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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.
Insurance Platform Trends and Forecast

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

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.
Table of Contents

1. Executive Summary
2. Global Insurance Platform Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges 
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Insurance Platform Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Insurance Platform Market by Offering
3.3.1: Software
3.3.2: Others
3.4: Global Insurance Platform Market by Insurance Type
3.4.1: General Insurance
3.4.2: Life Insurance
3.4.3: Cybersecurity Insurance
3.4.4: Others
3.5: Global Insurance Platform Market by Application
3.5.1: Claims Management
3.5.2: Underwriting & Rating
3.5.3: Customer Relationship Management
3.5.4: Billing & Payments
3.5.5: Data Analytic
3.5.6: Compliance & Reporting
3.5.7: Policy Administration, Collection & Disbursement
3.5.8: Sales & Marketing
3.5.9: Property Estimation
3.5.10: Others
3.6: Global Insurance Platform Market by End Use
3.6.1: Insurance Companies
3.6.2: Insurance Agencies & Broker
3.6.3: Third-Party Administrators
3.6.4: Actuaries
3.6.5: Reinsurers
3.6.6: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Insurance Platform Market by Region
4.2: North American Insurance Platform Market
4.2.1: North American Insurance Platform Market by Application: Claims Management, Underwriting & Rating, Customer Relationship Management, Billing & Payments, Data Analytic, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, and Others
4.2.2: North American Insurance Platform Market by End Use: Insurance Companies, Insurance Agencies & Broker, Third-Party Administrators, Actuaries, Reinsurers, and Others
4.3: European Insurance Platform Market
4.3.1: European Insurance Platform Market by Application: Claims Management, Underwriting & Rating, Customer Relationship Management, Billing & Payments, Data Analytic, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, and Others
4.3.2: European Insurance Platform Market by End Use: Insurance Companies, Insurance Agencies & Broker, Third-Party Administrators, Actuaries, Reinsurers, and Others
4.4: APAC Insurance Platform Market
4.4.1: APAC Insurance Platform Market by Application: Claims Management, Underwriting & Rating, Customer Relationship Management, Billing & Payments, Data Analytic, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, and Others
4.4.2: APAC Insurance Platform Market by End Use: Insurance Companies, Insurance Agencies & Broker, Third-Party Administrators, Actuaries, Reinsurers, and Others
4.5: ROW Insurance Platform Market
4.5.1: ROW Insurance Platform Market by Application: Claims Management, Underwriting & Rating, Customer Relationship Management, Billing & Payments, Data Analytic, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, and Others
4.5.2: ROW Insurance Platform Market by End Use: Insurance Companies, Insurance Agencies & Broker, Third-Party Administrators, Actuaries, Reinsurers, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Insurance Platform Market by Offering
6.1.2: Growth Opportunities for the Global Insurance Platform Market by Insurance Type
6.1.3: Growth Opportunities for the Global Insurance Platform Market by Application
6.1.4: Growth Opportunities for the Global Insurance Platform Market by End Use
6.1.5: Growth Opportunities for the Global Insurance Platform Market by Region
6.2: Emerging Trends in the Global Insurance Platform Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Insurance Platform Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Insurance Platform Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Microsoft
7.2: Adobe
7.3: Salesforce
7.4: Oracle
7.5: SAP
7.6: Pegasystems
7.7: Accenture
7.8: DXC Technology
7.9: Guidewire Software
7.10: Duck Creek Technologies
.

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A 150 Page Report
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.