Digital Insurance Platform Market – Growth, Trends, and Forecasts (2020-2025)
The Digital Insurance Platform Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The Digital Insurance Platform Market is expected to register a CAGR of over 12.5% during the forecast period (2020-2025).
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Top Leading Companies of Global Digital Insurance Platform Market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., Appian Corporation, Mindtree Ltd., DXC Technology Company, Prima Solutions SA, Majesco, EIS Software Limited and others.
Industry News and Updates
– May 2020 – eBaoTech Corporation announced the availability of eBaoCloud InsureMO in the Microsoft Azure Marketplace, an online store that provides applications and services for Azure.
– November 2019 – Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud and open-source parts of the solution’s core to improve and expand capabilities.
Key Market Trends
Cloud to Witness Highest Growth
– Cloud computing has been experiencing tremendous growth recently and is increasingly being adopted by insurers. Looking at its immense potential, insurers consider building a strategy around cloud technology to keep competitors at bay.
– Cloud-based insurance solutions can offer better social listening and higher conversion rates from opportunity to sale through targeted campaign management and improved opportunity and lead engagement models. This could result in higher upsell, cross-sell, and retention rates. Cloud can also enhance the claims experience by providing better service and better communication with end customers. This ability of the cloud is augmenting the growth of the cloud-based digital insurance platform market.
– Further, to take advantage of the benefits of the cloud-based platform, many insurers are introducing cloud-based solutions, while a few of them are updating features in the existing cloud-based digital insurance platforms. For instance, In June 2020, Sapiens International Corporation, a provider of software solutions for the insurance industry, announced upgraadation of the general availability of its Sapiens DigitalSuite for property & casualty (P&C) and life, pension & annuity providers worldwide. Sapiens DigitalSuite v3.1, a cloud-based, low-code, dynamic digital insurance platform, now features advanced portal content for agents and consumers.
The regions are further sub-divided into:
-North America (NA) – US, Canada, and Mexico
-Europe (EU) – UK, Germany, France, Italy, Russia, Spain & Rest of Europe
-Asia-Pacific (APAC) – China, India, Japan, South Korea, Australia & Rest of APAC
-Latin America (LA) – Brazil, Argentina, Peru, Chile & Rest of Latin America
-Middle East and Africa (MEA) – Saudi Arabia, UAE, Israel, South Africa
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Digital Insurance Platform Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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