InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Insurance Platform Market– (By Offering (Software, Services), By Application (Claims Management, Underwriting & Rating, Customer Relationship Management (CRM), Billing & Payments, Data Analytics, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, Predictive Modeling/Extreme Event Forecasting, Others), By Insurance Type (General Insurance, Automobile Insurance, Homeowners’ Insurance, Travel Insurance, Life Insurance, Cyber-Security Insurance, Others), By Technology (AI & ML, IoT, Blockchain, Data Analytics & Big Data, Regulatory Technology (Regtech), Others), By End-User (Insurance Companies, Insurance Agencies & Brokers, Third-Part Administrators (TPAs), Actuaries, Reinsurers)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Insurance Platform Market is valued at US$ 73.59 Bn in 2022, and it is expected to reach US$ 203.89 Bn by 2031, with a CAGR of 12.11% during a forecast period of 2023-2031.
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The insurance platform enables insurers to transition away from complex core systems and towards increased technical agility and flexibility, digital fluency, and innovation in their existing business model. Furthermore, it assists a corporation in creating, managing, monitoring, and controlling the digital insurance ecosystem. The insurance platform includes APIs, artificial intelligence, cloud-native computing, machine learning, and other insurance-specific capabilities and information.
The growing deployment of IoT products is driving the digital insurance platform industry. The increased use of underwater acoustic modems in naval defence is a major factor driving market expansion. The shifting focus of insurers from product-based to consumer-centric strategies is increasing demand for digital insurance platform equipment. Other important reasons, such as increased insurer awareness of digital channels and technical improvement, will moderate the growth rate of the digital insurance platform market. Furthermore, the increased adoption of cloud-based digital solutions by insurers to achieve high scalability would boost the growth rate of the digital insurance platform market.
List of Prominent Players in the Insurance Platform Market:
Market Dynamics:
Drivers-
Major factors driving market expansion include insurers shifting from product-based to consumer-based strategies and increased global awareness of digital insurance channels. The digital channels enable insurers to transition from complex core systems to a business model that is more flexible, technological, innovative, and digitally fluent. The rising digitization of many sectors is a key driver driving market growth. The insurance industry is gradually embracing digital channels to provide insurance solutions to its consumers.
Challenges:
The increasing frequency of cyberattacks offers a severe challenge to the insurance platform business, necessitating a strong reaction from industry players. Cyber threats are becoming more sophisticated, attacking corporations and individuals, and the financial consequences of these attacks are significant. Platform insurance companies are under increasing pressure to provide complete coverage against cyber hazards. As cyberattacks evolve, insurers must continually adjust their policies and pricing models to effectively identify and mitigate these dangers.
Regional Trends:
The North America Insurance Platform Market is expected to register a major market share in terms of revenue, and it is projected to grow at a high CAGR in the near future. The North American region has seen tremendous expansion in the insurance sector, owing to various factors influencing the insurance platform market.
AI, Big data, machine learning, analytics, and blockchain technologies propel insurance platform innovation. Companies use these technologies to improve client experiences, automate underwriting, and detect fraud. The economic stability and high GDP per capita of North America make it an ideal environment for insurance ventures. Economic stability encourages insurers to extend their digital products. These factors are expected to drive the market growth in the region.
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Recent Developments:
Segmentation of Insurance Platform Market-
By Offering-
By Application-
By Insurance Type-
By Technology-
By End-User-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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