Digital Insurance Platform Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Solution, Service); By Deployment Mode (On-premises, Cloud); By Enterprise Size (Large Enterprises, Small & Medium-sized Enterprises (SMEs)); By Application (Automotive, Transportation, and Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture); By End User (Insurance Companies, Aggregators, Third-Party Administrators & Brokers); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global Digital Insurance Platform Market Size More Than Doubles to Touch USD 250.3 Billion by 2029
Global digital insurance platform market is flourishing because of the growing adoption of cloud technology, an increasing need for efficiency and effectiveness, and high adoption of digital solutions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global digital insurance platform market size at USD 115.37 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global digital insurance platform market size to grow at a significant CAGR of 11.7% reaching a value of USD 250.3 billion by 2029. Major growth drivers for the global digital insurance platform market include an increasing trend of digitalization across various industries and growing numbers of insurers shifting from product-centric to consumer-centric strategies. Another driving force is the growing awareness among the global population regarding the advantages of digital insurance channels. These digital avenues empower insurers to transition from complex core systems to a business model characterized by growing flexibility, technical proficiency, innovations, and an increasing fluency in the digital landscape. These digital avenues empower insurers to transition from complex core systems to a business model characterized by growing flexibility, technical proficiency, innovation, and an increasing fluency in the digital landscape. Notably, these digital platforms offer numerous advantages, including accelerated processing, enhanced customer experiences, streamlined claims processing, improved communication channels, and simplified claim status verification. These platforms also facilitate insurers in obtaining pre-approvals from insurance providers through online processes, thus reducing delays and minimizing errors during the claims settlement process. Also, the integration of artificial intelligence (AI) into these platforms enhances the overall customer experience, reduces claim processing times, and brings about transformative changes in the underwriting processes of the industry. However, privacy & security concern and difficulties involved in the integration of insurance platforms with legacy systems are anticipated to restrain the overall market growth during the period in analysis.
Global Digital Insurance Platform Market – Overview
Digital insurance solutions encompass online platforms and technological tools designed to deliver personalized and efficient insurance services to clients. These digital platforms offer a multitude of advantages compared to traditional insurance systems, notably simplifying coverage. They empower customers with the ability to research, compare, and purchase insurance without the involvement of intermediaries or agents. Importantly, digital insurance platforms enable insurers to craft personalized products, facilitating more precise underwriting and pricing tailored to individual clients. Notably, these platforms excel in fostering meaningful customer engagement across multiple channels, enhancing the overall personalization offered to clients. This, in turn, drives increased adoption of these platforms among customers. Also, the elimination of intermediaries and agents significantly reduces insurance costs. For instance, as per an industry estimate, brokerage fees for term plans can account for up to 30% of the premium. Moreover, there exists a notable difference in premiums when purchasing insurance online versus offline, typically ranging between 5-10%.
Impact of COVID-19 on Global Digital Insurance Platform Market
COVID-19 pandemic had a positive impact on the global digital insurance platform market. The crisis accelerated the urgency for insurers to adopt digital solutions to meet the evolving needs of remote customers. The pandemic highlighted the importance of contactless interactions, remote policy management, and efficient claims processing. As a result, there was a surge in demand for digital insurance platforms. However, the economic downturn caused by the pandemic also led to cost-cutting measures, affecting some insurance technology investments. Overall, COVID-19 catalyzed digital transformation in the insurance sector, emphasizing the need for agile and tech-driven solutions to navigate unprecedented challenges.
Global Digital Insurance Platform Market – By Application
Based on application, the global digital insurance platform market is divided into Automotive, Transportation, and Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, and Agriculture segments. The automotive, transportation, and logistics segment holds the highest share in the global digital insurance platform market by application. The segment relies on efficient risk management and claims processing due to the inherent risks involved in vehicle operations and cargo transportation. Digital platforms offer real-time risk assessment, telematics integration, and cost-effective policies, aligning with the industry's demand for streamlined operations and cost savings. Customization, compliance support, and global reach further enhance the appeal of digital solutions, making them the preferred choice for businesses in this sector seeking effective risk mitigation and insurance management.
