Chicago, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Insurance Platform Market size is estimated to be worth USD 81.7 billion in 2023 and is projected to reach USD 156.0 billion by 2028 at a CAGR of 13.8% during the forecast period, according to a new report by MarketsandMarkets™. The COVID-19 pandemic has accelerated the shift towards digital insurance solutions as insurers seek to adapt to changing customer behaviors and remote work environments. Furthermore, regulatory support for insurtech innovations and partnerships with fintech companies are fostering a conducive ecosystem for insurance platform expansion. The growing prevalence of smartphones and internet connectivity is also widening the customer base and enhancing accessibility, further propelling the growth of insurance platforms.
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Insurance Platform Market Dynamics:
Drivers:
- Rise of data analytics and big data.
- Increasing demand for digital insurance channels.
- Need for cloud-based digital solutions.
Restraints:
- Complexity involved with the integration of insurance platforms with legacy systems.
- Data Security and Privacy Concerns.
- Lack of Standardization
Opportunities:
- Growth of the digital economy.
- Advancements in the development of digital product innovations.
- Integration with IoT and sensor technologies for real-time data collection and visualization.
List of Key Players in Insurance Platform Market:
- Microsoft (US)
- Adobe (US)
- Salesforce (US)
- IBM (US)
- Oracle (US)
- SAP (Germany)
- Pegasystems (US)
- Accenture (Ireland)
- DXC Technology (US)
- and Cognizant (US)
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One of the most profound impacts on the insurance platform market has been the advancement of data analytics and artificial intelligence (AI) technologies. These innovations have revolutionized the way insurance companies underwrite policies, assess risks, detect fraud, and enhance customer experiences. AI and data analytics enable insurers to process vast amounts of data quickly, extract actionable insights, and make more informed decisions. This not only improves operational efficiency but also allows for more accurate risk assessment, leading to better pricing models and reduced losses.
The platform hosting and infrastructure management services are projected to grow at the fastest rate during the forecast period. With the increasing complexity of insurance operations and the need for real-time data access, insurers are turning to hosting services for secure and reliable infrastructure. Furthermore, the adoption of microservices architecture and containerization is a notable trend, allowing for modular and scalable platforms. By application, the policy administration, collection, and disbursement segment is expected to witness the fastest growth rate between 2023–2028, driven by the rising demand for real-time policy management, the need for streamlined premium collection, and the efficient disbursement of claims.
Life insurance segment by insurance type is projected to account for highest market share. The growth drivers are multifaceted, encompassing shifting demographics, increased consumer awareness, and the need for financial security amid uncertain times. Insurance platforms are capitalizing on these drivers by offering seamless digital experiences for life insurance policyholders, personalized underwriting using data analytics, and AI-driven customer service. By end-user, Insurance companies represent the largest market share in the insurance platform market. The primary growth drivers for insurance companies include the need for operational efficiency through automation, improved customer experiences via digital channels, and the utilization of data analytics to make informed decisions.
The insurance platform market has been segmented into five key regions: North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Forecasts suggest that North America is estimated to seize the largest market share throughout the projected period, with the Asia Pacific region anticipated to exhibit the most rapid growth rate. Within North America, both insurance platform software and services have proven highly effective across diverse organizations and industry verticals. In the Asia Pacific, there is a gradual yet discernible trend towards the integration of insurance platforms with legacy systems. Notably, Europe, the Middle East & Africa, followed by Latin America, are witnessing a significant upswing in the adoption of insurance platform software and services.
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