On-Demand Insurance Market By Coverage (Travel Insurance, Event Insurance, Renter's Insurance, Electronic Equipment Insurance, Others), By End User (Individuals, Businesses): Global Opportunity Analysis and Industry Forecast, 2023-2032
On-demand insurance is a digital insurance model allowing potential customers to turn on and off their insurance policy and only pay for the time when the need for protection arises. In addition, on-demand insurance refers to policies that can be bought online without directly interacting with a broker or a company representative. Furthermore, the process is done with a smartphone app, which is fast, easy and the service is subscription-based, and with clear pricing.
The main advantage of on-demand insurance is that it offers customers a more personalized approach to insurance. Thus, this level of customization is particularly attractive to customers who are looking for flexible and tailored insurance solutions. Therefore, on-demand insurance provides a personalized approach to insurance that meets the specific needs of individual customers, by allowing customers to choose the level of coverage they need. Furthermore, developments in digital platforms and mobile apps has made it easier for consumers to purchase on-demand insurance quickly and conveniently. Thus, this has contributed toward the growth of the on-demand insurance market in recent years. Therefore, flexibility is a key factor driving the growth of the on-demand insurance market, as it allows consumers to have greater control over their insurance coverage and only pay for what they need. However, limited product offerings certainly act as a restraint for the on-demand insurance market, as customers may be hesitant to use a service that does not offer the specific coverage they require. Moreover, consumers are likely to choose a service that meets their specific needs rather than settling for a one-size-fits-all solution. On the contrary, cost-effectiveness of on-demand insurance policies make insurance more accessible and affordable for people who may not have been able to afford traditional policies. Thus, cost-effectiveness is a key advantage for on-demand insurance companies, and it will help them attract new customers and compete with traditional insurance providers in the upcoming years.
The on-demand insurance market is segmented on the basis of coverage, end user and region. By coverage, it is classified into travel insurance, event insurance, renter's insurance, electronic equipment insurance, and others. By end user, it is divided into individuals and businesses. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the on-demand insurance market such as AXA, Chubb, GetSafe, Metromile, Munich Re, Ping An Insurance, Root, Zurich, Zego, and Zuno. These players have adopted various strategies to increase their market penetration and strengthen their position in the on-demand insurance industry.
Key benefits for stakeholdersThe study provides in-depth analysis of the global on-demand insurance market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global on-demand insurance market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global on-demand insurance market from 2023 to 2032 is provided to determine the market potential.
Key Market SegmentsBy CoverageTravel Insurance
Event Insurance
Renter's Insurance
Electronic Equipment Insurance
Others
By End UserIndividuals
Businesses
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
AXA
Chubb
GetSafe
Metromile
Munich Re
Ping An Insurance
Root
zego
Zuno
Zurich
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