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Insurance Platform Market

Insurance Platform Market Size, Share & Trends Analysis Report By Offering (Software, Services), By Application, By Insurance Type, By Technology, By End-User, By Region, And By Segment Forecasts, 2024-2031

Report ID : 2178 | Published : 2024-03-17 | Pages: 180 | Format: PDF/EXCEL

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Insurance Platform Market Size is valued at USD 81.68 Bn in 2023 and is predicted to reach USD 203.89 Bn by the year 2031 at a 12.24% CAGR during the forecast period for 2024-2031. 

 

The insurance platform is a set of websites that offer information on insurance products as well as other pertinent information. The digital insurance platform, in particular, is designed to assist consumers in preparing for the problems provided by rapidly growing technology as it enters the insurance sector. A digital insurance platform is software or technology that helps companies monitor, create, manage, and regulate the digital insurance ecosystem. It helps firms integrate digitization into the insurance process. The growing deployment of IoT products is driving the digital insurance platform industry. The increased use of underwater acoustic modems in naval defence is a major factor driving market expansion. The shifting focus of insurers from product-based to consumer-centric strategies is increasing demand for digital insurance platform equipment.

However, the COVID-19 pandemic had a tremendous impact on the insurance business, notably insurance platforms, due to changes in consumer behaviour, economic constraints, and the need for creative solutions to handle emerging risks. Insurance platforms encountered difficulties resolving these claims, resulting in legal conflicts and discussions over policy wordings relating to pandemic-related losses.

Competitive Landscape

Some Major Key Players In The Insurance Platform Market:

  • Microsoft (US)
  • Adobe (US)
  • Salesforce (US)
  • IBM (US)
  • Oracle (US)
  • SAP (Germany)
  • Pegasystems (US)
  • Accenture (Ireland)
  • DXC Technology (US)
  • Guidewire Software (US)
  • Duck Creek Technologies (US)
  • Applied Systems (US)
  • Fineos (Ireland)
  • Cognizant (US)
  • Appian (US)
  • LTIMindtree (India)
  • Prima Solutions (France)
  • Majesco (US)
  • EIS Group (US)
  • Cogitate Technology Solutions (US)
  • Vertafore (US)
  • Sapiens International Corporation (Israel)
  • Bolt Insurance (US)
  • Inzura (UK)
  • Britecore (US)
  • Shift Technology (France)
  • Zipari (US)
  • Qauntemplate (US)
  • PerfectQuote (US)
  • Outsystems (US)
  • Zywave (US)
  • Socotra (US)
  • InsuredMine (US)
  • InsuredHQ (New Zealand)
  • CodeMetro (US)
  • AgencySmart (US)
  • OneShield (US)
  • Others

Market Segmentation:

The Insurance Platform Market is segmented on the basis of offering application. Insurance type, technology, and end-user. According to offering segment, the market is divided into software and services. Based on software segment, the market is segmented as intelligent document processing, insurance lead management, insurance workflow automation, policy management, Video KYC/eKYC, API & micro-services, and others. As per the services, the market is segmented as professional services and managed services.

The application segment includes claims management, underwriting & rating, customer relationship management (CRM), billing & payments, data analytics, Compliance & reporting, policy administration, collection & disbursement, sales & marketing, property estimation, predictive modelling/extreme event forecasting, and others. By insurance type, the market is segmented into general insurance, life insurance, cyber-security insurance, and others. The technology segment includes AI & ML, IoT, blockchain, data analytics & big data, regulatory technology (regtech), and others. By end-user, the market is segmented into insurance companies, insurance agencies & brokers, third-party administrators (TPAs), actuaries, and reinsurers.

Based On The Offering, The Software Segment Is Accounted As A Major Contributor In The Insurance Platform Market. 

