Digital Insurance Platform Market Size & Business Planning, Innovation to See Modest Growth

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Shibuya-ku, Tokyo, Japan, Japan, Feb 09, 2022, 04:20 /Comserve / -- Digital Insurance platform market With Top Countries Data, industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Digital Insurance Platform Market is expected to register a CAGR of over 12.5% during the forecast period (2020-2025). The global insurance industry has been witnessing a significant shift towards the adoption of digital technologies. According to a recent Willis Towers Watson report, 74% of insurance executives, identify reluctance within the industry to adopt new digital technologies.

- Customer loyalty and satisfaction have become a primary concern for insurance companies. Artificial intelligence (AI) and its related technologies are expected to significantly impact all aspects of the insurance value chain, from distribution to underwriting and pricing to claims management.
- This may result in policies being priced, purchased, and bound in near real-time. Through these, insurers have been able to smartly connect information and quickly deliver innovative products and services, which in the end, will significantly improve customer loyalty and satisfaction.

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Key Market Trends

Cloud to Witness Highest Growth

- Cloud computing has been experiencing tremendous growth recently and is increasingly being adopted by insurers. Looking at its immense potential, insurers consider building a strategy around cloud technology to keep competitors at bay.
- Cloud-based insurance solutions can offer better social listening and higher conversion rates from opportunity to sale through targeted campaign management and improved opportunity and lead engagement models. This could result in higher upsell, cross-sell, and retention rates. Cloud can also enhance the claims experience by providing better service and better communication with end customers. This ability of the cloud is augmenting the growth of the cloud-based digital insurance platform market.
- Further, to take advantage of the benefits of the cloud-based platform, many insurers are introducing cloud-based solutions, while a few of them are updating features in the existing cloud-based digital insurance platforms. For instance, In June 2020, Sapiens International Corporation, a provider of software solutions for the insurance industry, announced upgraadation of the general availability of its Sapiens DigitalSuite for property & casualty (P&C) and life, pension & annuity providers worldwide. Sapiens DigitalSuite v3.1, a cloud-based, low-code, dynamic digital insurance platform, now features advanced portal content for agents and consumers.

Asia-Pacific to Witness Highest Growth

- Asia-Pacific region is expected to witness the highest CAGR during the forecast period. The region is anticipated to be a money-spinning market for digital insurance platform providers during the forecast period, considering the untapped opportunities and the increasing commercial investment in different industry verticals in the region.
- The high population of the region and increasing investments in businesses is anticipated to cater to a significant number of premiums, which would drive multinational companies to emphasize exploring the APAC market by partnering with local companies, channel partners, and technology partners.

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- By 2029, Asia-Pacific is estimated to account for 42% of global insurance premiums, with China's share forecasted to be 20%, according to Swiss Re. That country is on course to become the largest insurance market by the mid-2030s. According to a report by Bain & Company, consumers in Asia-Pacific's developing markets are significantly underinsured, with one measure of insurance penetration, gross written premiums as a percentage of per-capita GDP, signaling a significant amount of unmet demand in Asia Pacific's developing markets where penetration is less than 5% in India, mainland China, Indonesia, and Malaysia.

Competitive Landscape

The digital insurance platform market comprises several global and regional players, vying for attention in a fairly-contested market space. Although the market studied poses moderately high entry barriers for new players, several new entrants have been able to gain traction in the market. The market is also witnessing increased competition among the players. The players focus on engaging themselves in several partnerships, mergers, acquisitions, and product innovations to gain a competitive advantage.

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Shift of Insurance Companies From Product Based to Customer-centric Strategies
4.2.2 Increased Awareness Among Insurers About Digital Channels
4.3 Market Restraints
4.3.1 Difficulty Regarding Integration of Insurance Platform with Legacy Systems
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

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