The "Digital Insurance Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Digital Insurance Platform Market is expected to register a CAGR of over 12.5% during the forecast period (2021-2026).
DXC Technology Company
Prima Solutions SA
EIS Software Limited
Key Market Trends
Cloud to Witness Highest Growth
Cloud computing has been experiencing tremendous growth recently and is increasingly being adopted by insurers. Looking at its immense potential, insurers consider building a strategy around cloud technology to keep competitors at bay.
Cloud-based insurance solutions can offer better social listening and higher conversion rates from opportunity to sale through targeted campaign management and improved opportunity and lead engagement models. This could result in higher upsell, cross-sell, and retention rates. Cloud can also enhance the claims experience by providing better service and better communication with end customers. This ability of the cloud is augmenting the growth of the cloud-based digital insurance platform market.
Further, to take advantage of the benefits of the cloud-based platform, many insurers are introducing cloud-based solutions, while a few of them are updating features in the existing cloud-based digital insurance platforms. For instance, In June 2020, Sapiens International Corporation, a provider of software solutions for the insurance industry, announced upgradation of the general availability of its Sapiens DigitalSuite for property & casualty (P&C) and life, pension & annuity providers worldwide. Sapiens DigitalSuite v3.1, a cloud-based, low-code, dynamic digital insurance platform, now features advanced portal content for agents and consumers.
Asia-Pacific to Witness Highest Growth
Asia-Pacific region is expected to witness the highest CAGR during the forecast period. The region is anticipated to be a money-spinning market for digital insurance platform providers during the forecast period, considering the untapped opportunities and the increasing commercial investment in different industry verticals in the region.
The high population of the region and increasing investments in businesses is anticipated to cater to a significant number of premiums, which would drive multinational companies to emphasize exploring the APAC market by partnering with local companies, channel partners, and technology partners.
By 2029, Asia-Pacific is estimated to account for 42% of global insurance premiums, with China's share forecasted to be 20%, according to Swiss Re. That country is on course to become the largest insurance market by the mid-2030s. According to a report by Bain & Company, consumers in Asia-Pacific's developing markets are significantly underinsured, with one measure of insurance penetration, gross written premiums as a percentage of per-capita GDP, signaling a significant amount of unmet demand in Asia Pacific's developing markets where penetration is less than 5% in India, mainland China, Indonesia, and Malaysia.
The insurance distribution landscape is gradually evolving. In developing countries in the Asia Pacific region, such as India, Malaysia, China, and Indonesia, digital channels are becoming more prominent. In many Asia-Pacific jurisdictions, consumers are open to having insurers provide ecosystem services. These digital insurance ecosystems are interconnected players forming sets of products and services that allow users to fulfill a variety of needs in one integrated experience. This is expected to augment the demand for a digital insurance platform.
Moreover, the growing adoption of the cloud and mobile technologies by large diversified populations and the rapid rise in the number of InsureTech companies have led to the timely implementation of digital insurance platforms in the APAC countries, such as Japan, China, and Australia.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Shift of Insurance Companies From Product Based to Customer-centric Strategies
4.2.2 Increased Awareness Among Insurers About Digital Channels
4.3 Market Restraints
4.3.1 Difficulty Regarding Integration of Insurance Platform with Legacy Systems
4.4 Porters Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Organization Size
5.2.1 Large Enterprises
5.2.2 Small & Medium Enterprises
5.3 By Application
5.3.1 Automotive and Transportation
5.3.2 Home & Commercial Buildings
5.3.3 Life & Health
5.3.4 Business & Enterprise
5.3.5 Consumer Electronics & Industrial Machines
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.4.4 Latin America
5.4.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/184m2s
View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005375/en/
Laura Wood, Senior Press Manager
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