Digital Insurance Platform Market Updates by 2031
The market size is expected to grow from US$ 136.59 billion in 2023 to US$ 346.49 billion by 2031; it is anticipated to expand at a CAGR of 12.3% from 2023 to 2031.
Digital Insurance Platform Market Analysis
The digital insurance platform market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Insurance technology companies are changing the dynamics of the insurance industry by developing digital platforms and collaborating with insurance suppliers & companies. The paradigm change from a product-centric model in conventional insurance companies to a principally client-centric model has been enabled by digital insurance platforms with the help of technologies such as big data analytics, the Internet of Things (IoT), cloud computing, and artificial intelligence (AI).
Digital Insurance Platform Industry Overview
- Digital insurance platform enables insurers to move from complex core systems to superior technical flexibility and agility, digital fluency, and modernization in the existing business model. Moreover, it helps a company to manage, create, control, and monitor the digital insurance ecosystem. The digital insurance platform includes numerous technologies such as artificial intelligence, APIs, machine learning, cloud-native computing, and other insurance-specific content and capabilities.
- The digital insurance platform enables the customization of insurance products, thereby allowing underwriters to price and underwrite policies more precisely for individual clientele. Furthermore, it enables more enhanced customer engagement via numerous channels & allows the delivery of personalized services to the customers, which is driving the digital insurance platform market growth.
REGIONAL FRAMEWORK
Digital insurance platform Market Driver
Increasing Technological Advancement in Digital Insurance Platforms to Drive Digital Insurance Platform Market Growth
- The increasing need for improved fraud detection and risk management capabilities is driving the demand for digital insurance platforms. Insurance companies are searching for Artificial Intelligence (AI) and advanced analytics solutions to analyze data and identify fraud in real time owing to the increasing volume of data. AI and Advanced analytics capabilities built into digital insurance systems allow insurers to analyze data from numerous sources, recognize risks, and discover fraud.
- Insurance providers are using digital technologies to offer dedicated insurance products and services to their clientele in response to the growing complexity of risks and changing customer demands. The necessity for digital insurance systems that let insurers deliver real-time quotations and customized customer care is driving the digital insurance platform market.
Digital insurance platform Market Report Segmentation Analysis
- Based on Deployment, the market is segmented into on-premise and cloud. The cloud segment held a significant digital insurance platform market share in 2023.
- Cloud-based insurance solutions can deliver higher conversion rates from the opportunity to sale through targeted campaign management and lead engagement models. This results in cross-sell, higher upsell, and retention rates. Cloud can also improve the claims experience by providing enhanced service and improved communication with end clientele. This ability of the cloud-based digital insurance platform is supplementing the growth of the segment.
Digital Insurance Platform Market Regional Analysis
The scope of the Digital insurance platform market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is observing rapid growth and is expected to hold a noteworthy digital insurance platform market share in 2023. Asia Pacific region is anticipated to grow at a substantial CAGR during the forecast period. The insurance distribution business landscape is progressively evolving. In China, digital channels are becoming more protuberant. In many Asia Pacific jurisdictions, customers are open to having insurers provide digital services. These digital insurance ecosystems are interconnected companies creating sets of services and products that allow users to fulfill a variety of requirements in one shared involvement. This is anticipated to augment the demand for a digital insurance platform.
Digital insurance platform Market Report Scope
The "Digital insurance platform Market Analysis" was carried out based on card type and geography. In terms of type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into services and platforms. By organization size, the market is divided into small and medium enterprises and large enterprises. By application, the market is segmented into government, healthcare, banking & financial services, media & entertainment, retail & e-commerce, transportation & logistics, travel, manufacturing, IT & Telecom, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Digital Insurance Platform Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Digital insurance platform market. A few recent key market developments are listed below:
- April 2022 - Mindtree, a provider of technology services, has teamed up with Sapiens International Corporation to assist insurance businesses with their digital transformation. This company develops software solutions for the insurance and banking sectors. With this collaboration, these companies will provide a cloud-native core suite of banking and insurance applications.
