Future Market Insights estimates that the size of the worldwide real estate insurtech market was US$ 1 billion in 2018. Demand for real estate insurtech grew by 21.0% in 2022 compared to the previous year, and as a result, it is projected that the worldwide market would reach US$ 2.8 billion in 2023. The market value of real estate insurtech solutions in the area is expected to reach US$ 21.6 billion by the end of the year, growing at a 22.6% CAGR from 2023 to 2033.
Real estate insurtech is the term for the combination of technology and insurance in the real estate industry. Combining the words insurance and technology, insurtech refers to the use of state-of-the-art technologies to enhance and expedite insurance procedures.
The fusion of technology and insurance within the real estate sector is referred to as the “real estate insurtech market.” The term “insurtech,” a combination of the words “insurance” and “technology,” refers to the application of cutting-edge technologies to improve and simplify the insurance business. As they provide better risk management, streamlined operations, greater customer experiences, and more efficiency in the real estate insurance sector, these elements collectively contribute to the growing demand for real estate insurtech solutions.
Real Estate InsurTech provides digital platforms and technologies that streamline insurance procedures, deliver up-to-the-minute data, and enable customised insurance solutions, all of which improve the entire customer experience.
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Top Region Driving Market Growth
The report identifies North America as the leading region in the Real Estate InsurTech Market. The region’s dominance can be attributed to the high adoption rate of technological advancements in the real estate sector and the presence of major players in the InsurTech industry. Additionally, the Asia-Pacific region is experiencing significant growth, fueled by the increasing investment in real estate development and the rise in demand for innovative insurance solutions.
Key Players in the Real Estate InsurTech Technology
- Lemonade
- Hippo Insurance
- Jetty
- Slice
- Metromile
Key Developments in the Real Estate InsurTech Market:
- Obie, an InsurTech company specializing in real estate insurance, has successfully raised $25.5 million in a recent funding round led by Battery Ventures. With this latest funding round, Obie has experienced significant growth, surpassing its previous achievement of securing insurance for properties valued at over $3 billion.
- Plug and Play Tech Center, the world’s largest innovation platform located in Silicon Valley, has announced the extension of its partnership with Grupo Nacional Provincial (GNP), the largest insurance company in Mexico. By collaborating with Plug and Play, GNP gains a distinctive chance to offer innovative and novel services to its customers, furthering its digital transformation objectives.
- Hippo Enterprises Inc., a pioneering home insurance group known for setting a higher bar of care and protection for homeowners, has reached a definitive agreement with Reinvent Technology Partners, a special purpose acquisition company (SPAC) focused on an approach called venture capital at a scale. Once the transaction is finalized, the resulting company will become publicly traded, marking an important milestone in their business partnership.
Other Drivers Propelling the Demand for Real Estate InsurTech include:
- The intricate nature of real estate transactions and risks associated with property ownership drive the demand for technology-driven solutions to streamline insurance processes.
- Customers expect personalized and seamless experiences. Real estate insurtech solutions cater to these expectations by offering user-friendly platforms, customization options, and real-time information.
- Advancements in AI, ML, data analytics, and IoT enable more accurate risk assessments, automation, and improved decision-making, driving the adoption of real estate insurtech solutions.
- Changing regulations in the insurance and real estate industries create a need for innovative solutions to comply with evolving requirements, leading to the adoption of real estate insurtech.
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Segmentation Analysis of the Real Estate InsurTech Market
By Insurance Type:
- Property Insurance
- Liability Insurance
- Renters Insurance
- Flood Insurance
- Earthquake Insurance
By Application:
- Personal
- Business
By Technology:
- Blockchain
- IoT
- Machine Learning
- Cloud Computing
- Others
By Region:
- North America
- Latin America
- East Asia
- Western Europe
- Eastern Europe
- South Asia Pacific
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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