Digital Insurance Platform Market Scope
Digital Insurance Platform has been designed to enable digital insurance innovation – providing rapid development and the launch of new products into the market on a low-cost, high business-benefit basis, Flexible, seamlessly integrated, channel-neutral, on-demand and comprehensive. The solution is a change to the historic approach where software vendors build the functionality required into standalone software products. The digital insurance platform offers several advantages such as reduces time to market, gain control of all decisions, and beat competition to new markets, among others. The platform is widely used by insurance companies, third-party administrators and brokers, and aggregators.
The market study is segmented, by Application (Automotive and transportation, Business and enterprise, Home and commercial buildings, Life and health, Consumer electronics and industrial machines and Travel) and major geographies with country level break-up. According to AMA, the Global Digital Insurance Platform market is expected to see growth rate of 13.05%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Digital Insurance Platform market throughout the predicted period.
Oracle (United States), SAP (Germany), IBM (United States), Microsoft (United States), Accenture (Ireland), TCS (India), Pegasystems (United States), Appian (United States), Mindtree (India), Cognizant (United States), DXC Technology (United States), Infosys (India), Prima Solutions (India), Fineos (Ireland) and Bolt Solutions (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Duck Creek Technologies (United States), Vertafore (United States), Majesco (United States), EIS Group (United States), Cogitate (India), Inzura (United Kingdom), Internet Pipeline (United States), Ebaotech (India), Stoneriver (United States) and RGI (Italy).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Digital Insurance Platform market by Type, Application and Region.
On the basis of geography, the market of Digital Insurance Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 12 Feb 2020, HBF, Western Australia’s largest private health insurer, has chosen Oracle Health Insurance (OHI) to support its digital transformation. The move is part of a wider technology investment by the company to modernise its systems and processes as it pushes to deliver the very best experiences to its members, employees and providers, and become one of the country’s largest health insurance companies.
On 14 Nov 2019, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud and will open-source parts of the solution’s core to improve and expand capabilities. and On 6 Feb 2019, Tata Consultancy Services (TCS), a leading IT services, consulting, and business solutions organization, announced that Solidarity Bahrain B.S.C., a leading insurance provider in Bahrain, has selected TCS BaNCS as its core platform for digitally transforming its property and casualty and takaful group life insurance businesses.
- Digital Channels Will Replace and Augment Physical Channels
- The Rise of Technologies like Big Data Analytics and Artificial Intelligence
- Shift of Insurers’ Focus from Product-Based to Customer-Centric Strategies
- Increased Awareness among Insurers about Digital Channels Fueling the Market Growth
- Growing Adoption of IoT Products
- Increased Awareness among Insurers to Access a Broader Segment of the Market
- Adoption of Cloud-Based Digital Solutions by Insurers to Obtain Higher Scalability
- Difficulty to Integrate Insurance Platforms with Legacy Systems
- Lack of Skilled Workforce Pose a Major Challenge for the Market
Key Target AudienceGlobal digital insurance platform providers, Professional services providers, IT companies, Cloud services providers, System integrators, Resellers and distributors, Investor and venture capitalists, Associations and industrial bodies, Regulatory & Government Bodies, End Users and Others
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