Digital Insurance Platform Market - Global Market Opportunity Assessment Study 2024
The Global Digital Insurance Platform Market is estimated to reach USD 198.4 Billion by 2025 at a CAGR of 14.3%, states forencis research (FSR).
The digital insurance is a model provide information of insurance policies which solves multiple critical issues and operational problems. Digital Insurance Platform was planned and experience to advance the challenges of emerging and disruptive technologies. Its helps the consumers to access information of insurance with the use to this technology. However, it can help insurers in scaling their various operations costs and services by provide information. Furthermore, it speeds up sales, services and increases the overall efficiency of the business model.
Digital Insurance Platform Market: Drivers & Restraints
Market Drivers:
Growing Demand for Machine Learning Service
Increasing demand for machine learning service boosts customer service and keeps track of internal costs and profits. These services would lead to the rising demand for customer lifetime value (CLV) prediction. However, it creates personalized insurance experiences and improves Return on Investment (ROI) of the companies. As insurance companies are mostly working with data which increases the digital transformation platform and implements machine learning solutions.
Hence, the growing demand for machine learning services is expected to surge the digital insurance platform market during the forecast period.
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Rising Adoption for Cloud Computing Technology
A digital insurance platform is built to move carriers and understand the demand closer to its customers’ requirements. These technologies are delivered on a business platform-as-a-service basis. Moreover, it increases operational efficiency and increases the customer self-service.
Therefore, the rising adoption for cloud computing technology is expected to drive the digital insurance platform market during the forecast period.
Market Challenges:
Risk of Cyberattack
Since long, cyber risks have been anticipated among the top ten business risks, across many industries, globally. Cyber risk and cyberattack could put insurers in a precarious situation. However, cyber insurance is used to protect the data and protect businesses globally. It can also cover data destruction, identify recovery and malware software.
Hence, the risk of cyberattacks are anticipated to hinder the growth of the Digital Insurance Platform.
Digital Insurance Platform Market: Key Segments
- Based on Deployment Mode: Cloud, and On-premises
- Based on Component: Services, and Solution
- On Based of Application: Automotive, Transportation, Travel, Consumer Electronics, Home and Buildings, and Others
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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Digital Insurance Platform Market: Report Scope
the report on the digital insurance platform market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Digital Insurance Platform Market include:
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Microsoft Corporation
- Accenture
- SAP SE
- Tata Consultancy Services Limited
- Cognizant
- Oracle
- Infosys Limited
- DXC Technology Company
- Other Key Companies
Digital Insurance Platform Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Digital Insurance Platform Market, by Deployment Mode
- Cloud
- On-premises
Digital Insurance Platform Market, by Component
Services
Customer Centricity
- Onboarding and Training
- Compensation Planning
- Omnichannel Customer Service
Product Agility
- Billing and Payments
- Product and Policy Lifecycle
Business Networks
- Supplier Management
- Operational Procurement
Profit and Risk Control
- Financials Assets Management
- Profitability
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Solution
- Maintenance
- Support
Digital Insurance Platform Market, by Application
- Automotive
- Transportation
- Consumer Electronics
- Home and Buildings
- Others
Digital Insurance Platform Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the major developments impacting the global market and its growth?
- What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key players operating in the global market?
- How are the major players leveraging in the existing market conditions?
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