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The global insurance platform market is projected to register a CAGR of 13.8% during the forecast period, reaching USD 156.0 billion by 2028 from an estimated USD 81.7 billion in 2023. Major factors propelling the growth of digital insurance platforms include the increasing consumer preference for convenient and online insurance services, the rising adoption of smartphones and digital devices, which facilitate easier access to insurance products, and the utilization of data analytics and artificial intelligence to enhance underwriting accuracy and streamline claims processing.

Top Insurance Platform Companies include

• Microsoft (US)
• Oracle (US)
• Salesforce (US)
• Adobe (US)
• SAP (Germany) and many more....

These companies use technology to offer a more streamlined insurance experience. Some popular examples include Lemonade, Clover Health, and Hippo. .

To know about the assumptions considered for the study download the pdf brochure

Microsoft

Microsoft is a globally renowned technology giant that has a significant presence in the insurance platform market. Microsoft's core expertise lies in providing comprehensive cloud computing solutions and software services. In the insurance platform market, Microsoft offers the Azure cloud platform, which serves as a robust foundation for insurers to build and scale their digital solutions. Azure's infrastructure and services enable insurance companies to enhance their operations, streamline processes, and offer innovative products and services to their customers. Microsoft's strategy in the insurance platform market has been marked by a focus on industry-specific solutions and partnerships. The company has actively collaborated with insurance technology (insurtech) startups and established insurers to develop tailored solutions.

Oracle

Oracle Corporation is a prominent global provider of database software, cloud solutions, and enterprise software applications. In the insurance platform market, Oracle offers a range of solutions, including cloud-based platforms, database systems, and software applications tailored to meet the specific needs of insurance companies. These offerings empower insurers to effectively manage policy administration, claims processing, underwriting, and customer engagement. Oracle's strategy in the insurance platform market is characterized by its commitment to providing comprehensive and integrated solutions. The company's cloud services, such as Oracle Cloud Infrastructure (OCI), enable insurers to harness the power of data analytics, artificial intelligence (AI), and machine learning (ML) to make informed decisions and enhance customer experiences.

Salesforce

Salesforce is a leading customer relationship management (CRM) software company known for its cloud-based solutions. In the insurance platform market, Salesforce provides a range of offerings that cater to insurers' needs. Its core product, Salesforce Insurance Cloud, is a comprehensive CRM platform designed to help insurers manage customer relationships, streamline sales and service operations, and deliver personalized experiences to policyholders. Salesforce's strategy in the insurance platform market has been to leverage its CRM expertise to enhance customer engagement and data-driven decision-making. With a significant market share, Salesforce focuses on helping insurers build customer-centric ecosystems, enabling them to better understand policyholders' needs and preferences. The company's investments in AI and analytics have empowered insurers to leverage data for improved risk assessment and personalized product offerings.

Adobe

Adobe Inc. is a prominent American multinational software company headquartered in San Jose, California. Established in December 1982 by John Warnock and Charles Geschke, Adobe is renowned for its innovative multimedia and creativity software products. The company's flagship product, Adobe Photoshop, has become the industry standard for digital image editing and manipulation. Adobe has also made significant strides in digital marketing and document management with its Adobe Creative Cloud suite, Adobe Experience Cloud, and Adobe Document Cloud, which includes widely-used applications like Acrobat Reader, Adobe Sign, and PDF. Over the years, Adobe has consistently expanded its portfolio through strategic acquisitions, solidifying its position as a leader in creative and digital marketing software.

SAP

SAP SE is a German multinational software corporation based in Walldorf, Baden-Württemberg. Founded in 1972 by five former IBM engineers—Dietmar Hopp, Hasso Plattner, Hans-Werner Hector, Klaus Tschira, and Claus Wellenreuther—SAP stands for "Systems, Applications, and Products in Data Processing." The company specializes in enterprise software to manage business operations and customer relations. SAP's flagship product, SAP ERP, is widely adopted by businesses worldwide for integrating various business processes into one unified system. Over the years, SAP has expanded its offerings to include SAP S/4HANA, a next-generation business suite built on its in-memory database technology, and SAP Business Technology Platform (BTP) for intelligent enterprise applications. SAP continues to lead in enterprise application software, serving clients globally across various industries.

Related Reports:

Insurance Platform Market by Offering (Software (Policy Management, Video KYC/eKYC), Services), Application (Claims Management, CRM, Underwriting & Rating), Insurance Type (General Insurance, Life Insurance), End-user and Region - Global Forecast to 2028