The software category will hold a major share of the global Insurance Platform Market in 2024. The insurance platform market's software segment contains a variety of software solutions that cater to the needs of the insurance business. These solutions are intended to simplify and automate many operations, resulting in enhanced efficiency, lower costs, and higher customer satisfaction. It includes a variety of critical processes that are essential to the operations of an insurance company. Policy issuance and renewal are fundamental to policy administration. This entails creating and maintaining insurance policies for customers. It ensures that policies are issued accurately and renewed seamlessly, facilitating smooth interactions with policyholders.

The Actuaries Segment Witnessed Growth At A Rapid Rate.

The actuaries segment is projected to grow at a rapid rate in the global Insurance Platform Market. Actuaries are an important end-user group in the insurance platform market. Actuaries play an important role in the insurance sector by analyzing and managing risk, defining price structures, and assuring an insurance company's financial viability.

Insurance platforms provide advanced tools and data analytics capabilities to actuaries, allowing them to generate precise risk evaluations and model numerous scenarios. As the insurance landscape changes due to shifting rules and developing hazards, actuaries rely on modern platforms to negotiate complexities, optimize financial performance, and ensure insurance carriers' long-term survival.

In The Region, The North America Insurance Platform Market Holds A Significant Revenue Share.

The North America Insurance Platform Market is expected to register the maximum market share in revenue in the near future. The insurance platform market in North America is at the forefront of technology innovation and transformation in the global insurance business. This region has developed as a hub for pioneering insurance technology solutions, spanning a broad and diverse geographical terrain encompassing the United States and Canada. North America is a dynamic market where established insurers and insurtech disruptors are converging to reinvent how insurance goods and services are supplied and consumed. Asia-Pacific is predicted to grow during the projection period as commercial investment by various sectors increases.

Recent Developments:

  • In Aug 2023, IBM has been re-engaged by Fortitude to optimize and improve its third-party administration processes for annuities and life insurance.   Fortitude Re and IBM formed a long-term strategic alliance to work together on expansion prospects with the goal of strengthening Fortitude Re's standing as a top supplier of legacy reinsurance solutions worldwide. The businesses agreed to a 10-year, $450 million partnership to manage more than 4 million insurance policies.
  • In July 2022, National Insurance Company Ltd. (NICL) appointed Cognizant Technology Solutions as its technology provider responsible for overseeing and expediting its digital transformation. NICL was a prominent public-sector general insurance company in India.

Insurance Platform Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 81.68 Bn

Revenue Forecast In 2031

USD 203.89 Bn

Growth Rate CAGR

CAGR of 12.24 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

Offering, Application, Insurance Type, Technology, End-user

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ; France; Italy; Spain; South Korea; South East

Competitive Landscape

Microsoft (US), Adobe (US), Salesforce (US), IBM (US), Oracle (US), SAP (Germany), Pegasystems (US), Accenture (Ireland), DXC Technology (US), Guidewire Software (US), Duck Creek Technologies (US), Applied Systems (US), Fineos (Ireland), Cognizant (US), Appian (US), LTIMindtree (India), Prima Solutions (France), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Vertafore (US), Sapiens International Corporation (Israel), Bolt Insurance (US), Inzura (UK), Britecore (US), Shift Technology (France), Zipari (US), Qauntemplate (US), PerfectQuote (US), Outsystems (US), Zywave (US), Socotra (US), InsuredMine (US), InsuredHQ (New Zealand), CodeMetro (US), AgencySmart (US), and OneShield (US).

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Insurance Platform Market Snapshot

Chapter 4. Global Insurance Platform Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Offering Estimates & Trend Analysis

