InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Insurance Platform Market- (By Offering (Software, Services), By Application (Claims Management, Underwriting & Rating, Customer Relationship Management (CRM), Billing & Payments, Data Analytics, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, Predictive Modeling/Extreme Event Forecasting, Others), By Insurance Type (General Insurance, Automobile Insurance, Homeowners’ Insurance, Travel Insurance, Life Insurance, Cyber-Security Insurance, Others), By Technology (AI & ML, IoT, Blockchain, Data Analytics & Big Data, Regulatory Technology (Regtech), Others), By End-User (Insurance Companies, Insurance Agencies & Brokers, Third-Part Administrators (TPAs), Actuaries, Reinsurers)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Insurance Platform Market is valued at US$ 81.68 Bn in 2023, and it is expected to reach US$ 203.89 Bn by 2031, with a CAGR of 12.24 % during a forecast period of 2024-2031.
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The insurance platform enables insurers to transition away from complex core systems and towards increased technical agility and flexibility, digital fluency, and innovation in their existing business model. Furthermore, it assists a corporation in creating, managing, monitoring, and controlling the digital insurance ecosystem. The insurance platform includes APIs, artificial intelligence, cloud-native computing, machine learning, and other insurance-specific capabilities and information.
The growing deployment of IoT products is driving the digital insurance platform industry. The increased use of underwater acoustic modems in naval defence is a major factor driving market expansion. The shifting focus of insurers from product-based to consumer-centric strategies is increasing demand for digital insurance platform equipment. Other important reasons, such as increased insurer awareness of digital channels and technical improvement, will moderate the growth rate of the digital insurance platform market. Furthermore, the increased adoption of cloud-based digital solutions by insurers to achieve high scalability would boost the growth rate of the digital insurance platform market.
List of Prominent Players in the Insurance Platform Market:
• Microsoft (US)
• Adobe (US)
• Salesforce (US)
• IBM (US)
• Oracle (US)
• SAP (Germany)
• Pegasystems (US)
• DXC Technology (US)
• Guidewire Software (US)
• Duck Creek Technologies (US)
• Applied Systems (US)
• Fineos (Ireland)
• Cognizant (US)
• Appian (US)
• LTIMindtree (India)
• Prima Solutions (France)
• Majesco (US)
• EIS Group (US)
• Cogitate Technology Solutions (US)
• Vertafore (US)
• Sapiens International Corporation (Israel)
• Bolt Insurance (US)
• Inzura (UK)
• Britecore (US)
• Shift Technology (France)
• Zipari (US)
• Qauntemplate (US)
• PerfectQuote (US)
• Outsystems (US)
• Zywave (US)
• Socotra (US)
• InsuredMine (US)
• InsuredHQ (New Zealand)
• CodeMetro (US)
• AgencySmart (US)
• OneShield (US)
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Market Dynamics:
Drivers-
Major factors driving market expansion include insurers shifting from product-based to consumer-based strategies and increased global awareness of digital insurance channels. The digital channels enable insurers to transition from complex core systems to a business model that is more flexible, technological, innovative, and digitally fluent. The rising digitization of many sectors is a key driver driving market growth. The insurance industry is gradually embracing digital channels to provide insurance solutions to its consumers.
Challenges:
The increasing frequency of cyberattacks offers a severe challenge to the insurance platform business, necessitating a strong reaction from industry players. Cyber threats are becoming more sophisticated, attacking corporations and individuals, and the financial consequences of these attacks are significant. Platform insurance companies are under increasing pressure to provide complete coverage against cyber hazards. As cyberattacks evolve, insurers must continually adjust their policies and pricing models to effectively identify and mitigate these dangers.
Regional Trends:
The North America Insurance Platform Market is expected to register a major market share in terms of revenue, and it is projected to grow at a high CAGR in the near future. The North American region has seen tremendous expansion in the insurance sector, owing to various factors influencing the insurance platform market. AI, Big data, machine learning, analytics, and blockchain technologies propel insurance platform innovation. Companies use these technologies to improve client experiences, automate underwriting, and detect fraud. The economic stability and high GDP per capita of North America make it an ideal environment for insurance ventures. Economic stability encourages insurers to extend their digital products. These factors are expected to drive the market growth in the region.
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Recent Developments:
• In Aug 2023, IBM has been re-engaged by Fortitude to optimize and improve its third-party administration processes for annuities and life insurance. Fortitude Re and IBM formed a long-term strategic alliance to work together on expansion prospects with the goal of strengthening Fortitude Re’s standing as a top supplier of legacy reinsurance solutions worldwide. The businesses agreed to a 10-year, $450 million partnership to manage more than 4 million insurance policies.
• In July 2022, National Insurance Company Ltd. (NICL) has appointed Cognizant Technology Solutions as its technology provider responsible for overseeing and expediting its digital transformation. NICL was a prominent public-sector general insurance company in India.