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Digital insurance platform Market Driver
Increasing Technological Advancement in Digital Insurance Platforms to Drive Digital Insurance Platform Market Growth
- The increasing need for improved fraud detection and risk management capabilities is driving the demand for digital insurance platforms. Insurance companies are searching for Artificial Intelligence (AI) and advanced analytics solutions to analyze data and identify fraud in real time owing to the increasing volume of data. AI and Advanced analytics capabilities built into digital insurance systems allow insurers to analyze data from numerous sources, recognize risks, and discover fraud.
- Insurance providers are using digital technologies to offer dedicated insurance products and services to their clientele in response to the growing complexity of risks and changing customer demands. The necessity for digital insurance systems that let insurers deliver real-time quotations and customized customer care is driving the digital insurance platform market.
Digital insurance platform Market Report Segmentation Analysis
- Based on Deployment, the market is segmented into on-premise and cloud. The cloud segment held a significant digital insurance platform market share in 2023.
- Cloud-based insurance solutions can deliver higher conversion rates from the opportunity to sale through targeted campaign management and lead engagement models. This results in cross-sell, higher upsell, and retention rates. Cloud can also improve the claims experience by providing enhanced service and improved communication with end clientele. This ability of the cloud-based digital insurance platform is supplementing the growth of the segment.
Digital Insurance Platform Market Regional Analysis
The scope of the Digital insurance platform market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is observing rapid growth and is expected to hold a noteworthy digital insurance platform market share in 2023. Asia Pacific region is anticipated to grow at a substantial CAGR during the forecast period. The insurance distribution business landscape is progressively evolving. In China, digital channels are becoming more protuberant. In many Asia Pacific jurisdictions, customers are open to having insurers provide digital services. These digital insurance ecosystems are interconnected companies creating sets of services and products that allow users to fulfill a variety of requirements in one shared involvement. This is anticipated to augment the demand for a digital insurance platform.
Digital insurance platform Market Report Scope
The "Digital insurance platform Market Analysis" was carried out based on card type and geography. In terms of type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into services and platforms. By organization size, the market is divided into small and medium enterprises and large enterprises. By application, the market is segmented into government, healthcare, banking & financial services, media & entertainment, retail & e-commerce, transportation & logistics, travel, manufacturing, IT & Telecom, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Digital Insurance Platform Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Digital insurance platform market. A few recent key market developments are listed below:
- April 2022 - Mindtree, a provider of technology services, has teamed up with Sapiens International Corporation to assist insurance businesses with their digital transformation. This company develops software solutions for the insurance and banking sectors. With this collaboration, these companies will provide a cloud-native core suite of banking and insurance applications.
MARKET PLAYERS
Digital Insurance Platform Market Report Coverage & Deliverables
The market report "Digital Insurance Platform Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Digital advancements in the digital insurance platform market to play a significant role in the global digital insurance platform market in the coming years.
The key players holding majority shares in the global digital insurance platform market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., and Appian Corporation.
The global digital insurance platform market is expected to reach US$ 346.49 billion by 2031.
Increasing demand for cloud-based digital insurance platforms and growing initiatives by market players towards technological advancement are the major factors that propel the global digital insurance platform market.
The global digital insurance platform market was estimated to be US$ 136.59 billion in 2023 and is expected to grow at a CAGR of 12.3% during 2023–2031.