Competitive Landscape
Major players operating in the global digital insurance platform market include IBM Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Wipro Limited, DXC Technology Company, Appian Corporation, Mindtree Ltd, Prima Solutions SA, Majesco, EIS Software Limited, Lemonade Insurance Company, Oscar Insurance, and OutSystems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Digital Insurance Platform Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Digital Insurance Platform Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Digital Insurance Platform Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing adoption of digital solutions
- 3.2.1.2. Rising Need for Efficiency and Effectiveness
- 3.2.1.3. Growing cloud adoption
- 3.2.2. Restraints
- 3.2.2.1. Privacy & security concern
- 3.2.2.2. Difficulties involved in the integration of insurance platforms with legacy systems
- 3.2.3. Opportunities
- 3.2.3.1. Increasing awareness amongst insurers to access a broader segment of the market
- 3.2.3.2. Growing adoption of artificial intelligence and advanced analytics
- 3.2.4. Challenges
- 3.2.4.1. Dearth of skilled workforce
- 3.2.4.2. Regulatory compliance
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Digital Insurance Platform Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Component
- 4.2.1.1. Solution
- 4.2.1.2. Service
- 4.2.2. By Deployment Mode
- 4.2.2.1. On-premises
- 4.2.2.2. Cloud
- 4.2.3. By Enterprise Size
- 4.2.3.1. Large Enterprises
- 4.2.3.2. Small & Medium-sized Enterprises (SMEs)
- 4.2.4. By Application
- 4.2.4.1. Automotive, Transportation & Logistics
- 4.2.4.2. Life & Health
- 4.2.4.3. Commercial & Residential Buildings
- 4.2.4.4. Business & Enterprise
- 4.2.4.5. Agriculture
- 4.2.4.6. Others
- 4.2.5. By End User
- 4.2.5.1. Insurance Companies
- 4.2.5.2. Aggregators
- 4.2.5.3. Third-Party Administrators & Brokers
- 4.2.5.4. Others
- 4.2.6. By Region
- 4.2.6.1. North America
- 4.2.6.2. Europe
- 4.2.6.3. Asia Pacific (APAC)
- 4.2.6.4. Latin America (LATAM)
- 4.2.6.5. Middle East and Africa (MEA)
- 5. North America Digital Insurance Platform Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Component
- 5.2.2. By Deployment Mode
- 5.2.3. By Enterprise Size
- 5.2.4. By Application
- 5.2.5. By End User
- 5.2.6. By Country
- 5.2.6.1. United States
- 5.2.6.1.1. By Component
- 5.2.6.1.2. By Deployment Mode
- 5.2.6.1.3. By Enterprise Size
- 5.2.6.1.4. By Application
- 5.2.6.1.5. By End User
- 5.2.6.2. Canada
- 5.2.6.2.1. By Component
- 5.2.6.2.2. By Deployment Mode
- 5.2.6.2.3. By Enterprise Size
- 5.2.6.2.4. By Application
- 5.2.6.2.5. By End User
- 6. Europe Digital Insurance Platform Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Component
- 6.2.2. By Deployment Mode
- 6.2.3. By Enterprise Size
- 6.2.4. By Application
- 6.2.5. By End User
- 6.2.6. By Country
- 6.2.6.1. Germany
- 6.2.6.1.1. By Component
- 6.2.6.1.2. By Deployment Mode
- 6.2.6.1.3. By Enterprise Size
- 6.2.6.1.4. By Application
- 6.2.6.1.5. By End User
- 6.2.6.2. United Kingdom
- 6.2.6.2.1. By Component
- 6.2.6.2.2. By Deployment Mode
- 6.2.6.2.3. By Enterprise Size
- 6.2.6.2.4. By Application
