Insurance Automation Market Scope and Size by 2031
The insurance automation market is estimated to observe extensive growth during the forecast period of 2021-2031. The expanding popularity of technologies like artificial intelligence (AI), machine learning (ML), and others will present a plethora of opportunities for the insurance automation market during the forecast period. The need for automation has increased extensively in every industry and sector. The banking and insurance sector is no exception to this change. Many companies in the insurance sector are implementing automation to increase their efficiency in various processes like claims and renewals. Thus, based on these aspects, the demand for insurance automation is expected to increase in the upcoming period.
MARKET SCOPE
The "Global Insurance automation market Analysis to 2031" is a specialized and in-depth study of the Insurance automation market with a special focus on the global market trend analysis. The report aims to provide an overview of the Insurance automation market with detailed market segmentation by component, enterprise size, and geography. The global Insurance automation market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Insurance automation market players and offers key trends and opportunities in the Insurance automation market.
MARKET SEGMENTATION
- The global Insurance automation market is segmented on the basis of component, and enterprise size
- On the basis of component, the market is segmented as solution, and services.
- On the basis of enterprise size, the market is segmented as SMEs, large enterprise.
MARKET DYNAMICS
Drivers:
- Emergence of Digitalization Bringing Considerable Growth for Insurance Automation Market.
Restraints:
- Concerns over Costs.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Insurance automation market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Insurance automation market in these regions.
IMPACT OF COVID-19 ON Insurance automation MARKET
The rapid spread of the Covid-19 pandemic has triggered a massive financial crisis and created a health crisis across the globe. The ongoing pandemic also had a significant impact on overall international trade and businesses. The outbreak of COVID-19 has slowed down the growth of the Insurance automation market owing to challenges in maintaining operational continuity, securing network data, and adapting to new traffic patterns. Organizations have actively focused on understanding the function of automation in digital transformation due to the pandemic. Moreover, enterprises also learn to measure the Return on Investment (ROI) as compared to other competing initiatives. These factors are expected to have a significant effect on the market over the coming years.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Insurance automation market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Insurance automation market in these regions.
IMPACT OF COVID-19 ON Insurance automation MARKET
The rapid spread of the Covid-19 pandemic has triggered a massive financial crisis and created a health crisis across the globe. The ongoing pandemic also had a significant impact on overall international trade and businesses. The outbreak of COVID-19 has slowed down the growth of the Insurance automation market owing to challenges in maintaining operational continuity, securing network data, and adapting to new traffic patterns. Organizations have actively focused on understanding the function of automation in digital transformation due to the pandemic. Moreover, enterprises also learn to measure the Return on Investment (ROI) as compared to other competing initiatives. These factors are expected to have a significant effect on the market over the coming years.
MARKET PLAYERS
The report covers key developments in the Insurance automation market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Insurance automationmarket are anticipated to lucrative growth opportunities in the future with the rising demand for the Insurance automation market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Insurance automation market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Acko General Insurance
- IBM Corporation
- Microsoft Corporation
- Shift Technology
- Zurich Insurance Group
- Lemonade
- Cape Analytics LLC
- Trov, Quantemplate
- ZhongAn.
- Oracle Corporatio
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Insurance Automation Market - By Component
1.3.2 Insurance Automation Market - By Enterprise Size
1.3.3 Insurance Automation Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. INSURANCE AUTOMATION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. INSURANCE AUTOMATION MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. INSURANCE AUTOMATION MARKET - GLOBAL MARKET ANALYSIS
6.1. INSURANCE AUTOMATION - GLOBAL MARKET OVERVIEW
6.2. INSURANCE AUTOMATION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. INSURANCE AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
8. INSURANCE AUTOMATION MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
8.1. OVERVIEW
8.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
8.3. SMES
8.3.1. Overview
8.3.2. SMEs Market Forecast and Analysis
8.4. LARGE ENTERPRISE
8.4.1. Overview
8.4.2. Large Enterprise Market Forecast and Analysis
9. INSURANCE AUTOMATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Insurance Automation Market Overview
9.1.2 North America Insurance Automation Market Forecasts and Analysis
9.1.3 North America Insurance Automation Market Forecasts and Analysis - By Component
9.1.4 North America Insurance Automation Market Forecasts and Analysis - By Enterprise Size
9.1.5 North America Insurance Automation Market Forecasts and Analysis - By Countries
9.1.5.1 United States Insurance Automation Market
9.1.5.1.1 United States Insurance Automation Market by Component
9.1.5.1.2 United States Insurance Automation Market by Enterprise Size
9.1.5.2 Canada Insurance Automation Market
9.1.5.2.1 Canada Insurance Automation Market by Component
9.1.5.2.2 Canada Insurance Automation Market by Enterprise Size
9.1.5.3 Mexico Insurance Automation Market
9.1.5.3.1 Mexico Insurance Automation Market by Component
