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.
Some leading players in the insurance platform market include Microsoft (US), Adobe (US), Salesforce (US), IBM (US), Oracle (US), SAP (Germany), Pegasystems (US), Accenture (Ireland), DXC Technology (US), Guidewire Software (US), Duck Creek Technologies (US), Applied Systems (US), Fineos (Ireland), Cognizant (US), Appian (US), LTIMindtree (India), Prima Solutions (France), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Vertafore (US), and Sapiens International Corporation (Israel). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the insurance platform market.
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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 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 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.
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
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