5.1. By Offering, & Market Share, 2019 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Offering:

5.2.1. Software

5.2.1.1. Intelligent Document Processing

5.2.1.1.1. Digital Document Depository

5.2.1.1.2. Document Collaboration

5.2.1.1.3. Document Verification

5.2.1.1.4. Document Version Control

5.2.1.2. Insurance Lead Management

5.2.1.2.1. Lead Tracking & Assignment

5.2.1.2.2. Lead Scoring & Nurturing

5.2.1.2.3. Lead Analytics

5.2.1.2.4. Cross-Selling & Upselling

5.2.2. Insurance Workflow Automation

5.2.2.1.1. Claims Workflow Automation

5.2.2.1.2. Underwriting Workflow Automation

5.2.2.1.3. Customer Onboarding Automation

5.2.2.1.4. Compliance Workflow Automation

5.2.3. Policy Management

5.2.3.1.1. Policy Issuance & Renewal

5.2.3.1.2. Policy Documentation

5.2.3.1.3. Policy Premium Calculations

5.2.3.1.4. Policy Quotation Management

5.2.4. Video KYC/eKYC

5.2.4.1.1. Identity & Biometric Verification

5.2.4.1.2. Compliance Reporting

5.2.4.1.3. Audit Trails

5.2.5. API & Microservices

5.2.5.1.1. API-Driven Insurance Integration Platforms

5.2.5.1.2. Partner Ecosystem Integration Platforms

5.2.5.1.3. API-Enabled Insurance Distribution Platforms

5.2.5.1.4. Microservices

5.2.5.1.4.1. Rating Microservices

5.2.5.1.4.2. Document Generation Microservices

5.2.5.1.4.3. Transaction Microservices

5.2.5.1.4.4. Workflow Microservices

5.2.5.1.4.5. Rating Microservices

5.2.5.1.4.6. Utility Microservices

5.2.5.1.4.7. Metadata Microservices

5.2.5.1.4.8. Product Management Microservices

5.2.6. Others

Chapter 6. Market Segmentation 2: By End-user Estimates & Trend Analysis

6.1. By End-user & Market Share, 2019 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End-user:

6.2.1. Claims Management

6.2.1.1.1. Virtual Claims Handling

6.2.1.1.2. Claims Processing

6.2.1.1.3. Claims Analytics

6.2.2. Underwriting & Rating

6.2.2.1.1. Group Insurance Underwriting

6.2.2.1.2. Customer Risk Profiling

6.2.2.1.3. Collaboration & Self-Service

6.2.2.1.4. Pricing & Quote Management

6.2.3. Customer Relationship Management (CRM)

6.2.3.1.1. Customer Data Management

6.2.3.1.2. Customer Interaction & Engagement

6.2.3.1.3. Customer Support & Service

6.2.4. Billing & Payments

6.2.4.1.1. Premium Billing & Invoicing

6.2.4.1.2. Online Payment Processing

6.2.4.1.3. Reconciliation & Accounting

6.2.5. Data Analytics

6.2.5.1.1. Subrogation Analytics

6.2.5.1.2. Performance Tracking & Reporting

6.2.5.1.3. Fraud Detection & Prevention

6.2.6. Compliance & Reporting

6.2.6.1.1. Regulatory Compliance Management

6.2.6.1.2. Reporting Automation

6.2.7. Policy Administration, Collection & Disbursement

6.2.7.1.1. Policy Creation & Modification

6.2.7.1.2. Premium Collection

6.2.7.1.3. Payout & Disbursement Management

6.2.8. Sales & Marketing

6.2.8.1.1. Agent & Broker Management

6.2.8.1.2. Direct-To-Consumer Sales

6.2.8.1.3. Digital Sales Enablement

6.2.9. Property Estimation

6.2.9.1.1. Property Valuation

6.2.9.1.2. Claims Estimation

6.2.9.1.3. Property Inspection

6.2.10. Predictive Modeling/Extreme Event Forecasting

6.2.10.1.1. Claims Severity Modelling

6.2.10.1.2. Policy Recommendation Engines

6.2.10.1.3. Extreme Event Analysis

6.2.10.1.4. Catastrophe Modeling

6.2.11. Others