Table of Contents
1 INTRODUCTION
1.1 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
2 KEY TAKEAWAYS
3 DIGITAL INSURANCE PLATFORM MARKET LANDSCAPE
3.1 OVERVIEW
3.2 MARKET SEGMENTATION
3.2.1 Digital Insurance Platform Market - By Offerings
3.2.2 Digital Insurance Platform Market - By Platform Type
3.2.3 Digital Insurance Platform Market - By End-users
3.2.4 Digital Insurance Platform Market - By Region
3.2.4.1 By Countries
3.2.5 PEST Analysis
3.2.5.1 North America - PEST Analysis
3.2.5.2 Europe - PEST Analysis
3.2.5.3 Asia Pacific (APAC) - PEST Analysis
3.2.5.4 Middle East & Africa (MEA) - PEST Analysis
3.2.5.5 South America (SAM)- PEST Analysis
4 DIGITAL INSURANCE PLATFORM MARKET - KEY INDUSTRY DYNAMICS
4.1 KEY MARKET DRIVERS
4.2 KEY MARKET RESTRAINTS
4.3 KEY MARKET OPPORTUNITIES
4.4 FUTURE TRENDS
4.5 IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
5 DIGITAL INSURANCE PLATFORM MARKET - GLOBAL MARKET ANALYSIS
5.1 DIGITAL INSURANCE PLATFORM - GLOBAL MARKET OVERVIEW
5.2 DIGITAL INSURANCE PLATFORM - GLOBAL MARKET AND FORECAST TO 2025
6 DIGITAL INSURANCE PLATFORM MARKET REVENUE AND FORECASTS TO 2028 - OFFERINGS
6.1 OVERVIEW
6.2 OFFERINGS MARKET FORECASTS AND ANALYSIS
6.3 SOLUTION MARKET
6.3.1 Overview
6.3.2 Solutions market forecast and analysis
6.4 SERVICES SERVICES MARKET
6.4.1 Overview
6.4.2 Services market forecast and analysis
7 DIGITAL INSURANCE PLATFORM MARKET REVENUE AND FORECASTS TO 2028 - PLATFORM TYPE
7.1 OVERVIEW
7.2 PLATFORM TYPE MARKET FORECASTS AND ANALYSIS
7.3 ON-PREMISE MARKET
7.3.1 Overview
7.3.2 On-premise market forecast and analysis
7.4 CLOUD MARKET
7.4.1 Overview
7.4.2 Cloud market forecast and analysis
8 DIGITAL INSURANCE PLATFORM MARKET REVENUE AND FORECASTS TO 2028 - END-USERS
8.1 OVERVIEW
8.2 INDUSTRTY VERTICAL MARKET FORECASTS AND ANALYSIS
8.3 BFSI MARKET
8.3.1 Overview
8.3.2 BFSI market forecast and analysis
8.4 CREDIT UNIONS MARKET
8.4.1 Overview
8.4.2 Credit unions market forecast and analysis
8.5 P2P LENDERS MARKET
8.5.1 Overview
8.5.2 P2P lenders market forecast and analysis
8.6 OTHERS MARKET
8.6.1 Overview
8.6.2 Others market forecast and analysis
9 DIGITAL INSURANCE PLATFORM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1 NORTH AMERICA
9.1.1 North America Digital insurance platform Market Overview
9.1.2 North America Digital insurance platform Market Forecasts and Analysis
9.1.3 North America Market Forecasts and Analysis - By Countries
9.1.3.1 US market
9.1.3.2 Canada market
9.1.3.3 Mexico market
9.1.4 North America Market Forecasts and Analysis - By Offerings
9.1.5 North America Market Forecasts and Analysis - By Platform Type
9.1.6 North America Market Forecasts and Analysis - By End-users
9.2 EUROPE
9.2.1 Europe Digital insurance platform Market Overview
9.2.2 Europe Digital insurance platform Market Forecasts and Analysis
9.2.3 Europe Market Forecasts and Analysis - By Countries
9.2.3.1 France market
9.2.3.2 Germany market
9.2.3.3 Italy market
9.2.3.4 Spain market
9.2.3.5 UK market
9.2.3.6 Rest of Europe
9.2.4 Europe Market Forecasts and Analysis - By Offerings
9.2.5 Europe Market Forecasts and Analysis - By Platform Type
9.2.6 Europe Market Forecasts and Analysis - By End-users
9.3 ASIA PACIFIC (APAC)
9.3.1 Asia Pacific Digital insurance platform Market Overview
9.3.2 Asia Pacific Digital insurance platform Market Forecasts and Analysis
9.3.3 Asia Pacific Market Forecasts and Analysis - By Countries
