Digital transformation in insurance is a type of platform, which develops innovative technology to change the traditional business process. It helps insurers to streamline back-office processes like claim management, policy administration, and underwriting to deliver a product to consumers conveniently. The pandemic has increased the demand for blockchain technology in the insurance industry significantly. This is primarily due to the large number of banking and fintech industries adopting blockchain technology to provide secure and safe transaction channels for their customers. In addition, enterprises started transferring to blockchain and Bluetooth Low Energy (BLE)-based access management systems.
The global digital transformation in insurance market share is segmented into component, deployment model, enterprise size, technology, and region. Based on component, the market is further segmented into solution and service. In terms of deployment model, the market is bifurcated into on-premise and cloud. Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises. In terms of technology, the market is bifurcated into artificial intelligence, cloud computing, blockchain, big data & business analytics, cyber security and other. Based on region, the global market is divided across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa.
Key players of the digital transformation in insurance market trends analyzed in the research include Accenture, Alphasense Inc., Cognizant, FUJITSU, Google, LLC, HID Global Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and SAP SE. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
COVID-19 Scenario Analysis
The emergence of COVID-19 is expected to have a significant impact on the growth of digital transformation in the insurance market revenue. Because of the increase in COVID-19 patients around the world, spending on digital transformation is expected to rise among insurance companies.
Furthermore, the pandemic has caused significant changes in people's daily lives, workplaces, and the surrounding environment. The current estimate for 2027 is significantly higher than the pre-COVID-19 estimates. Working from home (WFH), social distancing, and business digital transformation are all expected to drive significant growth in the coming years.
These factors have played a major role in the emergence of business messaging as the ideal channel for communicating with customers.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency are major factors driving the growth of the market. However, the security threat while using digital platforms is expected to hamper the growth of the market. Contrarily, the rise in demand for personalized digital products & services can be seen as an opportunity for the market.
The digital transformation in insurance market trends are as follows:
Digitalizing Business Functions to Serve Changing Customer Preferences and Enhance Operational Efficiency:
The application of advanced technologies such as cloud, IoT, big data and analytics, mobility, and social media has resulted in innovation and transformation, stimulating growth in the business ecosystem. To gain a competitive advantage, insurance companies require an instant, precise, and real-time response from big data analysis to create new products and services, improve existing ones, and develop entirely new business models. Enterprises have begun to integrate big data and business intelligence to obtain real-time information, gain actionable insights, understand customer requirements, and facilitate overall productivity growth. Insurers are implementing digital transformation practices that are primarily focused on digital interactions with their customers. This factor has increased the demand for digital transformation solutions in the insurance industry.
Demand for Personalized Digital Transformation:
Several companies face unique business growth challenges, such as sales operations, enterprise collaboration, and digital customer base. Digital transformation solutions effectively address business-specific as well as industry-specific challenges. Insurance companies are providing highly personalized digital transformation solutions to address their customers' business growth challenges. Enterprises have massive amounts of consumer data, which is growing at an exponential rate. Most of these are typically not streamlined, which is where advanced technologies such as AI, big data, machine learning, and data analytics can generate actionable business insights and make a significant difference in revenue growth. As a result, insurance companies vendors concentrate on developing personalized digital transformation solutions that meet the specific needs of policyholders.
Key Benefits of the Report:
- This study presents an analytical depiction of the digital transformation in insurance market growth along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the digital transformation in insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Digital Transformation in Insurance Market Research Report:
- Which are the leading players active in the digital transformation in insurance market?
- What would be the detailed impact of COVID-19 on the digital transformation in insurance market growth?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the digital transformation in insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Digital Transformation In Insurance Market Report Highlights
By Deployment Model
By Enterprise Size
Key Market Players
Microsoft Corporation,, Alphasense Inc.,, Google, LLC,, International Business Machines Corporation,, Oracle Corporation, Cognizant,, SAP SE, Accenture,, HID Global Corporation,, FUJITSU,