Chapter 7. Market Segmentation 3: By Insurance Type Estimates & Trend Analysis

7.1. By Insurance Type & Market Share, 2019 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Insurance Type:

7.2.1. General Insurance

7.2.1.1. Health Care Insurance

7.2.1.1.1. Individual Health Insurance

7.2.1.1.2. Family Floater Insurance

7.2.1.1.3. Critical Illness Coverage

7.2.1.1.4. Senior Citizen Health Insurance

7.2.1.1.5. Group Health Insurance

7.2.1.2. Automobile Insurance

7.2.1.2.1. Car Insurance

7.2.1.2.2. Bike Insurance

7.2.1.2.3. Commercial Vehicle Insurance

7.2.1.3. Homeowners' Insurance

7.2.1.3.1. Home Building Insurance

7.2.1.3.2. Public Liability Coverage

7.2.1.3.3. Standard Fire & Special Perils Policy

7.2.1.4. Travel Insurance

7.2.1.4.1. Trip Cancellation

7.2.1.4.2. Medical Coverage

7.2.1.4.3. Baggage Loss

7.2.2. Life Insurance

7.2.2.1. Term Life Insurance

7.2.2.1.1. Level Term Life Insurance

7.2.2.1.2. Increasing Term Insurance

7.2.2.1.3. Decreasing Term Insurance

7.2.2.1.4. Return Of Premium Term Insurance

7.2.2.1.5. Convertible Term Plans

7.2.2.2. Unit-Linked Insurance Plans (ULIP)

7.2.2.2.1. Type 1 ULIP

7.2.2.2.2. Type 2 ULIP

7.2.2.3. Whole Life Insurance

7.2.2.3.1. Indexed Whole Life Insurance

7.2.2.3.2. Guaranteed Issue Whole Life Insurance

7.2.2.3.3. Limited Payment Whole Life Insurance

7.2.2.3.4. Joint Whole Life Insurance

7.2.2.3.5. Modified Whole Life Insurance

7.2.2.3.6. Reduced Paid-Up Whole Life Insurance

7.2.2.3.7. Simplified Issue Whole Life Insurance

7.2.2.3.8. Single-Premium Whole Life Insurance

7.2.2.3.9. Variable Whole Life Insurance

7.2.2.3.10. Whole Life Insurance For Children

7.2.3. Cybersecurity Insurance

7.2.3.1.1. Data Breach Coverage

7.2.3.1.2. Cyber Extortion & Ransomware Coverage

7.2.3.1.3. Regulatory Fines & Penalties Coverage

7.2.3.1.4. Cyber Terrorism Insurance

7.2.4. Others

Chapter 8. Market Segmentation 4: By Technology Estimates & Trend Analysis

8.1. By Technology & Market Share, 2019 & 2031

8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Technology:

8.2.1. AI & ML

8.2.1.1. Ai-Powered Underwriting Platforms

8.2.1.2. ML-Based Claims Processing Platforms

8.2.1.3. Ai-Driven Customer Service & Chatbot Platforms

8.2.1.4. insurance platform-Based Content Marketing

8.2.1.5. Robotic Process Automation

8.2.1.6. Others

8.2.2. IoT

8.2.2.1. IoT-Enabled Telematics Platforms

8.2.2.2. Connected Home & Property Insurance Platforms

8.2.2.3. Wearable Device Integration for Health Insurance

8.2.2.4. Others

8.2.3. Blockchain

8.2.3.1. Blockchain-Based Insurance Platforms

8.2.3.2. Smart Contract Insurance Platforms

8.2.3.3. Decentralized Insurance Platforms

8.2.3.4. Others

8.2.4. Data Analytics & Big Data

8.2.4.1. Big Data Analytics For Risk Assessment

8.2.4.2. Predictive Analytics For Pricing & Underwriting

8.2.4.3. Data-Driven Claims Processing Platforms

8.2.4.4. Others

8.2.5. Regulatory Technology (Regtech)

8.2.5.1. Regulatory Compliance & Reporting Platforms

8.2.5.2. KYC & AML Compliance Solutions

8.2.5.3. Regulatory Risk Assessment & Management

8.2.5.4. Others

8.2.6. Others

Chapter 9. Market Segmentation 5: By End-user Estimates & Trend Analysis

9.1. By End-user & Market Share, 2019 & 2031

9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End-user:

