Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators and Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size, and Region - Global Forecast to 2023
[166 Pages] MarketsandMarkets forecasts the global digital insurance platform market to grow from USD 78.47 billion in 2017 to USD 164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. The forecast period is considered from 2018 to 2023, wherein 2017 has been considered as the base year for estimating the market size.
Objectives of the Study:
The major objective of this report is to define, describe, and forecast the market by component, end-user, insurance application, deployment type, organization size, and region. The report provides detailed information related to the major factors (drivers, restraints, opportunities, and industry-specific challenges), influencing the market growth. The report forecasts the market size with respect to 5 key regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The report profiles the key players and comprehensively analyzes their core competencies. Moreover, this report tracks and analyzes competitive developments, such as mergers and acquisitions, partnerships and collaborations, new product developments, and enhancements activities, in the market.
The research methodology used to estimate and forecast the digital insurance platform market began with the collection and analysis of the data on the key vendors product offerings and business strategies from the secondary sources. These secondary sources include Information Technology (IT) services providers, technology providers, press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva. Moreover, vendor offerings have been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total size of the market from the revenue of the key market solutions and services providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through the primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.
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Industry Ecosystem
The major vendors in the digital insurance platform market include Accenture (Ireland), TCS (India), IBM (US), DXC (US), SAP (Germany), Oracle (US), Microsoft (US), Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree (India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK), Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline (US), and eBaoTech (China).
Key Target Digital Insurance Platform Market
- Global digital insurance platform providers
- Professional services providers
- Government and research organizations
- IT companies
- Cloud services providers
- System integrators
- Resellers and distributors
- Investor and venture capitalists
- Associations and industrial bodies
- InsurTechs
Scope of the Digital Insurance Platform Market Report
Report Metric |
Details |
Market size available for years |
20162023 |
Base year considered |
2017 |
Forecast period |
20182023 |
Forecast unit |
Value (USD) |
Segments covered |
Component, Service, End-User, Insurance Application, Deployment Type, Organization Size, and Region |
Geographies covered |
North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA) |
Companies covered |
Accenture (Ireland), TCS (India), IBM (US), DXC (US), SAP (Germany), Oracle (US), Microsoft (US), Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree (India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK), Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline (US), and eBaoTech (China). |
The research report categorizes the market to forecast revenues and analyze trends in each of the following submarkets:
By Component
- Tools
- Services
By Service
- Managed services
- Professional services
- Consulting
- Implementation
- Support and maintenance
By End-user
- Insurance companies
- Third-party administrators and brokers
- Aggregators
By Insurance Application
- Automotive and transportation
- Home and commercial buildings
- Life and health
- Business and enterprise
- Consumer electronics and industrial machines
- Travel
By Deployment Type
- On-premises
- Cloud
By Organization Size
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
By region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- Australia and New Zealand
- Japan
- China
- Rest of APAC
- MEA
- Kingdom of Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of Middle East and Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix gives a detailed comparison of the product portfolio of each company
Geographic Analysis
- Further breakdown of the North American market into countries
- Further breakdown of the European market into countries
- Further breakdown of the APAC market into countries
- Further breakdown of the MEA market into countries
- Further breakdown of the Latin American market into countries
Company Information
- Detailed analysis and profiling of additional market players
The digital insurance platform market is expected to grow from USD 86.20 billion in 2018 to USD 164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. This growth is attributed to the growing adoption of Internet of Things (IoT) products, rise in the shift of insurers focus from product-based strategies to customer-centric strategies, and increased awareness among insurers to digitalize channels.
The digital insurance platform is a business model that enables stakeholders in the ecosystem of the insurance industry to connect through a single centralized framework for solving multiple critical issues in the developing high-value ecosystems. The platform acts as an enabler for insurers to shift from traditional business processes toward the digital mode, thereby making the insurance ecosystem customer-centric. It helps insurers in scaling their operations up and down with built-in end-to-end functionalities. Digital insurance platforms empower insurers by providing the efficiency of central-core systems and the differentiation of easy-to-compose customer experience.
The digital insurance platform providers prime responsibility is to ensure the proper deployment and integration of digital insurance solutions as per the specific requirements of clients. The digital insurance platform providers services are segmented into managed services and professional services, which comprise consulting, implementation, and support and maintenance. Enterprises are majorly adopting managed services, as managed service providers would take care of digital insurance platforms while enterprises can focus on their core business competencies.
