The global Digital Insurance Platform market is forecast to reach USD 262.34 Billion by 2026, according to a new report by Reports and Data. Digital Insurance platform is a tool or software that allows insurance companies to create, monitor, manage, and control the ecosystem of digital insurance. It helps and encourages companies to switch to the insurance process that is digitalized. These systems include claim management, policy implementation, regulatory filing, reinsurance management, and billing & premium accounting.

These platforms also provide a portal that offers customers easy and remote access to their databases. Many companies that offer digital insurance policies emphasize on delivering customized solutions along with end-to-end digital integration of business operations, application, and third-party services.

Moreover, companies are providing digital insurance as a service (DIaaS) as well, which includes primary insurance applications, infrastructure, and business process services in a single solution to clients. Digital Insurance as a Service (DIaaS) comprises of administration systems such as billing, claims, infrastructure, applications, and cybersecurity services.

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Key participants include

Accenture, SAP, IBM, Microsoft, Oracle, Infosys, Pegasystems, TCS, DXC Technology, and Mindtree, among others.

Further key findings from the report suggest

Managed services held a larger market share of 67.8% in the year 2018. The providers of managed services help the organization in increasing their productivity and ensure services without any hassle with efficient utilization of resources. Managed services also help organizations to formulate strategies to solve complex business problems.

Small and medium-sized enterprises (SMEs) grow with a higher CAGR of 13.7% during the forecast period. SMEs prefer cloud-based solutions instead of on-premises, and this is expected to grow over the forecast period. SMEs provide huge potential for growth in the digital insurance platform market.

Insurance companies are forecasted to grow with a CAGR of 13.7% during the forecast period. These companies are investing in the growth of the digital sector as they are not only cost-effective but also makes the whole process easier for the clients and them.

Cloud-based deployment type held the largest market share of 57.2% in the year 2018. Increasing understanding and awareness of the cloud has led companies to rely on cloud-based deployment more and more. It is a ‘gateway technology’ for the insurance companies to access other digital solutions. It is also a foundation for most of the insurance companies to introduce new functionalities to the marketplace.

Automotive and transportation insurance companies are rapidly adopting the latest technologies to deliver new products to meet the continuously changing demand of consumers. APAC is forecasted to grow with the highest CAGR of 14.2% during the forecast period.

The Asia Pacific region is forecasted to have the highest growth rate of 14.2% during the forecast period owing to the lucrative opportunities provided by the commercial investment in different industry verticals in the region. Rise of multinational companies is anticipated to explore the region by partnering and merging with local companies, technology partners, and channel partners.

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For this report, Reports and Data have segmented into the global Digital Insurance Platform market on the basis of resin type, composite phases, industry vertical, and region:

Services Outlook (Revenue, USD Billion; 2016-2026)

Managed Services

Professional Services

Deployment Type Outlook (Revenue, USD Billion; 2016-2026)

Cloud

On-Premises

Organization Size Outlook (Revenue, USD Billion; 2016-2026)

Small and Medium-Sized Enterprises

Large Enterprises

End-User Outlook (Revenue, USD Billion; 2016-2026)

Insurance Companies

Third-Party Administrators

Aggregators

Application Outlook (Revenue, USD Billion; 2016-2026)

Automotive and Transportation

Home and Commercial Buildings

Life and Health

Business and Enterprise

Consumer Electronics and Industrial Machines

Travel

Others

Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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