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.
Global Digital Insurance Platform Industry Share By 2025 (USD Billion)
The research methodology used to estimate and forecast the digital insurance platform market began with the collection and analysis of the data on the key vendors’ product offerings and business strategies from the secondary sources. These secondary sources include Information Technology (IT) services providers, technology providers, press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva. Moreover, vendor offerings have been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the digital insurance platform market from the revenue of the key market solutions and services providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through the primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.
Global Digital Insurance Platform Industry Breakdown
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 digital insurance platform providers’ prime responsibility is to ensure the proper deployment and integration of digital insurance solutions as per the specific requirements of clients. The digital insurance platform provider’s services are segmented into managed services and professional services, which comprise consulting, implementation, and support and maintenance. Enterprises are majorly adopting managed services, as managed service providers would take care of digital insurance platforms while enterprises can focus on their core business competencies.
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.
Global Digital Insurance Platform Industry By Region 2025
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. Rising research and development expenses cater to changing demand of end users. Similarly, growth strategies such as acquisition, the collaboration of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
SWOT Analysis of Digital Insurance Industry:
Rising demand for IoT technology
Struggle to Integrate Coverage Platforms with Legacy Systems
Implementation of Cloud-Based Solutions
Lack of Skilled Employees
The Global Digital Insurance Platform Industry is segmented on the basis of the component, deployment services, services, insurance application, and region. The major shares of the Industry come from automotive and transportation, by technology in Global Digital Insurance Platform Industry. On the other hand, professional camera, by application for this Industry is expected to
SWOT Analysis of Digital Insurance Industry:
• Managed Services
• Professional Services
By Professional Service
• Support and Maintenance
By Insurance Application
• Life and Health
• Business and Enterprise
• Automotive and Transportation
• Consumer Electronics and Industrial Machines
• Home and Commercial Buildings
By Deployment Service
• North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East & Africa