The automotive and transportation segment has seen a large-scale adoption of digital insurance platforms. Automotive and transportation insurance companies are increasingly adopting newer technologies to deliver new products for meeting the changing customer expectations. Technologies such as Artificial Intelligence (AI) and telematics help insurance companies streamline their business operations and deploy new channels of insurance distribution. The data gathered from the telematics-driven method help insurers in building an effective automated claim management process and enable insurers to deliver tailored products to match the buyer preferences. The digital insurance platform enables customers to search online for quotation, compare insurance policies, fill the information online, and get the best policy with a suitable coverage in no time.
North America is expected to account for the largest market size and dominate the digital insurance platform market from 2018 to 2023. This region has a high concentration of large insurance companies, which largely contribute to the market. However, the Asia Pacific (APAC) region is expected to provide opportunities for digital insurance platform services providers. These growth opportunities can be attributed to the increasing commercial investments by several companies in the APAC region.
Digital insurance platforms have been introduced in the market, however end-users prefer to use the traditional legacy systems instead of adopting new technologies due to financial and technological constraints. Traditional systems do not have well-defined interfaces and their documentation is scarce, hence may not always be compatible with the third-party software, thus resulting in errors. This reluctant nature of insurers could act as a major restraint in the adoption of digital insurance platforms.
The major vendors in the digital insurance platform market include Accenture (US), TCS (India), IBM(US), DXC Technology (US), SAP (Germany), Oracle (US), Microsoft (US), Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree (India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK), Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline (US), and eBaoTech (China).
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 17)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom Up Approach
2.2.2 Top Down Approach
2.3 Research Assumptions
2.4 Limitations
3 Executive Summary (Page No. - 27)
4 Premium Insights (Page No. - 31)
4.1 Attractive Market Opportunities in the Digital Insurance Platform Market
4.2 Market, By Component
4.3 Market, By End-User
4.4 Market, By Deployment Type
4.5 Market, By Organization Size
4.6 Market, Top 3 Insurance Applications and Regions
5 Market Overview and Industry Trends (Page No. - 34)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption of IoT Products
5.2.1.2 Shift of Insurers Focus From Product-Based to Customer-Centric Strategies
5.2.1.3 Increased Awareness Among Insurers About Digital Channels
5.2.2 Restraints
5.2.2.1 Difficulty to Integrate Insurance Platforms With Legacy Systems
5.2.3 Opportunities
5.2.3.1 Adoption of Cloud-Based Digital Solutions By Insurers to Obtain Higher Scalability
5.2.3.2 Increased Awareness Among Insurers to Access A Broader Segment of the Market
5.2.4 Challenges
5.2.4.1 Lack of Skilled Workforce
5.3 Use Cases
5.3.1 DXC Technology
5.3.2 Microsoft
5.3.3 TCS
5.3.4 EIS Group
5.4 Major Technology Deals in the Insurance Sector
6 Market, By Component (Page No. - 40)
6.1 Introduction
6.2 Tools
6.3 Services
7 Market, By Service (Page No. - 44)
7.1 Introduction
7.2 Managed Services
7.3 Professional Services
8 Digital Insurance Platform Market, By Professional Service (Page No. - 48)
8.1 Introduction
8.2 Consulting
8.3 Implementation
8.4 Support and Maintenance
9 Market, By End-User (Page No. - 52)
9.1 Introduction
9.2 Insurance Companies
9.3 Third-Party Administrators and Brokers
9.4 Aggregators
10 Digital Insurance Platform Market, By Insurance Application (Page No. - 57)
10.1 Introduction
10.2 Automotive and Transportation
10.3 Home and Commercial Buildings
10.4 Life and Health
10.5 Business and Enterprise
10.6 Consumer Electronics and Industrial Machines
10.7 Travel
11 Market, By Deployment Type (Page No. - 65)
11.1 Introduction
11.2 On-Premises
11.3 Cloud
12 Market, By Organization Size (Page No. - 69)
12.1 Introduction
12.2 Large Enterprises
12.3 Small and Medium-Sized Enterprises
13 Digital Insurance Platform Market, By Region (Page No. - 73)
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.2 Canada
13.3 Europe
13.3.1 United Kingdom
