Digital Insurance Platform Market Size, Competitive Landscape, Revenue Analysis, 2020–2026

The global Digital Insurance Platform market is forecast to reach USD 262.34 Billion by 2026, according to a new report by Reports and Data. Digital Insurance platform is a tool or software that allows insurance companies to create, monitor, manage, and control the ecosystem of digital insurance. It helps and encourages companies to switch to the insurance process that is digitalized. These systems include claim management, policy implementation, regulatory filing, reinsurance management, and billing & premium accounting.

These platforms also provide a portal that offers customers easy and remote access to their databases. Many companies that offer digital insurance policies emphasize on delivering customized solutions along with end-to-end digital integration of business operations, application, and third-party services.

Moreover, companies are providing digital insurance as a service (DIaaS) as well, which includes primary insurance applications, infrastructure, and business process services in a single solution to clients. Digital Insurance as a Service (DIaaS) comprises of administration systems such as billing, claims, infrastructure, applications, and cybersecurity services.

The rapid increase in digitalization, especially in nations such as China, India, Brazil, and South Africa, is expected to provide a lucrative opportunity for the growth of the market. However, factors such as the limited penetration of advanced technology in emerging nations are expected to hinder the growth of the market.

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Further key findings from the report suggest
• Managed services held a larger market share of 67.8% in the year 2018. The providers of managed services help the organization in increasing their productivity and ensure services without any hassle with efficient utilization of resources. Managed services also help organizations to formulate strategies to solve complex business problems.
• Small and medium-sized enterprises (SMEs) grow with a higher CAGR of 13.7% during the forecast period. SMEs prefer cloud-based solutions instead of on-premises, and this is expected to grow over the forecast period. SMEs provide huge potential for growth in the digital insurance platform market.
• Insurance companies are forecasted to grow with a CAGR of 13.7% during the forecast period. These companies are investing in the growth of the digital sector as they are not only cost-effective but also makes the whole process easier for the clients and them.
• Cloud-based deployment type held the largest market share of 57.2% in the year 2018. Increasing understanding and awareness of the cloud has led companies to rely on cloud-based deployment more and more. It is a ‘gateway technology’ for the insurance companies to access other digital solutions. It is also a foundation for most of the insurance companies to introduce new functionalities to the marketplace.
• Automotive and transportation insurance companies are rapidly adopting the latest technologies to deliver new products to meet the continuously changing demand of consumers. APAC is forecasted to grow with the highest CAGR of 14.2% during the forecast period.
• The Asia Pacific region is forecasted to have the highest growth rate of 14.2% during the forecast period owing to the lucrative opportunities provided by the commercial investment in different industry verticals in the region. Rise of multinational companies is anticipated to explore the region by partnering and merging with local companies, technology partners, and channel partners.
• Key participants SAP, IBM, Microsoft, Oracle, Infosys, Pegasystems, TCS, DXC Technology, and Mindtree, among others.

Segments covered in the report:

Services Outlook (Revenue, USD Billion; 2016-2026)
• Managed Services
• Professional Services

Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
• Cloud
• On-Premises

Organization Size Outlook (Revenue, USD Billion; 2016-2026)
• Small and Medium-Sized Enterprises
• Large Enterprises

End-User Outlook (Revenue, USD Billion; 2016-2026)
• Insurance Companies
• Third-Party Administrators
• Aggregators

Application Outlook (Revenue, USD Billion; 2016-2026)
• Automotive and Transportation
• Home and Commercial Buildings
• Life and Health
• Business and Enterprise
• Consumer Electronics and Industrial Machines
• Travel
• Others

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

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Beneficial Aspects of the Report:

• Global and region forecast of the Digital Insurance Platform market from 2020-2027
• In-depth analysis of market dynamics, industry outlook, market size based on types and applications
• Details of value chain analysis, supply and demand ratio, production and consumption patterns
• SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide a better understanding of the market and competitive players
• Detailed insights on competitive landscape and emerging market trends

Research Methodology:

The market report is formulated on the basis of data obtained through extensive primary and secondary research. The data is further validated and verified by industry experts, research analysts, and professionals. The report considers regional demand and supply ratio, investments, market dynamics, capacity, end-use industry trends, and consumer behavior to generate a forecast report. The data is collected from verified sources such as government policies, regulatory published materials, journals, trade magazines, and verified data sources. The report uses advanced analytical tools such as SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis to provide an accurate insight into the market scenario and competitive landscape. This report provides beneficial information to companies and new players to make lucrative business decisions. The market estimates and forecast data have been thoroughly verified through exhaustive primary research.

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