Dublin, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Insurance Platform Market by Offering (Software (Policy Management, Video KYC/eKYC), Services), Application (Claims Management, CRM, Underwriting & Rating), Insurance Type, End-user and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Insurance Platform market is projected to grow from USD 81.7 billion in 2023 to USD 156.0 billion by 2028, at a compound annual growth rate (CAGR) of 13.8% during the forecast period. The growth of the insurance platform market is primarily driven by rising customer expectations for digital convenience and personalized insurance products, coupled with the insurance industry's need to harness data analytics and automation for enhanced efficiency and risk management.
By offering, insurance workflow automation software segment is expected to register the fastest market growth rate during the forecast period
The insurance workflow automation software market is poised for robust growth, primarily fueled by the need for operational efficiency and cost reduction within the insurance industry. Automation streamlines complex processes, accelerates claims processing, and minimizes errors, enhancing overall productivity. Additionally, the rising demand for personalized customer experiences and the imperative to stay competitive in the digital age are driving insurers to adopt automation solutions. Furthermore, regulatory compliance demands and the ongoing shift towards remote work are expected to propel the adoption of workflow automation software, ensuring seamless and compliant operations across the insurance sector.
By technology, artificial intelligence (AI) & machine learning (ML) segment is expected to account for the largest market share during the forecast period
AI & ML technology segment is set to dominate the insurance platform market, primarily due to the ability of AI & ML to enhance operational efficiency in underwriting and claims processing, resulting in cost savings and improved accuracy. These technologies also enable highly personalized insurance solutions tailored to individual customer needs, boosting customer satisfaction and loyalty. Moreover, AI & ML excel in fraud detection and prevention, helping insurers safeguard their resources. Furthermore, their capacity to analyze vast real-time data enables insurers to make more accurate risk assessments, ultimately driving profitability and solidifying their position as indispensable tools in the continually evolving insurance landscape.
Singapore is slated to grow at the fastest rate during the forecast period, spearheading the insurance platform market expansion in Asia Pacific
Singapore is poised to become the fastest-growing region in the Asia Pacific insurance platform market due to several key factors. The nation's strategic location as a regional financial hub fosters a favorable environment for insurance innovation and technology adoption. Singapore's commitment to regulatory excellence and its proclivity for attracting global insurers contribute to a thriving ecosystem. Additionally, the country's strong emphasis on digitalization, data analytics, and customer-centricity aligns perfectly with the evolving needs of insurers and customers alike. This convergence of factors positions Singapore as a dynamic epicenter for insurance platform growth in the Asia-Pacific region.
Market Overview and Industry Trends
Market Dynamics
Drivers
- Rise of Data Analytics and Big Data
- Increase in Demand for Digital Insurance Channels
- Need for Cloud-Based Digital Solutions
Restraints
- Complexity Involved with Integration of Insurance Platforms with Legacy Systems
- Data Security and Privacy Concerns
- Lack of Standardization
Opportunities
- Growth of Digital Economy
- Advancements in Development of Digital Product Innovations
- Integration with IoT and Sensor Technologies for Real-Time Data Collection and Visualization
Challenges
- Rise in Cyberattacks and Their Threats
- Lack of Technical Expertise
- Managing High Volumes of Data
Case Study Analysis
- Salesforce Assisted AXA Business Insurance in Enhancing Customer Satisfaction
- Aon Italy Transformed Insurance and Risk Management Operations Using IBM Cloud Paks
- Ping an Improved Customer Experience and Business Processes with Help of Accenture
- IBM Helped Sun Life Financial Modernize Digital Insurance Solutions
- Arag Group Expedited International Reporting Through Implementation of Sap
- QBE Implemented Modern Reinsurance Management System with Help of Duck Creek Technologies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 648 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $81.7 Billion |
| Forecasted Market Value (USD) by 2028 | $156 Billion |
| Compound Annual Growth Rate | 13.8% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Insurance Platforms Market Size and Growth Rate, 2018-2022 (USD Million, Y-O-Y)
- Insurance Platforms Market Size and Growth Rate, 2023-2028 (USD Million, Y-O-Y)
- Insurance Platform Software to Dominate Market Over Services in 2023
- Insurance Policy Management to Lead Among Software in 2023
- Professional Services to Witness Significant Lead Over Managed Services Market in 2023
- Consulting & Advisory Segment to Lead Among Professional Services in 2023
- Platform Hosting & Infrastructure Management Segment to Lead Among Managed Services in 2023
- AI & Ml Platforms to be Most Adopted Technology in Insurance Industry in 2023
- Claims Management to be Largest Application Market in 2023
- Life Insurance to Pose Highest Demand for Insurance Platforms in 2023
- Actuaries to be Highest End-users of Insurance Platforms During Forecast Period
- North America to Account for Largest Market Share in 2023
Premium Insights
- Attractive Opportunities for Insurance Platforms Market Players -Increase in Consumer Demand for Quick Claims Processing and Easier Policy Management to Drive Market Growth
- Insurance Platforms Market: Top Three Applications - Policy Administration, Collection, and Disbursement Application to Account for Highest Growth Rate During Forecast Period
- North America: Insurance Platforms Market, by Offering & End-user - Software and Insurance Companies to be Largest Shareholders in Market in North America in 2023
- Insurance Platforms Market, by Region - North American Market to Lead Among Regions in 2023
Company Profiles
- Accenture
- Adobe
- Agencysmart
- Appian
- Applied Systems
- Bolt Insurance
- Britecore
- Codemetro
- Cogitate Technology Solutions
- Cognizant
- Duck Creek Technologies
- Dxc Technology
- Eis Group
- Fineos
- Guidewire Software
- Ibm
- Insuredhq
- Insuredmine
- Inzura
- Ltimindtree
- Majesco
- Microsoft
- Oneshield
- Oracle
- Outsystems
- Pegasystems
- Perfectquote
- Prima Solutions
- Quantemplate
- Salesforce
- Sap
- Sapiens International
- Shift Technology
- Socotra
- Vertafore
- Zipari
- Zywave
For more information about this report visit https://www.researchandmarkets.com/r/qkf52n
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