13.3.2 Germany
13.3.3 France
13.3.4 Rest of Europe
13.4 Asia Pacific
13.4.1 Australia and New Zealand
13.4.2 Japan
13.4.3 China
13.4.4 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Kingdom of Saudi Arabia
13.5.2 South Africa
13.5.3 United Arab Emirates
13.5.4 Rest of Middle East and Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Mexico
13.6.3 Rest of Latin America
14 Competitive Landscape (Page No. - 98)
14.1 Overview
14.2 Market Ranking
14.3 Competitive Scenario
14.3.1 New Product and Service Launches
14.3.2 Business Expansions
14.3.3 Acquisitions
14.3.4 Partnerships
15 Company Profiles (Page No. - 105)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
15.1 IBM
15.2 Microsoft
15.3 Accenture
15.4 Oracle
15.5 SAP
15.6 TCS
15.7 Cognizant
15.8 DXC Technology
15.9 Infosys
15.10 Pegasystems
15.11 Appian
15.12 Mindtree
15.13 Prima Solutions
15.14 Fineos
15.15 Bolt Solutions
15.16 Majesco
15.17 EIS Group
15.18 Cogitate
15.19 Inzura
15.20 Duck Creek Technologies
15.21 Vertafore
15.22 Internet Pipeline
15.23 Ebaotech
15.24 Stoneriver
15.25 RGI
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
16 Appendix (Page No. - 157)
16.1 Key Industry Insights
16.2 Discussion Guide
16.3 Knowledge Store: Marketsandmarkets Subscription Portal
16.4 Introducing RT: Real Time Market Intelligence
16.5 Available Customizations
16.6 Related Reports
16.7 Author Details
List of Tables (75 Tables)
Table 1 United States Dollar Exchange Rate, 20142017
Table 2 Digital Insurance Platform Market Size and Growth, 20162023 (USD Billion) Y-O-Y %
Table 3 Market Size, By Component, 20162023 (USD Billion)
Table 4 Tools: Market Size, By Region, 20162023 (USD Billion)
Table 5 Services: Market Size, By Region, 20162023 (USD Billion)
Table 6 Market Size, By Service, 20162023 (USD Billion)
Table 7 Managed Services: Market Size, By Region, 20162023 (USD Billion)
Table 8 Professional Services: Market Size, By Region, 20162023 (USD Billion)
Table 9 Market Size, By Professional Service, 20162023 (USD Billion)
Table 10 Consulting: Market Size, By Region, 20162023 (USD Billion)
Table 11 Implementation: Market Size, By Region, 20162023 (USD Billion)
Table 12 Support and Maintenance: Market Size, By Region, 20162023 (USD Billion)
Table 13 Digital Insurance Platform Market Size, By End-User, 20162023 (USD Billion)
Table 14 Insurance Companies: Market Size, By Region, 20162023 (USD Billion)
Table 15 Third-Party Administrators and Brokers: Market Size, By Region, 20162023 (USD Billion)
Table 16 Aggregators: Market Size, By Region, 20162023 (USD Billion)
Table 17 Digital Insurance Platform Market Size, By Insurance Application, 20162023 (USD Billion)
Table 18 Automotive and Transportation: Market Size, By Region, 20162023 (USD Billion)
Table 19 Home and Commercial Buildings: Market Size, By Region, 20162023 (USD Billion)
Table 20 Life and Health: Market Size, By Region, 20162023 (USD Billion)
Table 21 Business and Enterprise: Market Size, By Region, 20162023 (USD Billion)
Table 22 Consumer Electronics and Industrial Machines: Market Size, By Region, 20162023 (USD Billion)
Table 23 Travel: Market Size, By Region, 20162023 (USD Billion)
Table 24 Digital Insurance Platform Market Size, By Deployment Type, 20162023 (USD Billion)
Table 25 On-Premises: Market Size, By Region, 20162023 (USD Billion)
Table 26 Cloud: Market Size, By Region, 20162023 (USD Billion)
Table 27 Market Size, By Organization Size, 20162023 (USD Billion)
Table 28 Large Enterprises: Market Size, By Region, 20162023 (USD Billion)
Table 29 Small and Medium-Sized Enterprises: Market Size, By Region, 20162023 (USD Billion)
Table 30 Digital Insurance Platform Market Size, By Region, 20162023 (USD Billion)
Table 31 North America: Market Size, By Country, 20162023 (USD Billion)
Table 32 North America: Market Size, By Component, 20162023 (USD Billion)
Table 33 North America: Market Size, By Service, 20162023 (USD Billion)
Table 34 North America: Market Size, By Professional Service, 20162023 (USD Billion)
Table 35 North America: Market Size, By End-User, 20162023 (USD Billion)
Table 36 North America: Market Size, By Insurance Application, 20162023 (USD Billion)
Table 37 North America: Market Size, By Deployment Type, 20162023 (USD Billion)
Table 38 North America: Market Size, By Organization Size, 20162023 (USD Billion)
Table 39 Europe: Market Size, By Country, 20162023 (USD Billion)
Table 40 Europe: Market Size, By Component, 20162023 (USD Billion)
Table 41 Europe: Digital Insurance Platform Market Size, By Service, 20162023 (USD Billion)
Table 42 Europe: Market Size, By Professional Service, 20162023 (USD Billion)
