Digital Insurance Platform Market by Component (Solution and Service), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises (SMEs)), Application (Automotive Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture, and Others), and End User (Insurance Companies, Aggregators, and Third-Party Administrators & Brokers): Global Opportunity Analysis and Industry Forecast, 2021-2030

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With becoming a data-driven industry, companies operating in the insurance sector are continuing to adopt, implement, and invest in digital insurance platform, which has become a major trend in the market. Owing to COVID-19 outbreak, government mandated lockdowns & business shutdowns have caused serious disruptions in value chain of businesses. Therefore, insurance companies have changed their business model and are switching toward completely online mode of channels. Therefore, these are some of the fluctuating trends among insurance companies & digital insurance platform providers during the pandemic situation. Moreover, digital insurance platform is evolving rapidly and helps insurers to satisfy the consumer needs and changing the insurance industry’s reputation from conservative & inflexible to highly personalized and user-friendly.

Furthermore, the COVID-19 global health crisis has accelerated the adoption of digital insurance platform among insurers to emphasize their digital transformation efforts and help accelerate virtual interactions in sales & claim settlements and reducing overall operating expenses. In addition, advanced digital insurance platform helps insurance carriers to create new & innovative offerings and sustain in the competitive business environment. 

The digital insurance platform market is fragmented with the presence of regional vendors such as Majesco, Zhongan Insurance, and DXC Technology Company. Some of the key players profiled in the digital insurance platform market report include EIS Software Limited, Lemonade Insurance Company, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, and Wipro Limited. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for digital insurance platform across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.