On-Demand Insurance Market Share, Growth Drivers And Analysis - 2024

The on-demand insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

On-Demand Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The on-demand insurance market size has grown rapidly in recent years. It will grow from $4.79 billion in 2023 to $5.50 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%.  The  growth in the historic period can be attributed to increased smartphone and internet penetration, consumer demand for convenience, a shift from traditional to digital insurance channels, regulatory changes favoring digital insurance, and increased awareness of digital financial services.

The on-demand insurance market size is expected to see rapid growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%.  The growth in the forecast period can be attributed to increasing use of big data analytics, rising demand for personalized insurance products, proliferation of digital-only insurance providers, increased investment in insurtech startups, and growing popularity of peer-to-peer insurance models. Major trends in the forecast period include integration of AI-driven chatbots for customer service, increased use of blockchain for transparency and security, expansion of on-demand insurance into new markets, growing importance of cybersecurity insurance, and partnerships between traditional insurers and tech firms.

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Scope Of On-Demand Insurance Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

On-Demand Insurance Market Overview

Market Drivers -
The growing adoption of digital platforms is expected to propel the growth of the on-demand insurance market going forward. Digital platforms refer to online systems that facilitate various services, including the purchasing, management, and customization of insurance policies. Rising adoption is a result of increasing consumer demand for convenience, economic growth, technological advancements, and attractive pricing options. Digital platforms contribute to the rise in on-demand insurance by simplifying the purchasing process, offering competitive pricing, and providing consumers with more confidence in their insurance decisions. For instance, according to data published by the Bureau of the Census, a US-based Federal Statistical System agency, the first quarter 2024 e-commerce estimate increased 8.6% (±1.1%) from the first quarter of 2023, while total retail sales increased 1.5% (±0.5%) in the same period, with e-commerce sales accounting for 15.9% of total sales in the first quarter of 2024. Therefore, the growing adoption of digital platforms is driving the growth of the on-demand insurance market.

Market Trends -
Major companies in the on-demand insurance market are focusing on developing innovative products, such as mobile telematics-based comprehensive motor insurance, to offer more personalized and flexible coverage options and to leverage real-time driving data to assess risk accurately, provide usage-based premiums, and enhance customer engagement. Mobile telematics is an app-based solution that creates safer drivers, transforms insurance, fleet management, and more. For instance, in July 2023, Zuno General Insurance (formerly known as Edelweiss General Insurance (EGI)), an India-based insurance company, launched SWITCH. This utilizes mobile telematics and real-time driving data to activate coverage and calculate personalized premiums based on usage and driving behavior, providing a flexible, usage-based insurance solution. This innovation incentivizes safe driving and disrupts traditional motor insurance by offering a personalized, data-driven, and customer-centric experience in the on-demand insurance market.

The on-demand insurance market covered in this report is segmented –
1) By Coverage: Car Insurance, Home Appliances Insurance, Entertainment Insurance, Contractor Insurance, Electronic Equipment Insurance, Other Coverages
2) By Insurance: General Insurance, Life Insurance, Cybersecurity Insurance, Other Insurances
3) By End-User: Individuals, Business

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Regional Insights -
North America was the largest region in the on-demand insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the on-demand insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the on-demand insurance market are  Life Insurance Corporation of India, Tata Consultancy Services Limited, Infosys Limited, DXC Technology, Pegasystems Inc., Bajaj Allianz General Insurance, Xceedance Inc., Zego, Appian, Getsafe, Metromile, Max Life Insurance Company, Cuvva, Sure Inc., Trōv, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.

Table of Contents

1. Executive Summary
2. On-Demand Insurance Market Report Structure
3. On-Demand Insurance Market Trends And Strategies
4. On-Demand Insurance Market – Macro Economic Scenario
5. On-Demand Insurance Market Size And Growth

…..

32. Global On-Demand Insurance Market Competitive Benchmarking
33. Global On-Demand Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The On-Demand Insurance Market
35. On-Demand Insurance Market Future Outlook and Potential Analysis
36. Appendix

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