The growing awareness of digitized channels and the shift in focus from product-based strategies to consumer-centric strategies is driving the market.

Digital Insurance Platform Market Size – $ 92.91 Billion in 2018, Market Growth – 13.5% CAGR, Market Trends – Rapid Adoption of Internet of Things (IoT) Products.

The Global Digital Insurance Platform Market is expected to reach $ 262.34 billion by 2026, according to a new report from Reports and Data. The digital insurance platform is a tool or software that enables insurance companies to create, monitor, manage and control the digital insurance ecosystem. It helps and encourages companies to switch to the digital insurance process. These systems include claims management, policy implementation, regulatory filing, reinsurance management, and premium billing and accounting.

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

In addition, companies also provide Digital Assurance as a Service (DIaaS), which includes primary assurance applications, infrastructure, and business process services in a single solution to customers. Digital Insurance as a Service (DIaaS) includes administration systems such as billing, claims, infrastructure, applications and cybersecurity services.

Key participants Accenture, SAP, IBM, Microsoft, Oracle, Infosys, Pegasystems, TCS, DXC Technology and Mindtree, among others.

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Other key findings from the report suggest

  • Managed Services held a larger market share of 67.8% in 2018. Managed Service Providers help the organization to increase productivity and deliver trouble-free services with efficient use of resources. Managed services also help organizations formulate strategies to solve complex business problems.
  • Small and Medium Enterprises (SMEs) grow at a higher CAGR of 13.7% during the forecast period. SMBs prefer cloud-based rather than on-premise solutions, and this is expected to increase over the forecast period. SMEs offer enormous growth potential in the digital insurance platform market.
  • Insurance companies are expected to grow with a CAGR of 13.7% during the forecast period. These companies invest in the growth of the digital sector because they are not only profitable, but also make the whole process easier for customers and for them.
  • The cloud-based type of deployment held the largest market share of 57.2% in 2018. Increased understanding and awareness of the cloud has led companies to increasingly rely on cloud-based deployment . It is a “gateway technology” allowing insurance companies to access other digital solutions. It is also a basis for most insurance companies to introduce new features to the market.
  • Auto and transportation insurance companies are rapidly adopting the latest technology to deliver new products to meet ever-changing consumer demand. APAC is expected to grow with the highest CAGR of 14.2% during the forecast period.
  • The Asia-Pacific region is expected to have the highest growth rate of 14.2% during the forecast period owing to the lucrative opportunities offered by business investments in different industrial sectors in the region. The rise of multinational companies is expected to explore the region by partnering and merging with local companies, technology partners and distribution partners.

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For the purpose of this report, reports and data have been segmented on the global Digital Insurance Platform market on the basis of services, type of deployment, organization size, end user , applications and region:

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

  • Managed Services
  • Professional services

Outlook Deployment Type (Revenue, USD Billion; 2016-2026)

Organization Size Outlook (Revenue, USD Billion; 2016-2026)

  • Small and medium enterprises
  • Large companies

End User Outlook (Revenue, USD Billion; 2016-2026)

  • Insurance companies
  • Third-party administrators
  • Aggregators

Application Outlook (Revenue, USD Billion; 2016-2026)

  • Automotive and Transportation
  • Residential and commercial buildings
  • Life and health
  • Business and enterprise
  • Consumer electronics and industrial machines
  • To travel
  • Others

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Regional Outlook (Revenue, USD Billion; 2016-2026)

  • North America
  • Europe
  • Asia Pacific
  • MEA
  • Latin America

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