9.2.1. Insurance Companies

9.2.1.1. Large Carriers

9.2.1.2. Mid-Sized Carriers

9.2.1.3. Small & Startup Insurers

9.2.2. Insurance Agencies & Brokers

9.2.2.1. Independent Agencies

9.2.2.2. Brokerage Firms

9.2.2.3. Online Aggregators

9.2.3. Third-Party Administrators (TPAs)

9.2.3.1. Claims Handing Firms

9.2.3.2. Policy Management Service Providers

9.2.4. Actuaries

9.2.5. Reinsurers

Chapter 10. Insurance Platform Market Segmentation 6: Regional Estimates & Trend Analysis

10.1. North America

10.1.1. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts By Offering, 2024-2031

10.1.2. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts By End-user, 2024-2031

10.1.3. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts By Insurance Type, 2024-2031

10.1.4. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts By Technology, 2024-2031

10.1.5. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts By End-user, 2024-2031

10.1.6. North America Insurance Platform Market revenue (US$ Million) estimates and forecasts by country, 2024-2031

10.2. Europe

10.2.1. Europe Insurance Platform Market revenue (US$ Million) By Offering, 2024-2031

10.2.2. Europe Insurance Platform Market revenue (US$ Million) By End-user, 2024-2031

10.2.3. Europe Insurance Platform Market revenue (US$ Million) By Insurance Type, 2024-2031

10.2.4. Europe Insurance Platform Market revenue (US$ Million) By Technology, 2024-2031

10.2.5. Europe Insurance Platform Market revenue (US$ Million) By End-user, 2024-2031

10.2.6. Europe Insurance Platform Market revenue (US$ Million) by country, 2024-2031

10.3. Asia Pacific

10.3.1. Asia Pacific Insurance Platform Market revenue (US$ Million) By Offering, 2024-2031

10.3.2. Asia Pacific Insurance Platform Market revenue (US$ Million) By End-user, 2024-2031

10.3.3. Asia Pacific Insurance Platform Market revenue (US$ Million) By Insurance Type, 2024-2031

10.3.4. Asia Pacific Insurance Platform Market revenue (US$ Million) By Technology, 2024-2031

10.3.5. Asia Pacific Insurance Platform Market revenue (US$ Million) By End-user, 2024-2031

10.3.6. Asia Pacific Insurance Platform Market revenue (US$ Million) by country, 2024-2031

10.4. Latin America

10.4.1. Latin America Insurance Platform Market revenue (US$ Million) By Offering, (US$ Million) 2024-2031

10.4.2. Latin America Insurance Platform Market revenue (US$ Million) By End-user, (US$ Million) 2024-2031

10.4.3. Latin America Insurance Platform Market revenue (US$ Million) By Insurance Type, (US$ Million) 2024-2031

10.4.4. Latin America Insurance Platform Market revenue (US$ Million) By Technology, (US$ Million) 2024-2031

10.4.5. Latin America Insurance Platform Market revenue (US$ Million) By End-user, (US$ Million) 2024-2031

10.4.6. Latin America Insurance Platform Market revenue (US$ Million) by country, 2024-2031

10.5. Middle East & Africa

10.5.1. Middle East & Africa Insurance Platform Market revenue (US$ Million) By Offering, (US$ Million) 2024-2031

10.5.2. Middle East & Africa Insurance Platform Market revenue (US$ Million) By End-user, (US$ Million) 2024-2031

10.5.3. Middle East & Africa Insurance Platform Market revenue (US$ Million) By Insurance Type, (US$ Million) 2024-2031

10.5.4. Middle East & Africa Insurance Platform Market revenue (US$ Million) By Technology, (US$ Million) 2024-2031

10.5.5. Middle East & Africa Insurance Platform Market revenue (US$ Million) By End-user, (US$ Million) 2024-2031

10.5.6. Middle East & Africa Insurance Platform Market revenue (US$ Million) by country, 2024-2031

Chapter 11. Competitive Landscape

11.1. Major Mergers and Acquisitions/Strategic Alliances

11.2. Company Profiles

11.2.1. Microsoft (US)

11.2.2. Adobe (US) 

11.2.3. Salesforce (US)

11.2.4. IBM (US)

11.2.5. Oracle (US)

11.2.6. SAP (Germany)

11.2.7. Pegasystems (US)

11.2.8. Accenture (Ireland)

