At a CAGR of 13.7% Digital Insurance Platform Market size expected to Surpass $164.13 billion by 2023

According to market research report “Digital Insurance Platform
Market by Component
(Tools and Services), End-Users (Insurance Companies, Third-Party
Administrators and Brokers, and Aggregators), Insurance Application, Deployment
Type, Organization Size, and Region – Global Forecast to 2023″, The digital insurance platform
market size is expected to grow from USD 86.20 billion in 2018 to USD 164.13
billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the
forecast period.

Browse and in-depth TOC on “Digital
Insurance Platform Market”

75
– Tables

41
– Figures

166
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The significant
increase in the use of smart devices and internet services, growth in the
adoption of cloud-based solutions, and rise in the technological limitations of
traditional systems are the factors driving the demand for implementing digital
insurance platforms.

North America is
expected to account for the largest market size during the forecast period.

North America is
expected to be the largest contributor to the digital insurance platform market
in terms of regional revenue. This region comprises developed countries such as
the US and Canada. North America is open to the adoption of new and emerging technologies,
and its strong financial position enables it to invest majorly in the leading
tools and technologies for effective business operations. North America is
projected to be in the leading position over the next few years, due to the
increasing usage and the early adoption of digital technologies and cloud-based
platforms across different industry verticals, such as telecom and Information
Technology (IT), Banking, Financial Services, and Insurance (BFSI), healthcare,
manufacturing, and retail and eCommerce. Hence, organizations in North America
have a competitive edge over the other organizations from various regions.

The aggregators
segment is expected to account for the largest market size during the forecast
period.

The aggregators
segment is expected to account for the largest market size in the digital
insurance platform market during the forecast period. Over the past few years,
aggregators have shifted the traditional insurance system to the new innovative
digital insurance system, which offers consumers a centralized platform for
analyzing and comparing different insurance products from various insurers.
With the increasing internet and mobile penetration across the globe, along
with the insurance industry embracing the digital insurance technology,
aggregators are expected to prove as the important stakeholders in the
insurance industry ecosystem.

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The large
enterprises segment is expected to account for the larger market share during
the forecast period.

Organizations with
more than 1,000 employees have been categorized as large enterprises. The use
of the digital insurance platform in large enterprises is relatively higher as
compared to that of Small and Medium-sized Enterprises (SMEs). This higher
usage is due to the affordability and high economies of scale, which enables
large organizations to benefit from the digital insurance platform. Large
enterprises have left no stone unturned to compete in today’s cut-throat
competitive market. In large enterprises, a huge volume of data is generated
every year that needs to be effectively managed and governed to comply with the
government regulations. Moreover, the need of a robust omnichannel distribution
channel and the provision of quick and comprehensive services to customers are
driving the adoption of the digital insurance platform.

The major vendors
in the digital insurance platform market include Accenture (Ireland), TCS
(India), IBM (US), DXC (US), SAP (Germany), Oracle (US), Microsoft (US),
Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree
(India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US),
Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK),
Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline
(US), and eBaoTech (China).

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