Digital Insurance Platform Market Insights
The global digital insurance platform market is likely to grow at a lucrative CAGR over the forecast period. Factors such as growing digitization clubbed with increasing trend of IOT and high adoption of insurance analytics solutions across verticals are likely to propel the market growth over the coming years.
Digital insurance platform is specifically designed to cater to the rapidly changing consumer demand for digitization as well as for the continuous up gradation of existing facilities. Digital insurance platform provides enhanced customer experience, improved efficiency, lower business cost and customized solutions among others. The demand for digital insurance platform is further likely to increase over the coming years as it reduces the probability of manual errors along with the total turnaround time while carrying out operations.
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Digital Insurance Platform Market: Type Insights
On the basis of type, the global digital insurance platform market is segmented into property & casualty insurance, life insurance, and health insurance among others. The health insurance segment is projected to experience a significant growth over the coming years. Factors such as increasing geriatric population along with the growing incidence of chronic diseases, and development of advanced analytical and big data solutions are expected to stimulate the growth of the market over the forecast period.
Digital Insurance Platform Market: Organization Size Insights
On the basis of organization size, the global digital insurance platform market is classified into small & medium sized enterprise and large enterprise. The demand for digital insurance platform in small and medium sized enterprises is expected to increase significantly over the forecast period due to rapid adoption of cloud based insurance analytical solutions among the organizations. Large enterprises are also likely to grow at a considerable rate over the coming years.
Digital Insurance Platform Market: Application Insights
The digital insurance platform market is segregated into claims management, risk management, process optimization, and customer management & personalization among others. Risk management application segment is projected to grow at the highest CAGR over the forecast period as it simplifies the process and further helps to evaluate and mitigate potential risks associated while carrying out any operation.
Digital Insurance Platform Market: End-User/ Deployment Model Insights
Based on end-users, the global digital insurance platform market is divided into insurance carriers, government agencies, managing general agents, and retail agents among others.
The global digital insurance platform market is segmented into on-premise and cloud based solutions, by deployment model. The demand for cloud based solutions is expected to increase at a high CAGR over from 2017-2025. Factors such as low deployment cost coupled with its enhanced features and huge application in small & medium sized enterprises are likely to stimulate the segment growth over the forecast period.
Digital Insurance Platform Market: Regional Insights
North America is projected to hold the maximum revenue share of the overall market during the forecast period. The regional growth is attributed to rapid adoption of insurance telematics solutions in countries such as the U.S. and Canada along with rapid adoption of integrated cloud platform in the region. The market in North America is likely to be trailed by Europe. Asia Pacific is anticipated to grow at the highest CAGR over the coming years due to high demand for digitization and cloud-based solutions across several verticals.
Digital Insurance Platform Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase digital insurance platform over the coming years. Some leading consumers of digital insurance platform market are Berkshire Hathaway and United Health Group among others.
Digital Insurance Platform Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Digital Insurance Platform Market Share & Competitor Analysis
Some of the players operating in the global digital insurance platform market include IBM, Cognizant Technology Solutions, DXC Technology, EIS Group, EY, SAP, Capgemini, Oracle, and Majesco among others.
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