11.2.9. DXC Technology (US)

11.2.10. Guidewire Software (US)

11.2.11. Duck Creek Technologies (US)

11.2.12. Applied Systems (US)

11.2.13. Fineos (Ireland)

11.2.14. Cognizant (US)

11.2.15. Appian (US)

11.2.16. LTIMindtree (India)

11.2.17. Prima Solutions (France)

11.2.18. Majesco (US)

11.2.19. EIS Group (US)

11.2.20. Cogitate Technology Solutions (US)

11.2.21. Vertafore (US)

11.2.22. Sapiens International Corporation (Israel)

11.2.23. Bolt Insurance (US)

11.2.24. Inzura (UK)

11.2.25. Britecore (US)

11.2.26. Shift Technology (France

11.2.27. Zipari (US)

11.2.28. Qauntemplate (US)

11.2.29. PerfectQuote (US)

11.2.30. Outsystems (US)

11.2.31. Zywave (US)

11.2.32. Socotra (US)

11.2.33. InsuredMine (US)

11.2.34. InsuredHQ (New Zealand)

11.2.35. CodeMetro (US)

11.2.36. AgencySmart (US)

11.2.37. OneShield (US)

Segmentation of Insurance Platform Market-

Insurance Platform Market By Offering-

  • Software
    • Intelligent Document Processing
      • Digital Document Depository
      • Document Collaboration
      • Document Verification
      • Document Version Control
    • Insurance Lead Management
      • Lead Tracking & Assignment
      • Lead Scoring & Nurturing
      • Lead Analytics
      • Cross-Selling & Upselling
    • Insurance Workflow Automation
      • Claims Workflow Automation
      • Underwriting Workflow Automation
      • Customer Onboarding Automation
      • Compliance Workflow Automation
    • Policy Management
      • Policy Insurance & Renewal
      • Policy Documentation
      • Policy Premium Calculations
      • Policy Quotation Management
    • Video KYC/eKYC
      • Identity & Biometric Verification
      • Compliance Reporting
      • Audit Trails
    • API & Micro-Services
      • API-Driven Insurance Integration Platforms
      • Partner Ecosystem Integration Platforms
      • API-Enabled Insurance Distribution Platforms
      • Micro-services
        • Rating Microservices
        • Document Generation Microservices
        • Transaction Microservices
        • Workflow Microservices
        • Rating Microservices
        • Utility Microservices
        • Metadata Microservices
        • Product Management Microservices
      • Others
    • Services
      • Professional Services
        • Consulting & Advisory Services
        • Integration & Implementation Services
        • Custom Platform Design & Development Services
        • Training & Education Services
      • Managed Services 

Insurance Platform

Insurance Platform Market By Application-

  • Claims Management
    • Virtual Claims Handling
    • Claims Processing
    • Claims Analytics
  • Underwriting & Rating
    • Group Insurance Underwriting
    • Customer Risk Profiling
    • Collaboration & Self-Services
    • Pricing & Quote Management
  • Customer Relationship Management (CRM)
    • Customer Data Management
    • Customer Interaction & Engagement
    • Customer Support & Services
  • Billing & Payments
    • Premium Billing & Invoicing
    • Online Payment Processing
    • Reconciliation & Accounting
  • Data Analytics
    • Subrogation Analytics
    • Performance Tracking & Reporting
    • Fraud Detection & Prevention
  • Compliance & Reporting
    • Regulatory Compliance Management
    • Reporting Automation
  • Policy Administration, Collection & Disbursement
    • Policy Creation & Modification
    • Premium Collection
    • Payout & Disbursement Management
  • Sales & Marketing
    • Agent & Broker Management
    • Direct-To-Consumer Sales
    • Digital Sales Enablement
  • Property Estimation
    • Property Valuation
    • Claims Estimation
    • Property Inspection
  • Predictive Modeling/Extreme Event Forecasting
    • Claims Severity Modelling
    • Policy Recommendation Engines
    • Extreme Event Analysis
    • Catastrophe Modeling
  • Others

