According to new market research report on “Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators and Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size, and Region – Global Forecast to 2023″, The digital insurance platform market size 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.
The significant increase in the use of smart devices and internet services, growth in the adoption of cloud-based solutions, and rise in the technological limitations of traditional systems are the factors driving the demand for implementing digital insurance platforms.
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The large enterprises segment is expected to account for the larger market share during the forecast period.
Organizations with more than 1,000 employees have been categorized as large enterprises. The use of the digital insurance platform in large enterprises is relatively higher as compared to that of Small and Medium-sized Enterprises (SMEs). This higher usage is due to the affordability and high economies of scale, which enables large organizations to benefit from the digital insurance platform. Large enterprises have left no stone unturned to compete in today’s cut-throat competitive market. In large enterprises, a huge volume of data is generated every year that needs to be effectively managed and governed to comply with the government regulations. Moreover, the need of a robust omnichannel distribution channel and the provision of quick and comprehensive services to customers are driving the adoption of the digital insurance platform.
The aggregators segment is expected to account for the largest market size during the forecast period.
The aggregators segment is expected to account for the largest market size in the digital insurance platform market during the forecast period. Over the past few years, aggregators have shifted the traditional insurance system to the new innovative digital insurance system, which offers consumers a centralized platform for analyzing and comparing different insurance products from various insurers. With the increasing internet and mobile penetration across the globe, along with the insurance industry embracing the digital insurance technology, aggregators are expected to prove as the important stakeholders in the insurance industry ecosystem.
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North America is expected to account for the largest market size during the forecast period.
North America is expected to be the largest contributor to the digital insurance platform market in terms of regional revenue. This region comprises developed countries such as the US and Canada. North America is open to the adoption of new and emerging technologies, and its strong financial position enables it to invest majorly in the leading tools and technologies for effective business operations. North America is projected to be in the leading position over the next few years, due to the increasing usage and the early adoption of digital technologies and cloud-based platforms across different industry verticals, such as telecom and Information Technology (IT), Banking, Financial Services, and Insurance (BFSI), healthcare, manufacturing, and retail and eCommerce. Hence, organizations in North America have a competitive edge over the other organizations from various regions.
The major vendors in the digital insurance platform market include Accenture (Ireland), TCS (India), IBM (US), DXC (US), SAP (Germany), Oracle (US), Microsoft (US), Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree (India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK), Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline (US), and eBaoTech (China).
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