Insurance Platform Market
PUBLISHED: 2024 ID: SMRC25920
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Insurance Platform Market

Insurance Platform Market Forecasts to 2030 - Global Analysis By Type (Data Platform, Business Platform and Other Types), Insurance Type, Offering, Technology, Application, End User and By Geography

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4.9 (17 reviews)
Published: 2024 ID: SMRC25920

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Insurance Platform Market is accounted for $81.7 billion in 2023 and is expected to reach $228.1 billion by 2030 growing at a CAGR of 15.8% during the forecast period. An insurance platform is essentially a software infrastructure that powers various aspects of the insurance industry. These platforms are designed to streamline processes, enhance communication, and improve overall efficiency within the insurance industry. They leverage advanced technologies like data analytics, artificial intelligence (AI), and automation to streamline these processes.

According to IRDA(Insurance Regulatory and Development Authority), In India, there were 67 insurers in operation at the end of the last fiscal year. Out of these, five were independent health insurers, 27 were general insurers, and 24 were life insurers. 11 reinsurers, including branches of overseas reinsurers, were also present in the nation.

Market Dynamics: 

Driver: 

Increasing demand for digital insurance channels

As customers increasingly prefer seamless online experiences, insurance providers are expanding their digital offerings to meet these expectations. This trend is driven by the convenience and accessibility of digital platforms, which enable users to research, purchase, and manage insurance policies conveniently from their devices. Consequently, companies in the Insurance Platform market are prioritizing digital transformation to capitalize on this growing demand and stay competitive.

Restraint:

Complexity of legacy systems integration

Integrating legacy systems into the market presents a multifaceted challenge due to diverse data formats, outdated technologies, and intricate dependencies. This complexity is compounded by regulatory compliance requirements and the need for seamless interoperability across various modules. Furthermore, legacy systems often lack robust APIs, necessitating custom middleware for integration. Balancing these technical intricacies with business continuity demands a meticulous approach, including comprehensive testing and gradual migration strategies.

Opportunity:

Growing cloud adoption

The market is witnessing a significant surge in cloud adoption. Insurance companies are increasingly leveraging cloud technologies to enhance operational efficiency, scalability, and agility. Cloud platforms offer advanced analytics, streamlined processes, and improved customer experiences. With the growing volume of data, cloud solutions enable better data management, analysis, and decision-making. This shift towards cloud adoption is reshaping the insurance industry, driving innovation and competitiveness among market players.

Threat:

Data security and privacy concerns

With the digitization of sensitive information like policy details and client data, safeguarding against cyber threats becomes paramount. The risk of data breaches, identity theft, and unauthorized access poses significant challenges. Compliance with regulations adds complexity, requiring robust encryption, access controls, and regular audits. Balancing innovation with security measures is crucial to fostering trust and ensuring the integrity of insurance platforms.

Covid-19 Impact: 

The COVID-19 pandemic profoundly impacted the market, triggering shifts in customer behavior and industry practices. Insurers rapidly adopted digital platforms for remote operations, accelerating the digitization trend. Increased demand for contactless services and personalized coverage drove innovation in AI-driven underwriting and customer service solutions. However, the economic downturn affected premium growth and led to higher claims, prompting insurers to reassess risk models and enhance resilience strategies.

The general insurance segment is expected to be the largest during the forecast period

The general insurance segment is expected to be the largest during the forecast period. It encompasses property insurance, liability insurance, automobile insurance, and more. This sector caters to individuals, businesses, and organizations, providing financial protection against various risks and uncertainties. With technological advancements and digitalization, general insurance within insurance platforms has become more accessible, efficient, and customizable, meeting diverse customer needs in today's dynamic environment.

The property estimation segment is expected to have the highest CAGR during the forecast period

The property estimation segment is expected to have the highest CAGR during the forecast period. Advanced technologies such as AI, data analytics, and machine learning are leveraged to evaluate property values based on various factors like location, size, condition, and historical data. This enables insurance providers to offer competitive and customized policies while minimizing potential losses due to inaccurate estimations. Efficient property estimation also enhances customer satisfaction by ensuring fair and transparent pricing strategies.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. Key trends include the adoption of digital technologies like AI and blockchain for enhanced customer experience and operational efficiency. Insurtech startups are disrupting traditional models, prompting established companies to invest in digital transformation. Regulatory changes and evolving customer expectations continue to shape the landscape, driving collaboration and partnerships across the industry.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. The insurance industry in the region is undergoing a digital transformation, with companies adopting advanced technologies like artificial intelligence, machine learning, blockchain, and big data analytics. This shift is driving the demand for insurance platforms that can support these technologies and provide a seamless digital experience to customers.

Key players in the market

Some of the key players in Insurance Platform market include Pegasystems, Accenture, DXC Technology, Microsoft, Adobe, Salesforce, IBM, Duck Creek Technologies, Applied Systems, Fineos, Cognizant, Oracle, SAP, Appian, LTIMindtree, Prima Solutions, Majesco, EIS Group and Guidewire Software.

