Insurance Platform Market

Insurance Platform Market Size & Share: Factors Driving Growth

During the projection period, the global insurance platform market is expected to grow at a compound annual growth rate (CAGR) of 13.8%, from an estimated USD 81.7 billion in 2023 to USD 156.0 billion by 2028. The increasing preference of consumers for easy-to-use online insurance services, the growing use of smartphones and other digital devices to make insurance products easier to access, and the application of data analytics and artificial intelligence to improve underwriting accuracy and expedite claims processing are all major factors driving the growth of digital insurance platforms.

The global Insurance Platform Market is flourishing, driven by several key growth factors:

  • Evolving Customer Demands
  • Rise of InsurTech
  • Increasing Mobile Penetration
  • Focus on Cost Efficiency
  • Regulatory Changes

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

Evolving Customer Demands: 

Modern customers expect a seamless, digital experience across all industries, including insurance. Insurance platforms cater to this by offering online applications, quick quotes, and user-friendly interfaces, making the process faster and more convenient.

Rise of InsurTech: 

InsurTech companies are revolutionizing the insurance landscape with innovative technology solutions. Insurance platforms leverage these advancements, like AI for risk assessment and chatbots for customer service, to offer a more streamlined and personalized experience.

Increasing Mobile Penetration: 

The widespread use of smartphones has fueled the growth of mobile insurance platforms.  With easy access to insurance information and applications on the go, consumers are more likely to consider and purchase insurance policies.

Focus on Cost Efficiency:

 Insurance platforms can automate many administrative tasks, reducing operational costs for insurers. This translates to potentially lower premiums for policyholders and increased profitability for insurance companies.

Regulatory Changes: 

Governments around the world are increasingly promoting open insurance initiatives, allowing data sharing between insurers and third-party providers. This fosters competition and innovation within the insurance platform market.

Insurance Platform Market Share - Global Industry Landscape

The leading companies in the Insurance Platform industry and their key offerings include:

  • Pegasystems (US)
  • Accenture (Ireland)
  • DXC Technology (US)
  • Cognizant (US)

These are just a few of the many companies that are working on Insurance Platform. AI is a rapidly growing field, and new companies are emerging all the time.

Pegasystems (US)

Market Share:

  • Pegasystems is a significant player in the customer relationship management (CRM) and business process management (BPM) markets, leveraging its position to offer specialized solutions for the insurance industry. While exact market share figures for their insurance platform are not commonly broken down, Pegasystems is recognized for its strong presence in the financial services sector, including insurance.

Key Offerings:

  • Pega Customer Service for Insurance: Provides a comprehensive CRM solution tailored to the insurance industry, enhancing customer engagement and service efficiency.
  • Pega Underwriting: Streamlines the underwriting process with intelligent automation and AI-driven decision-making.
  • Pega Claims Management: Facilitates efficient claims processing and management with automated workflows and real-time analytics.
  • Pega Sales Automation: Optimizes sales processes and improves lead management and policy sales effectiveness.

Accenture (Ireland)

Market Share:

  • Accenture holds a substantial share in the global consulting and technology services market, including significant penetration in the insurance sector. Accenture's insurance platforms and services are widely adopted by leading insurers globally.

Key Offerings:

  • Accenture Life Insurance & Annuity Platform (ALIP): A comprehensive platform for managing life insurance and annuity products, covering policy administration, claims, and underwriting.
  • Accenture Duck Creek: A suite of software solutions for property and casualty (P&C) insurance, including policy administration, billing, and claims management.
  • Accenture Insurance Strategy and Consulting: Provides strategic consulting services to help insurers navigate digital transformation and optimize operations.
  • Accenture Cloud Solutions for Insurance: Offers cloud migration and management services tailored for insurance companies to enhance scalability and agility.

DXC Technology (US)

Market Share:

  • DXC Technology is a prominent player in IT services and solutions, with a significant market share in the insurance sector, particularly in providing core insurance platform solutions.

Key Offerings:

  • DXC Insurance Software: A suite of software solutions covering life and annuity, P&C, and reinsurance, including policy administration, claims processing, and billing.
  • DXC Assure Digital Platform: A modern, cloud-based platform that supports digital transformation in insurance, offering capabilities for customer engagement, data analytics, and business intelligence.
  • DXC Business Process Services: Provides outsourcing services for various insurance operations, including claims management, underwriting support, and customer service.
  • DXC Cybersecurity Services for Insurance: Offers tailored cybersecurity solutions to protect insurance companies from cyber threats and ensure regulatory compliance.

Cognizant (US)

Market Share:

  • Cognizant is a leading provider of IT services and consulting, with a strong presence in the insurance industry. It commands a significant market share through its broad range of digital and technology solutions for insurers.

Key Offerings:

  • Cognizant TriZetto: A suite of healthcare and insurance software solutions, including core administration systems for health insurance and property & casualty insurance.
  • Cognizant Digital Business for Insurance: Focuses on digital transformation services, including customer experience enhancement, process automation, and data analytics.
  • Cognizant Insurance BPO: Business process outsourcing services for insurance operations, covering claims processing, policy administration, and customer service.
  • Cognizant AI and Analytics: Advanced AI and analytics solutions to improve risk management, underwriting, and customer insights in the insurance sector.

These companies are major players in the insurance platform market, each offering a range of solutions that address the diverse needs of insurers. Their market share and influence are driven by their ability to provide innovative, scalable, and integrated platforms that enhance operational efficiency and customer engagement in the insurance industry.

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

Insurance Platform Market Size,  Share & Growth Report
Report Code
TC 6388
RI Published ON
10/3/2023
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