9.3.3.1 Australia market
9.3.3.2 China market
9.3.3.3 India market
9.3.3.4 Japan market
9.3.3.5 Rest of APAC
9.3.4 Asia Pacific Market Forecasts and Analysis - By Offerings
9.3.5 Asia Pacific Market Forecasts and Analysis - By Platform Type
9.3.6 Asia Pacific Market Forecasts and Analysis - By End-users
9.4 MIDDLE EAST AND AFRICA (MEA)
9.4.1 Middle East and Africa Digital insurance platform Market Overview
9.4.2 Middle East and Africa Digital insurance platform Market Forecasts and Analysis
9.4.3 Middle East and Africa Market Forecasts and Analysis - By Countries
9.4.3.1 South Africa market
9.4.3.2 Saudi Arabia market
9.4.3.3 UAE market
9.4.3.4 Rest of MEA
9.4.4 Middle East and Africa Market Forecasts and Analysis - By Offerings
9.4.5 Middle East and Africa Market Forecasts and Analysis - By Platform Type
9.4.6 Middle East and Africa Market Forecasts and Analysis - By End-users
9.5 SOUTH AMERICA (SAM)
9.5.1 South America Digital insurance platform Market Overview
9.5.2 South America Digital insurance platform Market Forecasts and Analysis
9.5.3 South America Market Forecasts and Analysis - By Countries
9.5.3.1 Brazil market
9.5.3.2 Rest of SAM
9.5.4 South America Market Forecasts and Analysis - By Offerings
9.5.5 South America Market Forecasts and Analysis - By Platform Type
9.5.6 South America Market Forecasts and Analysis - By End-users
10 INDUSTRY LANDSCAPE
10.1 MERGERS & ACQUISITIONS
10.2 MARKET INITIATIVES
10.3 NEW DEVELOPMENTS
10.4 INVESTMENT SCENARIOS
11 COMPETITIVE LANDSCAPE
11.1 COMPETITIVE INDUSTRY MAPPING
11.2 MARKET POSITIONING/ MARKET SHARE
12 DIGITAL INSURANCE PLATFORM MARKET, KEY COMPANY PROFILES
12.1 IBM CORPORATION
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 SWOT Analysis
12.1.5 Key Developments
12.2 MICROSOFT
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 SWOT Analysis
12.2.5 Key Developments
12.3 ORACLE
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 SWOT Analysis
12.3.5 Key Developments
12.4 SAP
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 SWOT Analysis
12.4.5 Key Developments
12.5 TATA CONSULTANCY SERVICES LIMITED
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Overview
12.5.4 SWOT Analysis
12.5.5 Key Developments
12.6 COGNIZANT
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Financial Overview
12.6.4 SWOT Analysis
12.6.5 Key Developments
12.7 DXC TECHNOLOGY COMPANY
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Financial Overview
12.7.4 SWOT Analysis
12.7.5 Key Developments
12.8 INFOSYS LIMITED
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Financial Overview
12.8.4 SWOT Analysis
12.8.5 Key Developments
12.9 PEGASYSTEMS, INC.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Financial Overview
12.9.4 SWOT Analysis
12.9.5 Key Developments
12.10 APPIAN
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Financial Overview
12.10.4 SWOT Analysis
12.10.5 Key Developments
13 APPENDIX
13.1 ABOUT THE INSIGHT PARTNERS
13.2 GLOSSARY OF TERMS
13.3 RESEARCH METHODOLOGY
- IBM Corporation
- The Linux Foundation
- Digital Asset Holdings, LLC
- Microsoft Corporation
- Digital insurance platform Tech LTD
- Ripple Chain
- Deloitte Touche Tohmatsu Limited
- Circle Internet Financial, LLC
- Global Arena Holding, Inc. (GAHC)
- Monax Labs
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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