- 6.2.6.2.5. By End User
- 6.2.6.3. Italy
- 6.2.6.3.1. By Component
- 6.2.6.3.2. By Deployment Mode
- 6.2.6.3.3. By Enterprise Size
- 6.2.6.3.4. By Application
- 6.2.6.3.5. By End User
- 6.2.6.4. France
- 6.2.6.4.1. By Component
- 6.2.6.4.2. By Deployment Mode
- 6.2.6.4.3. By Enterprise Size
- 6.2.6.4.4. By Application
- 6.2.6.4.5. By End User
- 6.2.6.5. Spain
- 6.2.6.5.1. By Component
- 6.2.6.5.2. By Deployment Mode
- 6.2.6.5.3. By Enterprise Size
- 6.2.6.5.4. By Application
- 6.2.6.5.5. By End User
- 6.2.6.6. Belgium
- 6.2.6.6.1. By Component
- 6.2.6.6.2. By Deployment Mode
- 6.2.6.6.3. By Enterprise Size
- 6.2.6.6.4. By Application
- 6.2.6.6.5. By End User
- 6.2.6.7. Russia
- 6.2.6.7.1. By Component
- 6.2.6.7.2. By Deployment Mode
- 6.2.6.7.3. By Enterprise Size
- 6.2.6.7.4. By Application
- 6.2.6.7.5. By End User
- 6.2.6.8. The Netherlands
- 6.2.6.8.1. By Component
- 6.2.6.8.2. By Deployment Mode
- 6.2.6.8.3. By Enterprise Size
- 6.2.6.8.4. By Application
- 6.2.6.8.5. By End User
- 6.2.6.9. Rest of Europe
- 6.2.6.9.1. By Component
- 6.2.6.9.2. By Deployment Mode
- 6.2.6.9.3. By Enterprise Size
- 6.2.6.9.4. By Application
- 6.2.6.9.5. By End User
- 7. Asia-Pacific Digital Insurance Platform Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Component
- 7.2.2. By Deployment Mode
- 7.2.3. By Enterprise Size
- 7.2.4. By Application
- 7.2.5. By End User
- 7.2.6. By Country
- 7.2.6.1. China
- 7.2.6.1.1. By Component
- 7.2.6.1.2. By Deployment Mode
- 7.2.6.1.3. By Enterprise Size
- 7.2.6.1.4. By Application
- 7.2.6.1.5. By End User
- 7.2.6.2. India
- 7.2.6.2.1. By Component
- 7.2.6.2.2. By Deployment Mode
- 7.2.6.2.3. By Enterprise Size
- 7.2.6.2.4. By Application
- 7.2.6.2.5. By End User
- 7.2.6.3. Japan
- 7.2.6.3.1. By Component
- 7.2.6.3.2. By Deployment Mode
- 7.2.6.3.3. By Enterprise Size
- 7.2.6.3.4. By Application
- 7.2.6.3.5. By End User
- 7.2.6.4. South Korea
- 7.2.6.4.1. By Component
- 7.2.6.4.2. By Deployment Mode
- 7.2.6.4.3. By Enterprise Size
- 7.2.6.4.4. By Application
- 7.2.6.4.5. By End User
- 7.2.6.5. Australia & New Zealand
- 7.2.6.5.1. By Component
- 7.2.6.5.2. By Deployment Mode
- 7.2.6.5.3. By Enterprise Size
- 7.2.6.5.4. By Application
- 7.2.6.5.5. By End User
- 7.2.6.6. Indonesia
- 7.2.6.6.1. By Component
- 7.2.6.6.2. By Deployment Mode
- 7.2.6.6.3. By Enterprise Size
- 7.2.6.6.4. By Application
- 7.2.6.6.5. By End User
- 7.2.6.7. Malaysia
- 7.2.6.7.1. By Component
- 7.2.6.7.2. By Deployment Mode
- 7.2.6.7.3. By Enterprise Size
- 7.2.6.7.4. By Application
- 7.2.6.7.5. By End User
- 7.2.6.8. Singapore
- 7.2.6.8.1. By Component
- 7.2.6.8.2. By Deployment Mode
- 7.2.6.8.3. By Enterprise Size
- 7.2.6.8.4. By Application
- 7.2.6.8.5. By End User
- 7.2.6.9. Vietnam
- 7.2.6.9.1. By Component
- 7.2.6.9.2. By Deployment Mode
- 7.2.6.9.3. By Enterprise Size
- 7.2.6.9.4. By Application
- 7.2.6.9.5. By End User
- 7.2.6.10. Rest of APAC
- 7.2.6.10.1. By Component
- 7.2.6.10.2. By Deployment Mode
- 7.2.6.10.3. By Enterprise Size
- 7.2.6.10.4. By Application
- 7.2.6.10.5. By End User
- 8. Latin America Digital Insurance Platform Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Component
