An insurance platform is defined as a group of sites, which provide information of insurance policies and other significant information via application program interface (API) to large set of services, data, capabilities, terms and conditions related to insurance. Digital insurance platform is designed and developed so that the customer is prepared to meet the challenge of emerging technologies, which are rapidly entering the insurance sector.
The consumers can access information of insurance conveniently with the use of digital technology. The insurers can move away from older systems to newer technologies by focusing on the need of distinct consumers such as brokers, or adjuster and serving their needs through digital insurance platforms.
Digital insurance platform helps consumers to access salient information of the insurance. Significant advantages of this platform include elimination of fraudulence and mis-selling of insurance. The major driver of digital insurance platform is rapid increase the number of insurance holders in the market. In addition, rise in usage of digital insurance platform increases the efficiency and cost-effectiveness in the insurance sector.
Furthermore, digital innovation helps meet the demand for a positive experience across all the industrial sectors. To grow digitally, insurers must have digital insurance solutions that facilitate engagement with consumers, perform business analytics for more informed decisions. However, lack of awareness with respect to digital insurance platforms restricts the growth of the market. Conversely, untapped potential of emerging economies is anticipated to provide lucrative growth opportunities to market players in the global digital insurance platform industry in the near future.
The global digital insurance platform market is segmented based on component, service, end user, application, deployment type, organization size, and region. Based on component, the market is bifurcated into tools and services. Based on Service, it is classified into managed service and professional service. Professional service is further divided into consulting, implementing, support, and maintenance. Based on end user, the market is categorized into insurance companies, third party administration and & brokers, and aggregators. Based on application, the market is classified into automotive transportation, home & commercial buildings, life & health, business & enterprises, consumer electronic & industrial machine, and travel. Based on the deployment type, the market is segmented into on-premise and cloud. Based on the organization size, the market is studied across large enterprises and small and medium enterprises. Region wise, tit is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the digital insurance platform market include TCS, Accenture, IBM, DXC.technology, SAP, Oracle Corporation, MICROSOFT CORPORATION, Pegasystems Inc., eBaoTech, Cogitate Technology Solutions. The other players in the value chain analysis (not included in the report) are Cogitate Technology Solution, RGI Group, Prima IT Solutions, and STONERIVIER.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current market trends and forecast estimations from 2019 to 2026 which assists to identify the prevailing opportunities.
- An in-depth market analysis includes analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global digital insurance platform market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of market.
Key Market Segment
- Managed Service
- Professional Service
By End User
- Insurance Companies
- Third Party Administrator & Brokers
- Automotive & Transportation
- Home & Commercial Building
- Life & Health
- Business & Enterprises
- Consumer Electronics & Industrial machine
By Deployment Type
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA