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.
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.
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 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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 81.68 Bn |
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Revenue Forecast In 2031 |
USD 203.89 Bn |
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Growth Rate CAGR |
CAGR of 12.24 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Offering, Application, Insurance Type, Technology, End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ; France; Italy; Spain; South Korea; South East |
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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). |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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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)
Insurance Platform Market By Offering-
Insurance Platform Market By Application-
Insurance Platform Market By Insurance Type-
Insurance Platform Market By Technology-
Insurance Platform Market By End-User-
Insurance Platform Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.
