Insurance Platform Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Insurance Type; By Technology; By End-User; By Region; Segment Forecast, 2024 - 2032

Insurance Platform Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Insurance Type; By Technology; By End-User; By Region; Segment Forecast, 2024 - 2032

The global insurance platform market size is expected to reach USD 260.03 billion by 2032, according to a new study by Polaris Market Research. The report “Insurance Platform Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Insurance Type; By Technology; By End-User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising prevalence of unforeseen circumstances leading to the loss of life, the emergence of COVID-19, and vehicle accidents are stimulating factors among the population in adopting insurance plans. The population's interest in mitigating risk and uncertainty with the financial mechanism is encouraging financial institutions to provide premium insurance plans. With rising competitors in the domain, insurance companies are showing profound interest in establishing insurance platforms with advanced features by utilizing artificial intelligence and machine learning.

Several countries are also making policies to address ongoing consumer challenges in claiming insurance benefits. They are taking effective measures to promote insurance regulation and enhance consumer safety. As a part of this motive, the Insurance Regulatory and Development Authority of India announced the launch of the digital insurance platform Bima Sugam in June 2024 to provide a single platform for all insurance services, including life, health, and general.

The presence of key players in the marketplace is expected to propel the growth and expansion of the global insurance platform market. For instance, in 2024, Majesco completed the acquisition of the insurance software business Decision Research Corp. These acquisitions among the companies are expected to utilize collaborative power effectively in the marketplace, contributing to enhanced insurance platforms and meeting changing consumer preferences.

The insurance companies are working on research and development activities to drive innovations and upgrades to facilitate user-friendly interfaces and meet consumer expectations. As an example, in 2024, Source Insurance unveiled its latest version of the platform with system updates, including premium predictors, customization, and in-depth data analysis.

Growing investments in insurance platforms by companies to gain brand coverage and provide customized experiences are positively influencing market growth. For instance, Brain Capital Insurance revealed its plan to introduce a new insurance platform for the mutual industry with an investment of $200 million.

Insurance Platform Market Report Highlights

• The Policy Management software segment is anticipated to witness the highest growth in the coming years due to increased efficiency in business operations.
• Claims Management segment accounted for the largest market share owing to the rising demand for user-friendly interfaces.
• The general insurance segment is projected to experience a larger revenue share due to the growing purchase of general insurance policies.
• North America is projected to register the fastest growth during the forecast period, attributable to the presence of larger market players.
• The global players include Accenture, Adobe, AgencySmart, Appian, Applied Systems, Bolt Insurance, Britecore, CodeMetro, Cognizant, and others.

Polaris Market Research has segmented the insurance platform market report based on offering, application, insurance type, technology, end-user and region:

Insurance Platform, Offering Outlook (Revenue - USD Billion, 2019 - 2032)

• 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 Issuance & Renewal
• Policy Documentation
• Policy Premium Calculations
• Policy Quotation Management

- Video KYC/eKYC

• Identity & Biometric Verification
• Compliance Reporting
• Audit Trails
• 
  - API & Microservices
  • API-Driven Insurance Integration Platforms
  • Partner Ecosystem Integration Platforms
  • API-Enabled Insurance Distribution Platforms
  • Microservices
  • 
    - Rating Microservices
    
    - Document Generation Microservices
    
    - Transaction Microservices
    
    - Workflow Microservices
    
    - Rating Microservices
    
    - Utility Microservices
    
    - Metadata Microservices
    
    - Product Management Microservices
    • 
      - Others
      • Solutions
      - Professional Services
      • Consulting & Advisory Services
      • Integration & Implementation Services
      • Custom Platform Design & Development Services
      • Training & Education Services
      - Managed Services
      • Platform Hosting & Infrastructure Management Services
      • Platform Maintenance & Support Services
      • Data Management & Backup Services
      • Security & Compliance Services
      Insurance Platform, Application Outlook (Revenue - USD Billion, 2019 - 2032)
      • Claims Management
      - Virtual Claims Handling
      
      - Claims Processing
      
      - Claims Analytics
      • Underwriting & Rating
      - Group Insurance Underwriting
      
      - Customer Risk Profiling
      
      - Collaboration & Self-Service
      
      - Pricing & Quote Management
      • Customer Relationship Management (CRM)
      - Customer Data Management
      
      - Customer Interaction & Engagement
      
      - Customer Support & Service
      • 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, Insurance Type Outlook (Revenue - USD Billion, 2019 - 2032)
      • 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
      • Cybersecurity Insurance
      - Data Breach Coverage
      
      - Cyber Extortion & Ransomware Coverage
      
      - Regulatory Fines & Penalties Coverage
      
      - Others
      
      - Cyber Terrorism Insurance
      • Others
      Insurance Platform, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
      • 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 Platforms
      
      - Decentralized Insurance Platforms
      
      - Others