9.1.5.3.2 Mexico Insurance Automation Market by Enterprise Size
9.2. EUROPE
9.2.1 Europe Insurance Automation Market Overview
9.2.2 Europe Insurance Automation Market Forecasts and Analysis
9.2.3 Europe Insurance Automation Market Forecasts and Analysis - By Component
9.2.4 Europe Insurance Automation Market Forecasts and Analysis - By Enterprise Size
9.2.5 Europe Insurance Automation Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Insurance Automation Market
9.2.5.1.1 Germany Insurance Automation Market by Component
9.2.5.1.2 Germany Insurance Automation Market by Enterprise Size
9.2.5.2 France Insurance Automation Market
9.2.5.2.1 France Insurance Automation Market by Component
9.2.5.2.2 France Insurance Automation Market by Enterprise Size
9.2.5.3 Italy Insurance Automation Market
9.2.5.3.1 Italy Insurance Automation Market by Component
9.2.5.3.2 Italy Insurance Automation Market by Enterprise Size
9.2.5.4 United Kingdom Insurance Automation Market
9.2.5.4.1 United Kingdom Insurance Automation Market by Component
9.2.5.4.2 United Kingdom Insurance Automation Market by Enterprise Size
9.2.5.5 Russia Insurance Automation Market
9.2.5.5.1 Russia Insurance Automation Market by Component
9.2.5.5.2 Russia Insurance Automation Market by Enterprise Size
9.2.5.6 Rest of Europe Insurance Automation Market
9.2.5.6.1 Rest of Europe Insurance Automation Market by Component
9.2.5.6.2 Rest of Europe Insurance Automation Market by Enterprise Size
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Insurance Automation Market Overview
9.3.2 Asia-Pacific Insurance Automation Market Forecasts and Analysis
9.3.3 Asia-Pacific Insurance Automation Market Forecasts and Analysis - By Component
9.3.4 Asia-Pacific Insurance Automation Market Forecasts and Analysis - By Enterprise Size
9.3.5 Asia-Pacific Insurance Automation Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Insurance Automation Market
9.3.5.1.1 Australia Insurance Automation Market by Component
9.3.5.1.2 Australia Insurance Automation Market by Enterprise Size
9.3.5.2 China Insurance Automation Market
9.3.5.2.1 China Insurance Automation Market by Component
9.3.5.2.2 China Insurance Automation Market by Enterprise Size
9.3.5.3 India Insurance Automation Market
9.3.5.3.1 India Insurance Automation Market by Component
9.3.5.3.2 India Insurance Automation Market by Enterprise Size
9.3.5.4 Japan Insurance Automation Market
9.3.5.4.1 Japan Insurance Automation Market by Component
9.3.5.4.2 Japan Insurance Automation Market by Enterprise Size
9.3.5.5 South Korea Insurance Automation Market
9.3.5.5.1 South Korea Insurance Automation Market by Component
9.3.5.5.2 South Korea Insurance Automation Market by Enterprise Size
9.3.5.6 Rest of Asia-Pacific Insurance Automation Market
9.3.5.6.1 Rest of Asia-Pacific Insurance Automation Market by Component
9.3.5.6.2 Rest of Asia-Pacific Insurance Automation Market by Enterprise Size
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Insurance Automation Market Overview
9.4.2 Middle East and Africa Insurance Automation Market Forecasts and Analysis
9.4.3 Middle East and Africa Insurance Automation Market Forecasts and Analysis - By Component
9.4.4 Middle East and Africa Insurance Automation Market Forecasts and Analysis - By Enterprise Size
9.4.5 Middle East and Africa Insurance Automation Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Insurance Automation Market
9.4.5.1.1 South Africa Insurance Automation Market by Component
9.4.5.1.2 South Africa Insurance Automation Market by Enterprise Size
9.4.5.2 Saudi Arabia Insurance Automation Market
9.4.5.2.1 Saudi Arabia Insurance Automation Market by Component
9.4.5.2.2 Saudi Arabia Insurance Automation Market by Enterprise Size
9.4.5.3 U.A.E Insurance Automation Market
9.4.5.3.1 U.A.E Insurance Automation Market by Component
9.4.5.3.2 U.A.E Insurance Automation Market by Enterprise Size
9.4.5.4 Rest of Middle East and Africa Insurance Automation Market
9.4.5.4.1 Rest of Middle East and Africa Insurance Automation Market by Component
9.4.5.4.2 Rest of Middle East and Africa Insurance Automation Market by Enterprise Size
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Insurance Automation Market Overview
9.5.2 South and Central America Insurance Automation Market Forecasts and Analysis
9.5.3 South and Central America Insurance Automation Market Forecasts and Analysis - By Component
9.5.4 South and Central America Insurance Automation Market Forecasts and Analysis - By Enterprise Size
9.5.5 South and Central America Insurance Automation Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Insurance Automation Market
9.5.5.1.1 Brazil Insurance Automation Market by Component
9.5.5.1.2 Brazil Insurance Automation Market by Enterprise Size
9.5.5.2 Argentina Insurance Automation Market
9.5.5.2.1 Argentina Insurance Automation Market by Component
9.5.5.2.2 Argentina Insurance Automation Market by Enterprise Size
9.5.5.3 Rest of South and Central America Insurance Automation Market
9.5.5.3.1 Rest of South and Central America Insurance Automation Market by Component
9.5.5.3.2 Rest of South and Central America Insurance Automation Market by Enterprise Size
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. INSURANCE AUTOMATION MARKET, KEY COMPANY PROFILES
11.1. ACKO GENERAL INSURANCE
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. IBM CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. MICROSOFT CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. SHIFT TECHNOLOGY
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. ZURICH INSURANCE GROUP
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LEMONADE
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. CAPE ANALYTICS LLC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TROV, QUANTEMPLATE
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. ZHONGAN
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ORACLE
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Acko General Insurance
2.IBM Corporation
3.Microsoft Corporation
4.Shift Technology
5.Zurich Insurance Group
6.Lemonade
7.Cape Analytics LLC
8.Trov, Quantemplate
9.ZhongAn
10.Oracle
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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