Digital Insurance Platform Market Analysis, Size, Share, Growth, Trends, Forecast, 2024-2033 | Top Major Key Players, Competitive Landscape

The digital insurance platform market size has grown rapidly in recent years. It will grow from $124.43 billion in 2023 to $140.81 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to customer demand for seamless digital experiences, regulatory changes driving digital transformation, globalization of insurance services, emergence of new distribution channels, operational efficiency and cost reduction.

The digital insurance platform market size is expected to see rapid growth in the next few years. It will grow to $231.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increased emphasis on customer engagement, rise of usage-based insurance models, expansion of digital ecosystems, focus on climate and environmental risks, rising cybersecurity concerns. Major trends in the forecast period include collaboration with insurtech startups, integration with iot devices, advancements in blockchain technology, artificial intelligence for automation, on-demand insurance models.

Market Overview -
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.

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Cloud Computing's Influence On The Thriving Digital Insurance Platform Market
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, a 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.

Competitive Landscape -
Major companies operating in the digital insurance platform market report are International Business Machines Corporation, Microsoft Corp., Infosys Ltd., Pegasystems Inc., Oracle Corp., Tata Consultancy Services Limited, Cognizant Technology Solutions Corp., 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., OutSystems Inc., PolicyBazaar.com, PolicyGenius Inc., PolicyPal Network Technology Co. Ltd., PolicyX.com, Quantemplate Technologies Inc., Root Insurance Company, Slice Labs Inc., Trov Inc., Wefox Group GmbH, Zego Insurance Services Limited, Acko General Insurance Limited, Cover Genius Pty. Ltd., Shift Technology Inc.

Technological Breakthrough In 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.

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Key Segments -
The digital insurance platform market covered in this report is segmented -
1) By Deployment: Cloud, On-Premise
2) By Professional Service: Consulting, Implementation, Support And Maintenance
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Automotive And Transportation, Home And Commercial Buildings, Life And Health, Business And Enterprise, Consumer Electronics, Industrial Machines, Travel
5) By End-User: Insurance Companies, Third-Party Administrators And Brokers, Aggregators

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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