Insurance Platform Trends and Forecast
The future of the global insurance platform market looks promising with opportunities in the claims management, underwriting & rating, customer relationship management, billing & payments, data analytics, compliance & reporting, policy administration, collection & disbursement, sales & marketing, and property estimation markets. The global insurance platform market is expected to grow with a CAGR of 13.5% from 2024 to 2030. The major drivers for this market are emergence of data analytics and big data technologies and growing demand for digital insurance channels.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Insurance Platform by Segment
The study includes a forecast for the global insurance platform by offering, insurance type, application, end use, and region.
Insurance Platform Market by Offering [Shipment Analysis by Value from 2018 to 2030]:
• Software
• Others
Insurance Platform Market by Insurance Type [Shipment Analysis by Value from 2018 to 2030]:
• General Insurance
• Life Insurance
• Cybersecurity Insurance
• Others
Insurance Platform Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Claims Management
• Underwriting & Rating
• Customer Relationship Management
• Billing & Payments
• Data Analytic
• Compliance & Reporting
• Policy Administration, Collection & Disbursement
• Sales & Marketing
• Property Estimation
• Others
Insurance Platform Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Insurance Companies
• Insurance Agencies & Broker
• Third-Party Administrators
• Actuaries
• Reinsurers
• Others
Insurance Platform Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Insurance Platform Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies insurance platform companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the insurance platform companies profiled in this report include-
• Microsoft
• Adobe
• Salesforce
• Oracle
• SAP
• Pegasystems
• Accenture
• DXC Technology
• Guidewire Software
• Duck Creek Technologies
Insurance Platform Market Insights
Lucintel forecasts that actuaries is expected to witness highest growth over the forecast period as it plays a pivotal role in risk assessment, pricing, and ensuring insurance company stability.
Within this market, claim management will remain the largest segment.
North America will remain the largest region over the forecast period due to technological innovation, diverse insurance sector, and presence of favorable environment for startups and established insurance providers in the region.
Features of the Global Insurance Platform Market
Market Size Estimates: Insurance platform market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Insurance platform market size by various segments, such as by offering, insurance type, application, end use, and region in terms of value ($B).
Regional Analysis: Insurance platform market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different offerings, insurance types, applications, end uses, and regions for the insurance platform market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the insurance platform market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for insurance platform market?
Answer: The global insurance platform market is expected to grow with a CAGR of 13.5% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the insurance platform market?
Answer: The major drivers for this market are emergence of data analytics and big data technologies and growing demand for digital insurance channels.
Q3. What are the major segments for insurance platform market?
Answer: The future of the global insurance platform market looks promising with opportunities in the claims management, underwriting & rating, customer relationship management, billing & payments, data analytics, compliance & reporting, policy administration, collection & disbursement, sales & marketing, and property estimation markets
Q4. Who are the key insurance platform market companies?
Answer: Some of the key insurance platform companies are as follows:
• Microsoft
• Adobe
• Salesforce
• Oracle
• SAP
• Pegasystems
• Accenture
• DXC Technology
• Guidewire Software
• Duck Creek Technologies
Q5. Which insurance platform market segment will be the largest in future?
Answer: Lucintel forecasts that actuaries is expected to witness highest growth over the forecast period as it plays a pivotal role in risk assessment, pricing, and ensuring insurance company stability.
Q6. In insurance platform market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to technological innovation, diverse insurance sector, and presence of favorable environment for startups and established insurance providers in the region.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the insurance platform market by offering (software and others), insurance type (general insurance, life insurance, cybersecurity insurance, and others), application (claims management, underwriting & rating, customer relationship management, billing & payments, data analytic, compliance & reporting, policy administration, collection & disbursement, sales & marketing, property estimation, and others), end use (insurance companies, insurance agencies & broker, third-party administrators, actuaries, reinsurers, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Insurance Platform Market, Insurance Platform Market Size, Insurance Platform Market Growth, Insurance Platform Market Analysis, Insurance Platform Market Report, Insurance Platform Market Share, Insurance Platform Market Trends, Insurance Platform Market Forecast, Insurance Platform Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.