Key Developments:

In September 2023, Majesco, one of the global leaders in cloud insurance software solutions, and Microsoft entered a strategic alliance to drive long-term digital transformation for insurers. The partnership empowers consumers with a scalable and secure intelligent cloud environment by leveraging Microsoft Cloud and Analytics capabilities.

In April 2023, EY organization announced a partnership with the EIS Group Inc (EIS), one of the global digital insurance platform providers, and Ernst & Young LLP (EY US) to assist clients in executing and combining EIS' cloud-native and digital insurance platform, a primary application programming interface, to address challenges and future requirements in the insurance industry.

Types Covered:
• Data Platform
• Business Platform
• Other Types

Insurance Types Covered:
• Automobile Insurance
• General Insurance
• Homeowners’ Insurance
• Travel Insurance
• Life Insurance
• Cyber-Security Insurance
• Other Insurance Types

Offerings Covered:
• Services 
• Software 

Technologies Covered:
• Blockchain
• Data Analytics & Big Data
• Regulatory Technology
• Other Technologies 

Applications Covered:
• Claims Management
• Billing & Payments
• Underwriting & Rating
• Customer Relationship Management (CRM)
• Sales & Marketing
• Property Estimation
• Other Applications 

End Users Covered:
• Insurance Companies
• Third-Part Administrators (TPAs)
• Insurance Agencies & Brokers
• Actuaries
• Reinsurers
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary      
        
2 Preface       
 2.1 Abstract      
 2.2 Stake Holders     
 2.3 Research Scope     
 2.4 Research Methodology    
  2.4.1 Data Mining    
  2.4.2 Data Analysis    
  2.4.3 Data Validation    
  2.4.4 Research Approach    
 2.5 Research Sources     
  2.5.1 Primary Research Sources   
  2.5.2 Secondary Research Sources   
  2.5.3 Assumptions    
        
3 Market Trend Analysis     
 3.1 Introduction     
 3.2 Drivers      
 3.3 Restraints     
 3.4 Opportunities     
 3.5 Threats      
 3.6 Technology Analysis    
 3.7 Application Analysis    
 3.8 End User Analysis     
 3.9 Emerging Markets     
 3.10 Impact of Covid-19     
        
4 Porters Five Force Analysis     
 4.1 Bargaining power of suppliers    
 4.2 Bargaining power of buyers    
 4.3 Threat of substitutes    
 4.4 Threat of new entrants    
 4.5 Competitive rivalry     
        
5 Global Insurance Platform Market, By Type   
 5.1 Introduction     
 5.2 Data Platform     
 5.3 Business Platform     
 5.4 Other Types     
        
6 Global Insurance Platform Market, By Insurance Type   
 6.1 Introduction     
 6.2 Automobile Insurance    
 6.3 General Insurance     
 6.4 Homeowners’ Insurance    
 6.5 Travel Insurance     
 6.6 Life Insurance     
 6.7 Cyber-Security Insurance    
 6.8 Other Insurance Types    
        
7 Global Insurance Platform Market, By Offering   
 7.1 Introduction     
 7.2 Services      
  7.2.1 Professional Services   
  7.2.2 Managed Services    
 7.3 Software      
  7.3.1 Intelligent Document Processing  
  7.3.2 Insurance Workflow Automation  
  7.3.3 Policy Management    
  7.3.4 Micro-Services    
        
8 Global Insurance Platform Market, By Technology   
 8.1 Introduction     
 8.2 Blockchain     
 8.3 Data Analytics & Big Data    
 8.4 Regulatory Technology    
 8.5 Other Technologies     
        
9 Global Insurance Platform Market, By Application   
 9.1 Introduction     
 9.2 Claims Management    
 9.3 Billing & Payments     
 9.4 Underwriting & Rating    
 9.5 Customer Relationship Management (CRM)  
 9.6 Sales & Marketing     
 9.7 Property Estimation     
 9.8 Other Applications     
        
10 Global Insurance Platform Market, By End User   
 10.1 Introduction     
 10.2 Insurance Companies    
 10.3 Third-Part Administrators (TPAs)   
 10.4 Insurance Agencies & Brokers    
 10.5 Actuaries      
 10.6 Reinsurers     
 10.7 Other End Users     
        
11 Global Insurance Platform Market, By Geography   
 11.1 Introduction     
 11.2 North America     
  11.2.1 US     
  11.2.2 Canada     
  11.2.3 Mexico     
 11.3 Europe      
  11.3.1 Germany     
  11.3.2 UK     
  11.3.3 Italy     
  11.3.4 France     
  11.3.5 Spain     
  11.3.6 Rest of Europe    
 11.4 Asia Pacific     
  11.4.1 Japan     
  11.4.2 China     
  11.4.3 India     
  11.4.4 Australia     
  11.4.5 New Zealand    
  11.4.6 South Korea    
  11.4.7 Rest of Asia Pacific    
 11.5 South America     
  11.5.1 Argentina    
  11.5.2 Brazil     
  11.5.3 Chile     
  11.5.4 Rest of South America   
 11.6 Middle East & Africa    
  11.6.1 Saudi Arabia    
  11.6.2 UAE     
  11.6.3 Qatar     
  11.6.4 South Africa    
  11.6.5 Rest of Middle East & Africa   
        