Segmentation of Insurance Platform Market-
By Offering-
• Software
o Intelligent Document Processing
Digital Document Depository
Document Collaboration
Document Verification
Document Version Control
o Insurance Lead Management
Lead Tracking & Assignment
Lead Scoring & Nurturing
Lead Analytics
Cross-Selling & Upselling
o Insurance Workflow Automation
Claims Workflow Automation
Underwriting Workflow Automation
Customer Onboarding Automation
Compliance Workflow Automation
o Policy Management
Policy Insurance & Renewal
Policy Documentation
Policy Premium Calculations
Policy Quotation Management
o Video KYC/eKYC
Identity & Biometric Verification
Compliance Reporting
Audit Trails
o API & Micro-Services
API-Driven Insurance Integration Platforms
Partner Ecosystem Integration Platforms
API-Enabled Insurance Distribution Platforms
Micro-services
• Rating Microservices
• Document Generation Microservices
• Transaction Microservices
• Workflow Microservices
• Rating Microservices
• Utility Microservices
• Metadata Microservices
• Product Management Microservices
o Others
• Services
o Professional Services
Consulting & Advisory Services
Integration & Implementation Services
Custom Platform Design & Development Services
Training & Education Services
o Managed Services
By Application-
• Claims Management
o Virtual Claims Handling
o Claims Processing
o Claims Analytics
• Underwriting & Rating
o Group Insurance Underwriting
o Customer Risk Profiling
o Collaboration & Self-Services
o Pricing & Quote Management
• Customer Relationship Management (CRM)
o Customer Data Management
o Customer Interaction & Engagement
o Customer Support & Services
• Billing & Payments
o Premium Billing & Invoicing
o Online Payment Processing
o Reconciliation & Accounting
• Data Analytics
o Subrogation Analytics
o Performance Tracking & Reporting
o Fraud Detection & Prevention
• Compliance & Reporting
o Regulatory Compliance Management
o Reporting Automation
• Policy Administration, Collection & Disbursement
o Policy Creation & Modification
o Premium Collection
o Payout & Disbursement Management
• Sales & Marketing
o Agent & Broker Management
o Direct-To-Consumer Sales
o Digital Sales Enablement
• Property Estimation
o Property Valuation
o Claims Estimation
o Property Inspection
• Predictive Modeling/Extreme Event Forecasting
o Claims Severity Modelling
o Policy Recommendation Engines
o Extreme Event Analysis
o Catastrophe Modeling
• Others
By Insurance Type-
• General Insurance
o Health Care Insurance
Individual Health Insurance
Family Floater Insurance
Critical Illness Coverage
Senior Citizen Health Insurance
Group Health Insurance
• Automobile Insurance
o Car Insurance
o Bike Insurance
o Commercial Vehicle Insurance
• Homeowners’ Insurance
o Home Building Insurance
o Public Liability Coverage
o Standard Fire & Special Perils Policy
• Travel Insurance
o Trip Cancellation
o Medical Coverage
o Baggage Loss
• Life Insurance
o Term Life Insurance
Level Term Life Insurance
Increasing Term Insurance<
Decreasing Term Insurance
Return Of Premium Term Insurance
Convertible Term Plans
o Unit-Linked Insurance Plans (ULIP)
Type 1 ULIP
Type 2 ULIP
o Whole Life Insurance
Indexed Whole Life Insurance
Guaranteed Issue Whole Life Insurance
Limited Payment Whole Life Insurance
Joint Whole Life Insurance
Modified Whole Life Insurance
Reduced Paid-Up Whole Life Insurance
Simplified Issue Whole Life Insurance
Single-Premium Whole Life Insurance
Variable Whole Life Insurance
Whole Life Insurance For Children
• Cyber-Security Insurance
o Data Breach Coverage
o Cyber Extortion & Ransomware Coverage
o Regulatory Fines & Penalties Coverage
o Cyber Terrorism Insurance
• Others
By Technology-
• AI & ML
o Ai-Powered Underwriting Platforms
o ML-Based Claims Processing Platforms
o Ai-Driven Customer Service & Chatbot Platforms
o Insurance platform-Based Content Marketing
o Robotic Process Automation
o Others
• IoT
o IoT-Enabled Telematics Platforms
o Connected Home & Property Insurance Platforms
o Wearable Device Integration for Health Insurance
o Others
• Blockchain
o Blockchain-Based Insurance Platforms
o Smart Contract Insurance Platform
o Decentralized Insurance Platforms
o Others
• Data Analytics & Big Data
o Big Data Analytics For Risk Assessment
o Predictive Analytics For Pricing and underwriting
o Data-Driven Claims Processing Platforms
o Others
• Regulatory Technology (Regtech)
o Regulatory Compliance & Reporting Platforms
o KYC & AML Compliance Solutions
o Regulatory Risk Assessment & Management
o Others
• Others
By End-User-
• Insurance Companies
o Large Carriers
o Mid-Sized Carriers
o Small & Startup Insurers
• Insurance Agencies & Brokers
o Independent Agencies
o Brokerage Firms
o Online Aggregators
• Third-Part Administrators (TPAs)
o Claims Handing Firms
o Policy Management Service Providers
• Actuaries
• Reinsurers
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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