CHICAGO, Oct. 3, 2023 /PRNewswire/ -- Digital innovation, data-driven decision-making, and an emphasis on customer-centric services will define the Insurance Platform Market in the future. Insurance platforms will be essential in determining the direction of the insurance sector as technology develops and consumer expectations change.
The Insurance Platform Market is set to experience rapid growth, projected to surge from USD 81.7 billion in 2023 to USD 156.0 billion by 2028, at a CAGR of 13.8% during the forecast period of 2023-2028, according to a new report by MarketsandMarkets. This remarkable expansion is driven by a confluence of factors. First and foremost, the insurance industry's relentless pursuit of digitization and automation is reshaping the insurance landscape, reducing operational costs, and enhancing customer experiences. Moreover, the increasing demand for personalized insurance solutions, powered by advanced data analytics and AI, is pushing insurers to invest heavily in platform-based technologies. Additionally, regulatory changes are accelerating the adoption of compliant platforms, while the rising popularity of insurtech startups and the need for seamless customer journeys are shaping the insuance platform market's future. In this dynamic landscape, insurance platforms are poised to revolutionize the industry, providing agility, efficiency, and innovation on an unprecedented scale.
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989 - Tables
73 - Figures
729 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | USD (Billion) |
Segments covered | Offering, Application, Insurance Type, Technology, End-user, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | Microsoft (US), Adobe (US), Salesforce (US), IBM (US), Oracle (US), SAP (Germany), Pegasystems (US), Accenture (Ireland), DXC Technology (US), Guidewire Software (US), Duck Creek Technologies (US), Applied Systems (US), Fineos (Ireland), Cognizant (US), Appian (US), LTIMindtree (India), Prima Solutions (France), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Vertafore (US), Sapiens International Corporation (Israel), Bolt Insurance (US), Inzura (UK), Britecore (US), Shift Technology (France), Zipari (US), Qauntemplate (US), PerfectQuote (US), Outsystems (US), Zywave (US), Socotra (US), InsuredMine (US), InsuredHQ (New Zealand), CodeMetro (US), AgencySmart (US), and OneShield (US). |
By offering, consulting and advisory services segment to register for the largest market share during the forecast period
Insurance platform consulting and advisory services play a pivotal role in guiding insurers through the ever-evolving landscape of digital transformation. These services, driven by the need for insurers to adapt to changing customer expectations and industry dynamics, offer expert insights and strategies. Growth in this sector is fueled by the increasing demand for customized digital solutions, regulatory compliance, and the pursuit of operational excellence. Key trends include harnessing advanced technologies like AI and blockchain to enhance underwriting and claims processing, as well as a strong emphasis on data analytics to optimize customer experiences.
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By insurance type, cybersecurity insurance segment is poised for the fastest growth rate during the forecast period
Cybersecurity insurance is a rapidly evolving segment within the Insurance Platform Market, addressing the need for protection against digital threats. It's driven by the expansion of cyberattacks and data breaches across industries, compelling businesses to safeguard their operations. Moreover, trends like increased demand for ransomware and social engineering coverage, along with stricter regulatory requirements, are reshaping the cybersecurity insurance landscape. As companies recognize the urgency of safeguarding their digital assets, this insurance type is poised for substantial growth within the broader Insurance Platform Market.
By region, Asia Pacific to account for highest growth rate during forecast period
The Asia Pacific Insurance Platform Market is witnessing remarkable growth, fueled by several key drivers and trends. Rapid urbanization and an expanding middle class are boosting insurance demand across the region. Moreover, the COVID-19 pandemic has accelerated the adoption of digital solutions, propelling insurers to invest in advanced insurance platforms for improved customer service and streamlined operations. Data analytics and artificial intelligence are being harnessed to enhance underwriting precision and detect fraudulent claims. Regulatory changes, particularly in markets like China and India, are promoting innovation and opening up opportunities for insurtech firms. As customer expectations evolve, insurers are embracing customer-centric approaches, providing personalized experiences through digital channels.
Top Key Companies in Insurance Platform Market:
Some major players in the Insurance Platform Market include Microsoft (US), Adobe (US), Salesforce (US), IBM (US), Oracle (US), SAP (Germany), Pegasystems (US), Accenture (Ireland), DXC Technology (US), and Cognizant (US).
Recent Developments:
- In September 2023, Microsoft and Majesco announced a strategic alliance aimed at driving long-term digital transformation for insurers. By leveraging Microsoft Cloud and Analytics capabilities, the partnership empowers customers with a scalable and secure intelligent cloud environment.
- In September 2023, DXC Technology collaborated with Polo Managing Agency (PMA), a prominent player in the Lloyd's insurance market. PMA will implement DXC Assure Commercial and Specialty, to harness the advanced capabilities of DXC's AI and ML-powered insurance platform.
- In August 2023, AXA acquired Laya Healthcare Limited from Corebridge Financial Inc., a subsidiary of AIG, for USD 693 million. Laya holds a significant position in the Irish health insurance market, serving nearly 700,000 policyholders. This move aligns with AXA's strategy to expand in the thriving European health insurance market while maintaining its leading position in the P&C market in Ireland.
- In May 2023, WTW, a leading global advisory, broking, and solutions company, launched Neuron, a sophisticated digital insurance platform. Neuron uses cutting-edge technology to help underwriters and brokers connect and trade more easily, improving the speed and cost of doing business through digitization, automation, and better use of data.
- In February 2023, Adobe partnered with Blue Insurance Limited, Hong Kong's major digital life insurer, to enhance digital customer experiences in the insurance sector. Blue will utilize Adobe Experience Cloud, including the Real-Time Customer Data Platform (RT-CDP) and Customer Journey Analytics (CJA), to gain a comprehensive view of potential and existing customers and create consistent, engaging, and personalized interactions.
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Insurance Platform Market Advantages:
- Insurance platform automation lowers administrative costs by streamlining policy management, from underwriting and issuance to policy renewals and claims processing.
- By utilising automation and artificial intelligence (AI) to perform repetitive processes like data entry and policy verification, these platforms increase productivity and lower mistake rates.
- These systems boost productivity and reduce error rates by using automation and artificial intelligence (AI) to carry out monotonous tasks like data entry and policy verification.
- Data analytics are used by insurance platforms to evaluate risk, determine prices, and customise insurance services, resulting in more affordable premiums and customised coverage.
- These platforms' automated underwriting procedures expedite policy approval, enabling insurers to issue insurance more quickly.
- The amount of time it takes for policyholders to obtain compensation in the event of a covered loss is decreased via quicker claims processing using digital platforms.
- Insurance platforms make it easier for clients to access and preserve crucial documents by enabling the digitization of contracts and policy documents.
- Platforms employ data insights to find cross- and up-selling opportunities, boosting sales and retaining customers.
- These platforms' sophisticated data analytics and modelling assist insurers in making more accurate risk assessments, which improve risk management and pricing strategies.
- Report Objectives
- To define, describe, and predict the Insurance Platform Market by offering (software and services), technology, application, insurance type, end-user, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Insurance Platform Market
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies.
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Insurance Platform Market
- To analyze the impact of recession across all the regions across the Insurance Platform Market
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