Global Digital Insurance Platform Market is expected to reach USD 193.24 billion by 2025, from USD 78.47 billion in 2017 growing at a CAGR of 13.7% during the forecast period to 2026. The other players in the market are TCS, Cognizant, DXC Technology, Infosys, Pegasystems, Appian, Mindtree, Prima Solutions, Fineos, Bolt Solutions, Majesco, EIS Group, Cogitate, Inzura, Duck Creek Technologies, Vertafore, Internet Pipeline, Ebaotech, Stoneriver, RGI and many more.
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The various factors which has caused the introduction of digital insurance platform are increased customer expectations, need for simpler, more compelling products which provides a truly mni channel experience. The business today is facing issues related to digital disruption, are well known. But demonstrating a deep understanding of digital disruption is not insurers’ primary business challenge. Now the insurers want to innovate digitally, embrace the cloud and become more service enabled. In a simpler terminology the digital insurance can be termed as making every insurance experience easier-than-easy for customers. Various key players are investing more on the development of this platform. For instance Cogitate’s which is one of the major player in the market for digital insurance platform has designed and developed a platform to ensure that the insurer is prepared to meet the challenge of emerging and disruptive technologies which are rapidly entering the insurance industry sector. The company provides end-to-end digital integrated solutions and it will also web capabilities and adding new mobile opportunities. Such developments made by the key player acts as a major driving factor for the growth of the market.
- Growing adoption of IOT products
- Shift of insurers’ focus from product-based to customer-centric strategies
- Increased awareness among insurers about digital channels.
- Increased awareness among insurers to access a broader segment of the market
Table of Contents
- Market Segmentation
- Market Overview
- Executive Summary
- Premium Insights
- Global, By Component
- Product Type
- Industry Type
10.2. North America
10.5. South America
10.6. Middle East & Africa
- Company Landscape
- Company Profiles
- Related Reports
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- Difficulty to integrate insurance platforms with legacy systems.
- Lack of skilled workforce
Global Digital Insurance Platform Market Segmentation:
- Managed Services
- Professional Services
By Professional Service
- Support and Maintenance
- Insurance Companies
- Third-Party Administrators and Brokers
By Insurance Application
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