- 8.2.2. By Deployment Mode
- 8.2.3. By Enterprise Size
- 8.2.4. By Application
- 8.2.5. By End User
- 8.2.6. By Country
- 8.2.6.1. Brazil
- 8.2.6.1.1. By Component
- 8.2.6.1.2. By Deployment Mode
- 8.2.6.1.3. By Enterprise Size
- 8.2.6.1.4. By Application
- 8.2.6.1.5. By End User
- 8.2.6.2. Mexico
- 8.2.6.2.1. By Component
- 8.2.6.2.2. By Deployment Mode
- 8.2.6.2.3. By Enterprise Size
- 8.2.6.2.4. By Application
- 8.2.6.2.5. By End User
- 8.2.6.3. Argentina
- 8.2.6.3.1. By Component
- 8.2.6.3.2. By Deployment Mode
- 8.2.6.3.3. By Enterprise Size
- 8.2.6.3.4. By Application
- 8.2.6.3.5. By End User
- 8.2.6.4. Peru
- 8.2.6.4.1. By Component
- 8.2.6.4.2. By Deployment Mode
- 8.2.6.4.3. By Enterprise Size
- 8.2.6.4.4. By Application
- 8.2.6.4.5. By End User
- 8.2.6.5. Rest of LATAM
- 8.2.6.5.1. By Component
- 8.2.6.5.2. By Deployment Mode
- 8.2.6.5.3. By Enterprise Size
- 8.2.6.5.4. By Application
- 8.2.6.5.5. By End User
- 9. Middle East & Africa Digital Insurance Platform Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Component
- 9.2.2. By Deployment Mode
- 9.2.3. By Enterprise Size
- 9.2.4. By Application
- 9.2.5. By End User
- 9.2.6. By Country
- 9.2.6.1. Saudi Arabia
- 9.2.6.1.1. By Component
- 9.2.6.1.2. By Deployment Mode
- 9.2.6.1.3. By Enterprise Size
- 9.2.6.1.4. By Application
- 9.2.6.1.5. By End User
- 9.2.6.2. UAE
- 9.2.6.2.1. By Component
- 9.2.6.2.2. By Deployment Mode
- 9.2.6.2.3. By Enterprise Size
- 9.2.6.2.4. By Application
- 9.2.6.2.5. By End User
- 9.2.6.3. Qatar
- 9.2.6.3.1. By Component
- 9.2.6.3.2. By Deployment Mode
- 9.2.6.3.3. By Enterprise Size
- 9.2.6.3.4. By Application
- 9.2.6.3.5. By End User
- 9.2.6.4. Kuwait
- 9.2.6.4.1. By Component
- 9.2.6.4.2. By Deployment Mode
- 9.2.6.4.3. By Enterprise Size
- 9.2.6.4.4. By Application
- 9.2.6.4.5. By End User
- 9.2.6.5. South Africa
- 9.2.6.5.1. By Component
- 9.2.6.5.2. By Deployment Mode
- 9.2.6.5.3. By Enterprise Size
- 9.2.6.5.4. By Application
- 9.2.6.5.5. By End User
- 9.2.6.6. Nigeria
- 9.2.6.6.1. By Component
- 9.2.6.6.2. By Deployment Mode
- 9.2.6.6.3. By Enterprise Size
- 9.2.6.6.4. By Application
- 9.2.6.6.5. By End User
- 9.2.6.7. Algeria
- 9.2.6.7.1. By Component
- 9.2.6.7.2. By Deployment Mode
- 9.2.6.7.3. By Enterprise Size
- 9.2.6.7.4. By Application
- 9.2.6.7.5. By End User
- 9.2.6.8. Rest of MEA
- 9.2.6.8.1. By Component
- 9.2.6.8.2. By Deployment Mode
- 9.2.6.8.3. By Enterprise Size
- 9.2.6.8.4. By Application
- 9.2.6.8.5. By End User
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Digital Insurance Platform Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Digital Insurance Platform Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. IBM Corporation
- 12.2. Microsoft Corporation
- 12.3. Oracle Corporation
- 12.4. Pegasystems Inc.
- 12.5. Wipro Limited
- 12.6. DXC Technology Company
- 12.7. Appian Corporation
- 12.8. Mindtree Ltd
- 12.9. Prima Solutions SA
- 12.10. Majesco
- 12.11. EIS Software Limited
- 12.12. Lemonade Insurance Company
- 12.13. Majesco
- 12.14. Oscar Insurance
- 12.15. OutSystems
- 12.16. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
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