Global $100+ Billion Digital Insurance Platform Markets to 2026: AI & ML to Rev Up the Relevance of Digital Insurance Model
DUBLIN, Nov. 4, 2021 /PRNewswire/ -- The "Digital Insurance Platform - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Digital Insurance Platform Market to Reach $169.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Digital Insurance Platform estimated at US$102.2 Billion in the year 2020, is projected to reach a revised size of US$169.2 Billion by 2026, growing at a CAGR of 9% over the analysis period.
The insurance industry has been rather quick at lapping up the digitization opportunity presented by the outbreak of the COVID-19 pandemic.
The pandemic caused insurers to escalate efforts to digitize their operations and processes, make way for new business models and new streams of revenue and at the same time deliver a unique, yet seamless digital customer experience.
The pandemic has set in motion a colossal and unparalleled digital movement, wherein insurance providers are either simply beefing up their transition to the digital medium; or exploring innovative technologies and/or collaborating with existing technology partners or Insurtech start-ups for the development of new tools and models; or are even exploring unconventional routes to outsource solutions in order to bring agility to their operations.
In addition to automating and streamlining processes, particularly involving intelligent underwriting; insurance providers have been improving their use of external data, and unstructured and structured data; and studying ways to use knowledge graphs that enables them to identify correlated data trends.
However, with no choice but to adopt digitalization, insurance providers need to work out on achieving balance between the need to invest in digital technology and their cost concerns to attract customers who are no longer sticking to traditional experiences.
The market is anticipated to gather a notable momentum owing to increasing digitization, rising uptake of the Internet of Things technology, and transition of insurance companies from product-based towards consumer-centric strategies. Insurance firms serving different industrial verticals are increasingly investing in digital solutions to deliver an enhanced customer experience while streamlining business operations.
Digital insurance options help companie in leveraging business analytics to make informed decisions as well as improve customer engagement. Ongoing digital transformation within the insurance sector is anticipated to boost global uptake of digital insurance platforms.
These platforms help insurance companies in connecting through a single centralized framework to address different issues. The platform enables insurance players to migrate from traditional processes towards the digital mode to make the insurance ecosystem customer-centric and upgrade operations and services using inbuilt functionalities.
Changing customer requirements and the need for technology-integrated solutions are expected to drive the demand for digital insurance platforms in the coming years. Insurance players managing different agencies and agents are leveraging digital platforms to reduce the cost associated with insurance processes.
These options are enabling companies to efficiently manage the digital insurance ecosystem, add new sale channels as well as improving accessibility, control and monitoring of insurance policies. While low penetration of sophisticated technology within the insurance industry, mainly across emerging economies, remains a key restraint, increasing digitization in developing economies like Brazil, India, China and South Africa is expected to present new growth opportunities.
The digital insurance platform market is anticipated to gain further from increasing focus of Gen Z on digital technologies and increasing adoption of cloud-based solutions among insurance players to achieve scalability.
2. FOCUS ON SELECT PLAYERS (Total 125 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
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