 million in 2024. Digital Insurance sales flourish due to the rising demand for personalized insurance solutions.
• The Egypt Digital Insurance market is projected to witness growth at a CAGR of 12.2% during the forecast period, with a market size of USD 279.84 million in 2024.
• The South Africa Digital Insurance market is foreseen to witness growth at a CAGR of 12.9% during the forecast period, with a market size of USD 421.09 million in 2024. Digital Insurance sales flourished in South Africa due to the growing awareness of digital financial services.
• The Turkey Digital Insurance market is projected to witness growth at a CAGR of 11.4% during the forecast period, with a market size of USD 229.20 million in 2024.
• The Nigeria Digital Insurance market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 279.84 million in 2024.
• The Rest of the MEA Digital Insurance market is projected to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD 314.49 million in 2024.

Digital Insurance Market Analysis

Digital Insurance Market Type Segment Analysis

According to Cognitive Market Research, property and casualty (P&C) insurance is likely to dominate the Digital Insurance Market over the forecast period due to its broad range of offerings, including auto, home, and liability coverage. The increasing reliance on digital platforms for policy management, quotes, and claims processing attracts consumers, making P&C insurance a primary focus for digital innovation and service enhancement.

Health insurance is the fastest-growing segment in the Digital Insurance Market due to increased consumer awareness of health risks, especially post-pandemic. The demand for telehealth services, personalized plans, and convenient digital access to health coverage has surged, prompting insurers to innovate and improve their digital offerings to meet evolving consumer needs.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Digital Insurance Industry. Request a Free Sample PDF!

Digital Insurance Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the online platforms segment holds the largest share of the market by offering consumers easy access to policy comparisons, instant quotes, and seamless claims processing. Their user-friendly interfaces and 24/7 availability cater to the surging demand for convenience and transparency, enabling insurers to reach broader audiences and enhance customer engagement effectively

In the Digital Insurance Market, the insurance aggregators sector has been growing at a fast pace as they simplify the comparison and purchasing process for consumers. By providing easy access to multiple insurance options and transparent pricing, they empower users to make informed decisions quickly, driving significant traffic and customer engagement in the digital insurance marketplace.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Digital Insurance End User Segment Analysis

Digital Insurance Market End User Segment Analysis

According to Cognitive Market Research, the individuals segment dominates the market by driving demand for personalized, convenient solutions that align with their digital lifestyles. As consumers increasingly seek tailored policies, quick access to information, and seamless online experiences, insurers must adapt to meet these preferences, leading to a greater focus on user-friendly digital platforms.

Business is projected to be the fastest-growing segment in the Digital Insurance market as companies increasingly seek efficient, scalable solutions for risk management. Digital insurance offers tailored policies, quick claims processing, and data-driven insights, enabling businesses to manage costs and enhance operational resilience in a rapidly evolving risk landscape.

• Individuals
• Businesses

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion