Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Digital Insurance Platform - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Digital Insurance Platform Market was valued at USD 119.15 billion the previous year and is expected to grow at a CAGR of 11.51%, reaching USD 220.79 billion by the next five years.
Insurtech companies are disrupting the insurance industry by building digital platforms and collaborating with insurance companies and suppliers. The paradigm shift from a product-centric model in traditional insurance companies to a primarily client-centric model has been enabled by the digital insurance platforms enabled by technologies like IoT, Big data analytics, blockchain, artificial intelligence, and cloud computing.
Key Highlights
- Customer loyalty and satisfaction have become primary concerns for insurance companies. Artificial intelligence (AI) and related technologies are expected to significantly impact all aspects of the insurance value chain, from distribution to underwriting and pricing to claims management. This may result in policies being priced, purchased, and bound in near real-time. Through these, insurers have been able to smartly connect information and quickly deliver innovative products and services, which, in the end, will significantly improve customer loyalty and satisfaction.
- Signs of massive and unprecedented progress are observed across the insurance industry. Explore new technologies and partner with insurance companies and their existing technology partners to develop new models and tools. Others stimulate their business results by executing quick minimum viable products (MVPs), proof of concepts (POCs), and straight into production. Many seek ways to speed up their existing digital roadmaps during and post-pandemics. And some are exploring new outsourcing solutions to drive agility. Over the past few months, the market has focused on digitizing the contact centers and the claims functions. Notably, significant progress was made in adopting automation and process streamlining, improving the use of structured and unstructured data, external data, and the exploratory use of knowledge.
- On the flip side, the shift to digital insurance has increased the volume of data required and the variety of methods for processing it. When updating its catastrophe models, an insurance company, for instance, needs to know how many houses and businesses are vulnerable to manage risk and adjust its writings accordingly. In the future, a more comprehensive range of threats will need to be covered by catastrophe modeling. Further, insurance firms, particularly those who sell cyber insurance, have a specific obligation to protect their systems and data against hacking to manage risk and maintain the trust of their insured. Insurance providers require the appropriate procedures to manage their insured's information securely.
- Cloud computing allows insurance companies to scale their operations up or down quickly in response to changing business needs. This scalability and flexibility are crucial in handling fluctuations in customer demand and adapting to market changes.
- Integrating digital insurance platforms with the legacy system is a common challenge in the insurance industry and can restrain the growth of the digital insurance platform market. Several difficulties and complexities associated with this integration can hinder the adoption and implementation of modern digital solutions.
- The COVID-19 pandemic has simulated insurance companies to accelerate their digital transformation efforts. With lockdowns and social distancing measures in place, insurers had to find new ways to serve customers, manage claims, and conduct business remotely. This urgency drove increased investment in digital insurance platforms.
Digital Insurance Platform Market Trends
- Growing Cloud Adoption is Expected to Drive the Market Growth
- Asia-Pacific is Expected to Hold Significant Market Share
Digital Insurance Platform Industry Overview
The Digital Insurance Platform is fragmented, with the presence of major players like IBM Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., and Appian Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- September 2023 - Majesco, one of the global leaders in cloud insurance software solutions, and Microsoft entered a strategic alliance to drive long-term digital transformation for insurers. The partnership empowers consumers with a scalable and secure intelligent cloud environment by leveraging Microsoft Cloud and Analytics capabilities.
- April 2023 - EY organization announced a partnership with the EIS Group Inc (EIS), one of the global digital insurance platform providers, and Ernst & Young LLP (EY US) to assist clients in executing and combining EIS' cloud-native and digital insurance platform, a primary application programming interface, to address challenges and future requirements in the insurance industry.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of COVID-19 impact on the industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Shift of Insurance Companies From Product-based to Customer-centric Strategies
5.1.2 Increased Awareness Among Insurers About Digital Channels
5.1.3 Growing Cloud Adoption
5.2 Market Restraints
5.2.1 Difficulty Regarding Integration of Insurance Platform with Legacy Systems
6 MARKET SEGMENTATION
6.1 By Deployment
6.1.1 Cloud
6.1.2 On-premise
6.2 By Organization Size
6.2.1 Large Enterprises
6.2.2 Small and Medium Enterprises
6.3 By Application
6.3.1 Automotive and Transportation
6.3.2 Home and Commercial Buildings
6.3.3 Life and Health
6.3.4 Business and Enterprise
6.3.5 Consumer Electronics and Industrial Machines
6.3.6 Travel
6.4 By Geography
6.4.1 North America
6.4.1.1 United States
6.4.1.2 Canada
6.4.2 Europe
6.4.2.1 United Kingdom
6.4.2.2 Germany
6.4.2.3 France
6.4.2.4 Rest of Europe
6.4.3 Asia Pacific
6.4.3.1 China
6.4.3.2 Japan
6.4.3.3 India
6.4.3.4 Rest of Asia-Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Microsoft Corporation
7.1.3 Oracle Corporation
7.1.4 Pegasystems Inc.
7.1.5 Appian Corporation
7.1.6 Mindtree Ltd.
7.1.7 DXC Technology Company
7.1.8 Prima Solutions SA
7.1.9 Majesco
7.1.10 EIS Software Limited
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ncpoto
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