The Digital Insurance Platform Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Insurance Platform Global Market Report 2024, 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.
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.
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The digital insurance platform market covered in this report is segmented –
1) Digital Insurance Platform Market By Deployment: Cloud, On-Premise
2) Digital Insurance Platform Market By Professional Service: Consulting, Implementation, Support And Maintenance
3) Digital Insurance Platform Market By Organization Size: Large Enterprises, Small And Medium Enterprises
4) Digital Insurance Platform Market By Application: Automotive And Transportation, Home And Commercial Buildings, Life And Health, Business And Enterprise, Consumer Electronics, Industrial Machines, Travel
5) Digital Insurance Platform Market By End-User: Insurance Companies, Third-Party Administrators And Brokers, Aggregators
Top Major Players
International Business Machines Corporation
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.
The digital insurance platform market report table of contents includes:
1. Executive Summary
2. Digital Insurance Platform Market Characteristics
3. Digital Insurance Platform Market Trends And Strategies
4. Digital Insurance Platform Market – Macro Economic Scenario
5. Global Digital Insurance Platform Market Size and Growth
….
31. Global Digital Insurance Platform Market Competitive Benchmarking
32. Global Digital Insurance Platform Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Digital Insurance Platform Market
34. Digital Insurance Platform Market Future Outlook and Potential Analysis
35. Appendix
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