Global Digital Insurance Platform Market: Key Highlights
Global Digital Insurance Platform Market: Key Market Dynamics
Global Digital Insurance Platform Market: Regional Overview
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.
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 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 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.
About Forencis Research
Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.
Phone: +1 (720) 306 9020