Property & Casualty (P&C) Insurance Core Platform Market Rising Trends and Global Outlook 2021-2030

P&C core platform offers operational functions such as claims management, underwriting policy issuance, billings, & quotation of a property and casualty insurer. They are mostly offered as a software suite of applications that covers the entire insurance life cycle. P&C core platforms cover a variety of IT systems that support the critical operational functions of a P&C insurer. Insurers can also execute these operational functions on cloud platforms, thus maximizing efficiency and reducing time.

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Competitive Landscape

The P&C core platform market is comprised of various market players such as Guidewire (InsuranceSuite & InsuranceNow), Duck Creek Technologies, Majesco, BriteCore, Insuresoft, Sapiens, Insurity, EIS, OneShield (Market Solutions & Enterprise), and DRC. These market players are adopting various product launch strategies and planning expansion of business across various regions to maintain their dominance in the Property & Casualty (P&C) Insurance Core Platform Market. For instance, on November 18, 2021, Majesco, a worldwide leader of cloud insurance platform software for insurance business transformation, announced the overall availability of the version 12 of the market-leading Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C. Such innovative product launches are contributing towards the expansion of the P&C Core platform market.

Market Dynamics and Trends

P&C core platform provides cost-effective solutions for insurers as financial institutes can integrate all their business operations into one or more P&C core platforms. It not only reduces the cost but also eliminates the administrative burden of integrating and managing multiple contrasting systems. Also, technological advancements in the field of insurance has led to higher adoption of the core platforms, as they offer automation and artificial intelligence capabilities. Moreover, factors such as rising adoption of online insurance services, consumer demand and adoption of software platforms by insurance companies to gain a 360-degree view of the customer by leveraging real-time data through a single interface, analyze, and predict customer behavior and thereby uncover new opportunities for cross-selling or upselling have led to the increased demand for the P&C core platform market.

However, security concerns over the protection of personal data from hackers is a major restraining factor towards the growth of the market during the forecast period. On the contrary, growing use of core platforms and surge in demand for technology-based insurance platforms such as artificial intelligence and machine learning are expected to create ample growth opportunities for the market in the coming years.

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Geographical Analysis

Asia-Pacific holds the lion share of P&C core platform market during the forecast period. This is attributed to factors such as increasing demand for platform-based insurance services in countries such as China, India, and South Korea owing to increasing number of P&C premiums. In addition, rapid technological developments in the insurance industry, in the region is expected to provide lucrative opportunities in the upcoming years.

However, North America is expected to show a steady rise in the P&C core platform market due to the rapidly increasing adoption of technology in the insurance industry in this region. Moreover, rising focus on the development of insurance products based on artificial intelligence and machine learning are expected to drive the P&C core platform market growth in this region.

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