The global Digital Insurance Platform market is anticipated to increase at a 14.3% CAGR to reach value USD 328.54 billion in 2028
The Digital Insurance Platform is a business model that allows insurance sector players to connect to multiple critical challenges in building high value ecosystems through a single unified framework. The platform helps insurers to move from traditional business processes to digital to high value insurance ecosystems. It allows insurers to scale up and down their operations with built-in end-to-end functionality. Digital insurance platforms allow insurance providers to provide central core schemes with productivity and to differentiate between customer experience and ease of composition.
The aim of the report is to estimate the size of the market for Digital Insurance Platform and the future growth potential of the market for Digital Insurance Platform across various segments, such as base service type, Deployment and industry vertical industry. The base year considered for the analysis is 2019 and from 2020 to 2028 the market size is estimated.
The primary duty of providers of digital insurance platforms is to ensure that digital insurance technologies are correctly implemented and incorporated in accordance with the unique needs of customers. The digital insurance network provider's services are divided into consulting, implementation, support and maintenance management and technical services. Managed services are primarily used by businesses as managed service providers take control of digital insurance channels, while companies can rely on their core business skills. In addition, Digital Insurance as a Service (DIaaS) provides businesses integrating major insurance, technology and service applications into business processes in a single way to provide consumers with effective and efficient insurance solutions. DIaaS provides omni-channel digital customer engagement channels, accounting and claims management systems, application and technology services, and cyber security.
In addition, Things Internet Adopting Products (IoT) is growing, by rising assurers' attention to customer-centered strategies and insurers' awareness of digitizing networks. The growth will increase digital insurance platforms. A key factor that will limit the growth of the digital platform industry is that digital insurance platforms are difficult to integrate with legacy structures.
North America is estimated to have the largest market share in 2018, with the APAC projected to increase to the highest CAGR during the forecast period. In view of the untapped opportunities and increased commercial investment in various vertical industries in the country, APAC is expected to be a cash-spinner market for providers of digital insurance platforms during the forecast period. The exploration of the APAC market by partners with local companies, channel partners and technology partners is expected to be a priority for multiple companies.
Digital Insurance Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 328.54 billion|
|Growth Rate||CAGR of 14.3 % during 2021-2028|
|Segment Covered||By Professional Service, By End-User, By End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM, Microsoft, Infosys, Pegasystems, Oracle, SAP, Accenture, TCS, Cognizant and DXC Technology.|
Key Segments of the Global Digital Insurance Platform Market
Component Overview, 2018-2028 (USD Million)
Deployment, 2018-2028 (USD Million)
Industry Vertical 2018-2028 (USD Million)
- Automotive and Transportation
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Consumer Electronics and Industrial Machines
Important Companies in Global Digital Insurance Platform market
- CodeEast Digital Systems Ltd.
- Mindtree Ltd.
- DXC Technology Company
- Inzura Ltd.
- Lemonade Insurance Company
- EIS Group Software Ltd.
- Cogitate Technology Solutions, LLC.
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of Digital Insurance Platform Market Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on Digital Insurance Platform Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, Deployment, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Digital Insurance Platform Market. The report will benefit: Every stakeholder involved in the Digital Insurance Platform Market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about Digital Insurance Platform Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Digital Insurance Platform Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.