PUNE, India, June 22, 2019 (GLOBE NEWSWIRE) -- Global Digital Insurance Platform Industry was valued at USD 84.2 Billion in the year 2017. Global Digital Insurance Platform Industry is further estimated to grow at a CAGR of 14.3% from 2019 to reach USD 243.8 Billion by the year 2025. North America region holds the highest Industry share in 2017 and Asia-Pacific is considered as the fastest growing Industry in the forecast period. At a country level, the U.S is projected to grow strongly in the coming years.
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The digital insurance platform is a business model that enables stakeholders in the ecosystem of the insurance industry to connect through a single centralized framework for solving multiple critical issues in the developing high-value ecosystems. The platform acts as an enabler for insurers to shift from traditional business processes toward the digital mode, thereby making the insurance ecosystem customer-centric. It helps insurers in scaling their operations up and down with built-in end-to-end functionalities. Digital insurance platforms empower insurers by providing the efficiency of central-core systems and the differentiation of easy-to-compose customer experience.
The automotive and transportation segment has seen a large-scale adoption of digital insurance platforms. Automotive and transportation insurance companies are increasingly adopting newer technologies to deliver new products for meeting the changing customer expectations. Technologies such as Artificial Intelligence (AI) and telematics help insurance companies streamline their business operations and deploy new channels of insurance distribution. The data gathered from the telematics-driven method help insurers in building an effective automated claim management process and enable insurers to deliver tailored products to match the buyer preferences. The digital insurance platform enables customers to search online for quotation, compare insurance policies, fill the information online, and get the best policy with a suitable coverage in no time.
Major market players in Digital Insurance Platform Industry are SAP Inc., International Business Machines Corporation (IBM), Accenture, Microsoft Corp., Cognizant, Oracle Corp., Tata Consultancy Services Ltd, DXC Technology Company, Pegasystems Inc., Infosys Ltd, and brief overview of 9 companies is also provided in the report.
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