Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Digital Insurance Platform Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The newly released research report on the Digital Insurance Platform Market anticipates a surge in global market valuation, from $124.43 billion in 2023 to an expected $231.89 billion by 2028. The market is forecasted to experience a notable compound annual growth rate (CAGR) of 13.3% during this period. Primary growth drivers include a concentrated effort to improve customer satisfaction, the expansion of usage-based insurance models, and the leveraging of cutting-edge digital ecosystems.
The report highlights the pivotal role of cloud technology as a prominent force propelling the market forward. With an increasing number of businesses transitioning to cloud-based solutions, the digital insurance platform market is poised to leverage the benefits of remote data storage and analysis. These advancements have been particularly influential within the European Union retail sector, manifesting in a significant uptake of cloud services.
Innovations in Insurtech and Partnerships Spearheading Market Revolution
The horizon of the digital insurance sector is being reshaped by the burgeoning insurtech industry, which combines digital prowess with data analytics. This sector's significant investment inflows emphasize its influence, as artificial intelligence, machine learning, and blockchain become integral components of digital insurance platforms. The impact of these technologies is already evident in advancements such as self-service portals and enhanced underwriting procedures.
Prominent Market Contributions and Strategic Acquisitions
Market players are continuously innovating to remain competitive. Recently, a leading financial services provider launched a digital portal, heralding a new era of self-service for insurance needs. Meanwhile, strategic acquisitions such as that by a major digital lending marketplace signal a convergence of lending and insurance services to provide consumers with a streamlined financial management experience.
The digital insurance platform market report dives deep into the complexities of the industry, covering deployments through cloud and on-premise solutions. With professional services ranging from consulting to support and maintenance, the platforms serve a diverse array of applications across sectors and cater to a broad spectrum of end-users, including insurance companies and aggregators.
Geographic and Sector-Specific Insights
- North America remains the market leader in digital insurance platforms, while Asia-Pacific is poised for rapid growth.
- Key applications span automotive, transportation, home, commercial buildings, and more.
The research encapsulates a comprehensive market overview and furnishes detailed insights into the digital insurance platform domain, offering an in-depth analysis of current trends and future market directions. This update presents a vital resource for understanding the transformative landscape of digital insurance platforms.
The market encompasses a wide range of insurance services and business models, reinforcing the critical role that digital transformation plays in modern risk management and customer service excellence.
This comprehensive report seeks to arm industry stakeholders with detailed statistics and analyses to navigate the dynamic digital insurance platform landscape effectively.
For professionals and businesses looking towards digital innovation within the insurance industry, this market research report offers a panoramic view of the opportunities and advancements that are shaping the future of insurance services globally.
A selection of companies mentioned in this report includes
- International Business Machines Corporation
- Microsoft Corp.
- Infosys Ltd.
- Pegasystems Inc.
- Oracle Corp.
- Accenture Inc.
- Tata Consultancy Services Limited
- Cognizant Technology Solutions Corp.
- Majesco Inc.
- DXC Technology Co.
- Appian Corp.
- Mindtree Ltd.
- Prima Solutions SA
- SAP SE
- EIS Software Limited
- Fineos Corporation Ltd.
- Inzura Limited
- Cogitate Technology Solutions Inc.
- OutSystems Inc.
- PolicyBazaar.com
- PolicyGenius Inc.
- PolicyPal Network Technology Co. Ltd.
- PolicyX.com
- Quantemplate Technologies Inc.
- Root Insurance Company
- Slice Labs Inc.
- Trov Inc.
- Wefox Group GmbH
- Zego Insurance Services Limited
- Acko General Insurance Limited
- Cover Genius Pty. Ltd.
- Shift Technology Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fn4j7i
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