Major players in the digital insurance platform market are International Business Machines Corporation, Microsoft Corp., Infosys Ltd., Pegasystems Inc., Oracle Corp., Accenture Inc., Tata Consultancy Services Limited, Cognizant Technology Solutions Corp.
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Digital Insurance Platform Global Market Report 2023” – https://www.reportlinker.com/p06479726/?utm_source=GNW
, Majesco Inc., DXC Technology Co., Appian Corp., Mindtree Ltd., Prima Solutions SA, SAP SE, EIS Software Limited, Fineos Corporation Ltd., Inzura Limited, Cogitate Technology Solutions Inc.
The global digital insurance platform market is expected to grow from $109.86 billion in 2022 to $124.43 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital insurance platform market is expected to reach $202.66 billion in 2027 at a CAGR of 13%.
The digital insurance platform market includes revenues earned by entities by providing life insurance, haven life insurance, business insurance, next insurance and homeowners insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A digital insurance platform refers to an insurance business that uses technologies to offer consumers effective and customized insurance solutions by streamlining internal processes. It gives customers a more efficient and personalized experience, boosts productivity, cuts costs, and raises customer happiness, all of which help insurers gain a competitive edge.
North America was the largest region in the digital insurance platform market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in digital insurance platform report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The deployment type of digital insurance platforms includes cloud and on-premise.Cloud computing refers to a type of technology that allows customers to access storage spaces.
The professional services include consulting, implementation, support, and maintenance for large and small, and medium enterprise organizations. It is used for various applications such as automotive and transportation, home and commercial buildings, life and health, business and enterprise, consumer electronics, industrial machines and travel for end-users including insurance companies, third-party administrators and brokers and aggregators.
The growing adoption of cloud computing is expected to propel the growth of the digital insurance platform market going forward. Cloud computing refers to a type of technology that allows customers to access storage spaces. files, applications, and databases via internet-connected devices such as desktops, laptops, tablets, and sensors. Cloud computing services are beneficial to the digital insurance platform market because they store and evaluate information at a location separate from their clients. For instance, according to Eurostat, an UK-based Directorate-General of the European Commission, in 2021, 41% of EU businesses used the cloud for file storage and e-mail. And, the EU, cloud computing usage grew in 2021 compared to 2020, especially in the retail sector . Therefore, growing cloud adoption is driving the growth of the digital insurance platform market.
Technological advancements are a key trend gaining popularity in the digital insurance platform market.Major companies operating in the digital insurance platform market are adopting new technologies to sustain their position in the market.
For instance, in August 2021, Mosaic Insurance, a Canada-based insurance company that provides a digital operating model, and DXC Technology Company, a US-based IT service company, together launched an innovative new insurance technology platform that increases the speed at which specialty insurance is sold, underwritten, and serviced.Multiple DXC technology services drive the new platform, including DXC Assure for commercial and specialty, business process outsourcing, apps, analytics and engineering, cloud, and security.
The model’s release marks a significant advancement in the global insurance sector, integrating best practices in insurance processing with cutting-edge technology.
In December 2021, Credible Labs Inc., a US-based digital lending marketplace acquired Young Alfred LLC for an undisclosed amount. This acquisition is expected to give consumers a one-stop shop for lending and insurance needs after integrating Young Alfred’s technology and marketplace onto Credible’s platform, leveraging the team’s expertise, and providing personalized recommendations to consumers across a broad range of products. Young Alfred is a US-based digital insurance platform.
The countries covered in the digital insurance platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.