The digital insurance platform is adopted by insurance companies across the globe to transform their traditional business systems and automate insurance processes. Furthermore, the digital insurance platform enables insurers to offer innovative products and services to their customers through a robust omnichannel distribution channel. Moreover, the adoption of cloud-based digital solutions enable insurers to offer customer-centric services with fast response time, attain operational efficiency, and enhance customer experience. The significant increase in the use of smart devices and internet services, the growth in the adoption of cloud-based solutions, and the rise in the technological limitations of traditional systems are factors driving the demand for implementing the digital insurance platform.
MarketsandMarkets forecasts the digital insurance platform market 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.
The major vendors that offer digital insurance platform and services across the globe 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). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark their presence in the digital insurance platform market.
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IBM adopted effective inorganic growth strategies to enhance its product offerings. For instance, in October 2017, IBM collaborated with MetLife and Majesco to build a digital insurance platform on IBM’s Cloud. This move would enable insurers to improve their traditional business models, update their product offerings, and develop new customers. Furthermore, IBM collaborated with Automation Anywhere to integrate Automation Anywhere’s Robotic Process Automation platform with IBM’s digital process automation software. This collaboration would save employees’ time and replace manual work processes with the help of fully digitalized methods, resulting in improving customer satisfaction and faster response time for loan approval procedures, filing insurance claims, and opening new accounts.
Microsoft is another top player in the digital insurance platform market. The company focuses on strengthening its expertise in targeted industry verticals in the digital insurance platform market. To achieve this expertise, the company has undertaken several partnerships, product developments, and enhancements. For instance, in February 2018, Microsoft partnered with Flyreel to offer organizations an AI-Powered Underwriting Solution. The partnership would help customers cut costs, improve operational efficiency, and increase customer satisfaction and retention.
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
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