Insurance Platform Market By Insurance Type-

  • General Insurance
    • Health Care Insurance
      • Individual Health Insurance
      • Family Floater Insurance
      • Critical Illness Coverage
      • Senior Citizen Health Insurance
      • Group Health Insurance
    • Automobile Insurance
      • Car Insurance
      • Bike Insurance
      • Commercial Vehicle Insurance
    • Homeowners’ Insurance
      • Home Building Insurance
      • Public Liability Coverage
      • Standard Fire & Special Perils Policy
    • Travel Insurance
      • Trip Cancellation
      • Medical Coverage
      • Baggage Loss
    • Life Insurance
      • Term Life Insurance
        • Level Term Life Insurance
        • Increasing Term Insurance<
        • Decreasing Term Insurance
        • Return Of Premium Term Insurance
        • Convertible Term Plans
      • Unit-Linked Insurance Plans (ULIP)
        • Type 1 ULIP
        • Type 2 ULIP
      • Whole Life Insurance
        • Indexed Whole Life Insurance
        • Guaranteed Issue Whole Life Insurance
        • Limited Payment Whole Life Insurance
        • Joint Whole Life Insurance
        • Modified Whole Life Insurance
        • Reduced Paid-Up Whole Life Insurance
        • Simplified Issue Whole Life Insurance
        • Single-Premium Whole Life Insurance
        • Variable Whole Life Insurance
        • Whole Life Insurance For Children
      • Cyber-Security Insurance
        • Data Breach Coverage
        • Cyber Extortion & Ransomware Coverage
        • Regulatory Fines & Penalties Coverage
        • Cyber Terrorism Insurance
      • Others

Insurance Platform Market By Technology-

  • AI & ML
    • Ai-Powered Underwriting Platforms
    • ML-Based Claims Processing Platforms
    • Ai-Driven Customer Service & Chatbot Platforms
    • Insurance platform-Based Content Marketing
    • Robotic Process Automation
    • Others
  • IoT
    • IoT-Enabled Telematics Platforms
    • Connected Home & Property Insurance Platforms
    • Wearable Device Integration for Health Insurance
    • Others
  • Blockchain
    • Blockchain-Based Insurance Platforms
    • Smart Contract Insurance Platform
    • Decentralized Insurance Platforms
    • Others
  • Data Analytics & Big Data
    • Big Data Analytics For Risk Assessment
    • Predictive Analytics For Pricing and underwriting
    • Data-Driven Claims Processing Platforms
    • Others
  • Regulatory Technology (Regtech)
    • Regulatory Compliance & Reporting Platforms
    • KYC & AML Compliance Solutions
    • Regulatory Risk Assessment & Management
    • Others
  • Others

Insurance Platform Market By End-User-

  • Insurance Companies
    • Large Carriers
    • Mid-Sized Carriers
    • Small & Startup Insurers
  • Insurance Agencies & Brokers
    • Independent Agencies
    • Brokerage Firms
    • Online Aggregators
  • Third-Part Administrators (TPAs)
    • Claims Handing Firms
    • Policy Management Service Providers
  • Actuaries
  • Reinsurers

Insurance Platform Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Insurance Platform Market Size?

Insurance Platform Market is expected to grow at a 12.24% CAGR during the forecast period for 2024–2031.

Qauntemplate (US), PerfectQuote (US), Outsystems (US), Zywave (US), Socotra (US), InsuredMine (US), InsuredHQ (New Zealand), CodeMetro (US), AgencySma

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