Digital Insurance Platform Market To Reach USD 198.4 Billion In 2025

Global Digital Insurance Platform Market: Key Highlights

According to the new market research report “Digital Insurance Platform Market by Deployment Mode (Cloud and On-premises), by Component (Services, and Solution), by Application (Automotive, Transportation), by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast (2018 to 2025)”, the global Digital Insurance Platform market is estimated to reach USD 198.4 Billion in 2025 at a CAGR of 14.3% during forecast period 2018-2025.
Growing demand for machine learning services, boosts the customer service and keeps a track of internal costs and profits. These factors are expected to drive the digital insurance platform market during the forecast period.
However, cyberattack is anticipated to hinder the growth of the digital insurance platform. during the forecast period.

Digital Insurance Platform Market

Global Digital Insurance Platform Market: Key Market Dynamics

Rising Adoption for Cloud Computing Technology is expected increases operational efficiency and increases the customer self-service operation which can drive the market during the forecast period.
Increasing the Demand for Machine Learning Service which can personalized insurance experiences and improves Return on Investment (ROI) of the companies which is expected to the drive the growth of the market in the forecast period.
Increasing in adoption for IoT technologies is expected can help to prevent risk and to protect the business model platforms of the insurance market.
Risk of Cyberattack has been anticipated among the top ten business risks across many industries whereas Cyber risk and cyberattack could put insurers in a precarious situation which can hinder the growth of the Digital Insurance Platform.

Global Digital Insurance Platform Market: Regional Overview

Asia-Pacific

Several factors are leading to the rising Asia-Pacific insurance industry as compared to the Europe and North America. However, Mainland China raised its premium income from general insurance at an average annual rate of about 13% from 2013 to 2017. In India, LIC, single largest player of Insurance reported about 70% of the Direct Written Premium (DWP). In Indonesia, gross register life insurance premiums grew at 11% yearly from 2013 to 2017. Countries such as Indonesia, Thailand, China, India, Hong Kong, Singapore, and Malaysia are experiencing rising disposable incomes and health economic growth which could increase the growth of the insurance market respectively. According to the 2016 data of Ant Financial and CNB, there were about 330 million online insurance customers in China and has an anticipated increase of more than 40% in the coming years.

Hence, Asia-Pacific companies are adopting cyber insurance software which is excepted to increase the growth opportunities for commercial insurers in the region which will further drive the digital insurance platform market.

North America

According to Boston, Massachusetts data of 2019, The Digital Insurer (TDI), the world’s largest digital insurance platform and Strategy Meets Action (SMA) leading insurance advisory firm announced their partnership in the North American Property and Casualty insurance (P&C) insurance market. In 2017, North American insurers assist the way in IT and invested about USD 73 billion in technology such as cloud and data analytics. Furthermore, the Celent report announced that IT Spending in Insurance in 2017 reached USD 185 billion.

Hence, aforementioned factors are excepted to provide new products and services to the North American region, which will further boost the digital transformation of the insurance market in the region.

Global Digital Insurance Platform Market: Key Players Overview

IBM Corporation:

IBM Corporation provides a cloud technology a modern data platform that drives the insurance companies to discovered new data sets into the cognitive-based decision. IBM continues to invest in technologies and solutions to reduce costs and enhance flexibility. IBM and Majesco have created an insurance industry platform which brings a modify advantage, speed up the growth of the market and lower total cost of ownership to insurers.

SAP SE:

SAP SE is transforming to a digital insurance business model. It provides features such as customer centricity, manages complex financials, high velocity, intelligent technologies as IoT applications services which improves the operational efficiency. SAP SE and Mindtree insurance created an insurance platform that speed up their businesses and new products.

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