Global Digital Insurance Platform Market Forecast to 2023: Rise in the Shift of insurers’ Focus from Product-Based Strategies to Customer-Centric Strategies

PR Newswire

DUBLIN, Dec. 14, 2018 /PRNewswire/ --

The "Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators & Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The digital insurance platform market is expected to grow from USD 86.20 billion in 2018 to USD 164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.

This growth is attributed to the growing adoption of Internet of Things (IoT) products, rise in the shift of insurers' focus from product-based strategies to customer-centric strategies, and increased awareness among insurers to digitalize channels.

The digital insurance platform is a business model that enables stakeholders in the ecosystem of the insurance industry to connect through a single centralized framework for solving multiple critical issues in the developing high-value ecosystems. The platform acts as an enabler for insurers to shift from traditional business processes toward the digital mode, thereby making the insurance ecosystem customer-centric. It helps insurers in scaling their operations up and down with built-in end-to-end functionalities. Digital insurance platforms empower insurers by providing the efficiency of central-core systems and the differentiation of easy-to-compose customer experience.

The digital insurance platform providers' prime responsibility is to ensure the proper deployment and integration of digital insurance solutions as per the specific requirements of clients. The digital insurance platform provider's services are segmented into managed services and professional services, which comprise consulting, implementation, and support and maintenance. Enterprises are majorly adopting managed services, as managed service providers would take care of digital insurance platforms while enterprises can focus on their core business competencies.

The automotive and transportation segment has seen a large-scale adoption of digital insurance platforms. Automotive and transportation insurance companies are increasingly adopting newer technologies to deliver new products for meeting the changing customer expectations. Technologies such as Artificial Intelligence (AI) and telematics help insurance companies streamline their business operations and deploy new channels of insurance distribution.

The data gathered from the telematics-driven method help insurers in building an effective automated claim management process and enable insurers to deliver tailored products to match the buyer preferences. The digital insurance platform enables customers to search online for quotation, compare insurance policies, fill the information online, and get the best policy with a suitable coverage in no time.

North America is expected to account for the largest market size and dominate the digital insurance platform market from 2018 to 2023. This region has a high concentration of large insurance companies, which largely contribute to the digital insurance platform market. However, the Asia Pacific (APAC) region is expected to provide opportunities for digital insurance platform services providers. These growth opportunities can be attributed to the increasing commercial investments by several companies in the APAC region.

Digital insurance platforms have been introduced in the market, however end-users prefer to use the traditional legacy systems instead of adopting new technologies due to financial and technological constraints. Traditional systems do not have well-defined interfaces and their documentation is scarce, hence may not always be compatible with the third-party software, thus resulting in errors. This reluctant nature of insurers could act as a major restraint in the adoption of digital insurance platforms.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Insurance Platform Market
4.2 Digital Insurance Platform Market, By Component
4.3 Digital Insurance Platform Market, By End-User
4.4 Digital Insurance Platform Market, By Deployment Type
4.5 Digital Insurance Platform Market, By Organization Size
4.6 Digital Insurance Platform Market, Top 3 Insurance Applications and Regions

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption of IoT Products
5.2.1.2 Shift of Insurers' Focus From Product-Based to Customer-Centric Strategies
5.2.1.3 Increased Awareness Among Insurers About Digital Channels
5.2.2 Restraints
5.2.2.1 Difficulty to Integrate Insurance Platforms With Legacy Systems
5.2.3 Opportunities
5.2.3.1 Adoption of Cloud-Based Digital Solutions By Insurers to Obtain Higher Scalability
5.2.3.2 Increased Awareness Among Insurers to Access A Broader Segment of the Market
5.2.4 Challenges
5.2.4.1 Lack of Skilled Workforce
5.3 Use Cases
5.3.1 DXC Technology
5.3.2 Microsoft
5.3.3 TCS
5.3.4 EIS Group
5.4 Major Technology Deals in the Insurance Sector

6 Digital Insurance Platform Market, By Component
6.1 Introduction
6.2 Tools
6.3 Services

7 Digital Insurance Platform Market, By Service
7.1 Introduction
7.2 Managed Services
7.3 Professional Services

8 Digital Insurance Platform Market, By Professional Service
8.1 Introduction
8.2 Consulting
8.3 Implementation
8.4 Support and Maintenance

9 Digital Insurance Platform Market, By End-User
9.1 Introduction
9.2 Insurance Companies
9.3 Third-Party Administrators and Brokers
9.4 Aggregators

10 Digital Insurance Platform Market, By Insurance Application
10.1 Introduction
10.2 Automotive and Transportation
10.3 Home and Commercial Buildings
10.4 Life and Health
10.5 Business and Enterprise
10.6 Consumer Electronics and Industrial Machines
10.7 Travel

11 Digital Insurance Platform Market, By Deployment Type
11.1 Introduction
11.2 On-Premises
11.3 Cloud

12 Digital Insurance Platform Market, By Organization Size
12.1 Introduction
12.2 Large Enterprises
12.3 Small and Medium-Sized Enterprises

13 Digital Insurance Platform Market, By Region
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.2 Canada
13.3 Europe
13.3.1 United Kingdom
13.3.2 Germany
13.3.3 France
13.3.4 Rest of Europe
13.4 Asia Pacific
13.4.1 Australia and New Zealand
13.4.2 Japan
13.4.3 China
13.4.4 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Kingdom of Saudi Arabia
13.5.2 South Africa
13.5.3 United Arab Emirates
13.5.4 Rest of Middle East and Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Mexico
13.6.3 Rest of Latin America

14 Competitive Landscape
14.1 Overview
14.2 Market Ranking
14.3 Competitive Scenario
14.3.1 New Product and Service Launches
14.3.2 Business Expansions
14.3.3 Acquisitions
14.3.4 Partnerships

15 Company Profiles
15.1 IBM
15.2 Microsoft
15.3 Accenture
15.4 Oracle
15.5 SAP
15.6 TCS
15.7 Cognizant
15.8 DXC Technology
15.9 Infosys
15.10 Pegasystems
15.11 Appian
15.12 Mindtree
15.13 Prima Solutions
15.14 Fineos
15.15 Bolt Solutions
15.16 Majesco
15.17 EIS Group
15.18 Cogitate
15.19 Inzura
15.20 Duck Creek Technologies
15.21 Vertafore
15.22 Internet Pipeline
15.23 Ebaotech
15.24 Stoneriver
15.25 RGI