Table 43 Europe: Market Size, By End-User, 20162023 (USD Billion)
Table 44 Europe: Market Size, By Insurance Application, 20162023 (USD Billion)
Table 45 Europe: Market Size, By Deployment Type, 20162023 (USD Billion)
Table 46 Europe: Market Size, By Organization Size, 20162023 (USD Billion)
Table 47 Asia Pacific: Market Size, By Country, 20162023 (USD Billion)
Table 48 Asia Pacific: Market Size, By Component, 20162023 (USD Billion)
Table 49 Asia Pacific: Digital Insurance Platform Market Size, By Service, 20162023 (USD Billion)
Table 50 Asia Pacific: Market Size, By Professional Service, 20162023 (USD Billion)
Table 51 Asia Pacific: Market Size, By End-User, 20162023 (USD Billion)
Table 52 Asia Pacific: Market Size, By Insurance Application, 20162023 (USD Billion)
Table 53 Asia Pacific: Market Size, By Deployment Type, 20162023 (USD Billion)
Table 54 Asia Pacific: Market Size, By Organization Size, 20162023 (USD Billion)
Table 55 Middle East and Africa: Market Size, By Country, 20162023 (USD Billion)
Table 56 Middle East and Africa: Market Size, By Component, 20162023 (USD Billion)
Table 57 Middle East and Africa: Market Size, By Service, 20162023 (USD Billion)
Table 58 Middle East and Africa: Digital Insurance Platform Market Size, By Professional Service, 20172023 (USD Billion)
Table 59 Middle East and Africa: Market Size, By End-User, 20162023 (USD Billion)
Table 60 Middle East and Africa: Market Size, By Insurance Application, 20162023 (USD Billion)
Table 61 Middle East and Africa: Market Size, By Deployment Type, 20162023 (USD Billion)
Table 62 Middle East and Africa: Market Size, By Organization Size, 20162023 (USD Billion)
Table 63 Latin America: Market Size, By Country, 20162023 (USD Billion)
Table 64 Latin America: Market Size, By Component, 20162023 (USD Billion)
Table 65 Latin America: Digital Insurance Platform Market Size, By Service, 20162023 (USD Billion)
Table 66 Latin America: Market Size, By Professional Service, 20162023 (USD Billion)
Table 67 Latin America: Market Size, By End-User, 20162023 (USD Billion)
Table 68 Latin America: Market Size, By Insurance Application, 20162023 (USD Billion)
Table 69 Latin America: Market Size, By Deployment Type, 20162023 (USD Billion)
Table 70 Latin America: Market Size, By Organization Size, 20162023 (USD Billion)
Table 71 Market Ranking for the Digital Insurance Platform Market, 2018
Table 72 New Product and Service Launches, 20162018
Table 73 Business Expansions, 20162018
Table 74 Acquisitions, 20172018
Table 75 Partnerships, 20162018
List of Figures (41 Figures)
Figure 1 Digital Insurance Platform Market: Market Segmentation
Figure 2 Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Digital Insurance Platform Market: Assumptions
Figure 8 Market Share, Top 3 Segments
Figure 9 Market Share, By Component
Figure 10 Market Share, By End-User
Figure 11 Market, By Region
Figure 12 Shift of Insurers Focus From Product-Based Strategies to Customer-Centric Strategies is Expected to Drive the Growth of the Digital Insurance Platform Market During the Forecast Period
Figure 13 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 14 Aggregators Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 15 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 16 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 17 Automotive and Transportation Insurance Application, and North America are Estimated to Hold the Largest Market Shares in 2018
Figure 18 Digital Insurance Platform Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Implementation Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Aggregators Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 Business and Enterprise Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 24 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 26 North America is Estimated to Account for the Largest Market Share in 2018
Figure 27 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 North America: Market Snapshot
Figure 29 Asia Pacific: Market Snapshot
Figure 30 Key Developments By the Leading Players in the Digital Insurance Platform Market Between 2016 and 2018
Figure 31 IBM: Company Snapshot
Figure 32 Microsoft: Company Snapshot
Figure 33 Accenture: Company Snapshot
Figure 34 Oracle: Company Snapshot
Figure 35 SAP: Company Snapshot
Figure 36 TCS: Company Snapshot
Figure 37 Cognizant: Company Snapshot
Figure 38 Infosys: Company Snapshot
Figure 39 Pegasystems: Company Snapshot
Figure 40 Appian: Company Snapshot
Figure 41 Mindtree: Company Snapshot
Growth opportunities and latent adjacency in Digital Insurance Platform Market