12 Key Developments      
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures 
 12.2 Acquisitions & Mergers    
 12.3 New Product Launch    
 12.4 Expansions     
 12.5 Other Key Strategies    
        
13 Company Profiling      
 13.1 Pegasystems     
 13.2 Accenture     
 13.3 DXC Technology     
 13.4 Microsoft      
 13.5 Adobe      
 13.6 Salesforce     
 13.7 IBM      
 13.8 Duck Creek Technologies    
 13.9 Applied Systems     
 13.10 Fineos      
 13.11 Cognizant     
 13.12 Oracle      
 13.13 SAP      
 13.14 Appian      
 13.15 LTIMindtree     
 13.16 Prima Solutions     
 13.17 Majesco      
 13.18 EIS Group      
 13.19 Guidewire Software    
        
List of Tables       
1 Global Insurance Platform Market Outlook, By Region (2021-2030) ($MN)
2 Global Insurance Platform Market Outlook, By Type (2021-2030) ($MN) 
3 Global Insurance Platform Market Outlook, By Data Platform (2021-2030) ($MN)
4 Global Insurance Platform Market Outlook, By Business Platform (2021-2030) ($MN)
5 Global Insurance Platform Market Outlook, By Other Types (2021-2030) ($MN)
6 Global Insurance Platform Market Outlook, By Insurance Type  (2021-2030) ($MN)
7 Global Insurance Platform Market Outlook, By Automobile Insurance (2021-2030) ($MN)
8 Global Insurance Platform Market Outlook, By General Insurance (2021-2030) ($MN)
9 Global Insurance Platform Market Outlook, By Homeowners’ Insurance (2021-2030) ($MN)
10 Global Insurance Platform Market Outlook, By Travel Insurance (2021-2030) ($MN)
11 Global Insurance Platform Market Outlook, By Life Insurance (2021-2030) ($MN)
12 Global Insurance Platform Market Outlook, By Cyber-Security Insurance (2021-2030) ($MN)
13 Global Insurance Platform Market Outlook, By Other Insurance Types (2021-2030) ($MN)
14 Global Insurance Platform Market Outlook, By Offering (2021-2030) ($MN)
15 Global Insurance Platform Market Outlook, By Services (2021-2030) ($MN)
16 Global Insurance Platform Market Outlook, By Professional Services (2021-2030) ($MN)
17 Global Insurance Platform Market Outlook, By Managed Services (2021-2030) ($MN)
18 Global Insurance Platform Market Outlook, By Software (2021-2030) ($MN)
19 Global Insurance Platform Market Outlook, By Intelligent Document Processing (2021-2030) ($MN)
20 Global Insurance Platform Market Outlook, By Insurance Workflow Automation (2021-2030) ($MN)
21 Global Insurance Platform Market Outlook, By Policy Management (2021-2030) ($MN)
22 Global Insurance Platform Market Outlook, By Micro-Services (2021-2030) ($MN)
23 Global Insurance Platform Market Outlook, By Technology (2021-2030) ($MN)
24 Global Insurance Platform Market Outlook, By Blockchain (2021-2030) ($MN)
25 Global Insurance Platform Market Outlook, By Data Analytics & Big Data (2021-2030) ($MN)
26 Global Insurance Platform Market Outlook, By Regulatory Technology (2021-2030) ($MN)
27 Global Insurance Platform Market Outlook, By Other Technologies (2021-2030) ($MN)
28 Global Insurance Platform Market Outlook, By Application (2021-2030) ($MN)
29 Global Insurance Platform Market Outlook, By Claims Management (2021-2030) ($MN)
30 Global Insurance Platform Market Outlook, By Billing & Payments (2021-2030) ($MN)
31 Global Insurance Platform Market Outlook, By Underwriting & Rating (2021-2030) ($MN)
32 Global Insurance Platform Market Outlook, By Customer Relationship Management (CRM) (2021-2030) ($MN)
33 Global Insurance Platform Market Outlook, By Sales & Marketing (2021-2030) ($MN)
34 Global Insurance Platform Market Outlook, By Property Estimation (2021-2030) ($MN)
35 Global Insurance Platform Market Outlook, By Other Applications (2021-2030) ($MN)
36 Global Insurance Platform Market Outlook, By End User (2021-2030) ($MN)
37 Global Insurance Platform Market Outlook, By Insurance Companies (2021-2030) ($MN)
38 Global Insurance Platform Market Outlook, By Third-Part Administrators (TPAs) (2021-2030) ($MN)
39 Global Insurance Platform Market Outlook, By Insurance Agencies & Brokers (2021-2030) ($MN)
40 Global Insurance Platform Market Outlook, By Actuaries (2021-2030) ($MN)
41 Global Insurance Platform Market Outlook, By Reinsurers (2021-2030) ($MN)
42 Global Insurance Platform Market Outlook, By Other End Users (2021-2030) ($MN)
        
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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