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Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators and Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size, and Region - Global Forecast to 2023

Digital Insurance Platform Market by Component (Tools and Services), End-Users (Insurance Companies, Third-Party Administrators and Brokers, and Aggregators), Insurance Application, Deployment Type, Organization Size, and Region - Global Forecast to 2023

The digital insurance platform market is expected to grow at a CAGR of 13.7% during the forecast period.
The digital insurance platform market size is expected to grow from USD 86.20 billion in 2018 to USD 164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. The growth in the adoption Internet of Things (IoT) products, rise in the shift of insurers’ focus from product-based strategies to customer-centric strategies, and increased awareness among insurers to digitalize channels are expected to drive the growth of the digital insurance platform market. The major factor that is expected to restrict the growth of the digital insurance platform market is the difficulty to integrate digital insurance platforms with legacy systems.

The managed services segment is expected to account for the larger market size during the forecast period.
Managed services are provided by third-party and include monitoring and maintenance of computers, networks, and software. Managed services providers help organizations improve their productivity and ensure smooth functioning of the business processes with effective utilization of resources. Moreover, these services help organizations formulate effective strategies to solve complex business problems.

The small and medium-sized enterprises segment is expected to grow at a higher CAGR during the forecast period.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. Cost-effectiveness is the important need of SMEs, as they always face constraints in marketing themselves and gaining visibility due to their limited budgets. In this digital era, digital insurance platforms can be extremely helpful to insurers in achieving business objectives, generating revenues, and finding new business opportunities. Most of the SMEs prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the near future. This adoption enables the cloud segment to account for a considerable market size during the forecast period. Hence, the SMEs segment has a huge potential to flourish in the digital insurance platform market during the forecast period.

Asia Pacific is expected to witness the highest growth rate during the forecast period.
North America is estimated to account for the largest market share in 2018 while APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to be a money-spinning market for digital insurance platform providers during the forecast period, considering the untapped opportunities and the increasing commercial investment in different industry verticals in the region. Multinational companies are expected to emphasize on exploring the APAC market by partnering with local companies, channel partners, and technology partners. Moreover, the increasing adoption of the cloud and mobile technologies by large diversified populations and the rapid rise in the number of InsureTech companies have led to the rapid implementation of digital insurance platforms in the APAC countries, such as Japan, China, and Australia.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of the primary participants is given below:
By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
By Designation: C-level - 45%, D-level - 30%, and Others - 25%
By Region: North America - 35%, Asia Pacific - 30%, Europe - 20%, and RoW - 15%

The major vendors in the digital insurance platform market include Accenture (US), TCS (India), IBM(US), DXC Technology (US), SAP (Germany), Oracle (US), Microsoft (US), Infosys (India), Pegasystems (US), Appian (US), Cognizant (US), Mindtree (India), Prima Solutions (France), Fineos (Ireland), Bolt Solutions (US), Majesco (US), EIS Group (US), Cogitate Technology Solutions (US), Inzura (UK), Duck Creek (US), RGI Group (Italy), StoneRiver (US), Vertafore (US), iPipeline (US), and eBaoTech (China).

Research Coverage
The digital insurance platform market has been segmented by component, end-user, insurance application, deployment type, organization size, and region. The report is expected to help market leaders/new entrants in this market in the following ways:

The report segments the digital insurance platform market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across different insurance applications and regions. Moreover, the report splits the market into on-premises and cloud deployment types.

Reasons to Buy the Report
From an insight perspective, this research report focuses on various levels of analysis - the market size of the global market and subsegments; analysis of the top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the digital insurance platform market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report is expected to enrich both established firms, as well as new entrants/smaller firms to gauge the pulse of the market, which in turn, could help firms in garnering a greater market share.


1 Introduction
1.1 Objectives Of The Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered For The Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown Of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom Up Approach
2.2.2 Top Down Approach
2.3 Research Assumptions
2.4 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities In The Digital Insurance Platform Market
4.2 Digital Insurance Platform Market, By Component
4.3 Digital Insurance Platform Market, By End-user
4.4 Digital Insurance Platform Market, By Deployment Type
4.5 Digital Insurance Platform Market, By Organization Size
4.6 Digital Insurance Platform Market, Top 3 Insurance Applications
And Regions
5 Market Overview And Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption Of Iot Products
5.2.1.2 Shift Of Insurers’ Focus From Product-based To Customer-centric Strategies
5.2.1.3 Increased Awareness Among Insurers About Digital Channels
5.2.2 Restraints
5.2.2.1 Difficulty To Integrate Insurance Platforms With Legacy Systems
5.2.3 Opportunities
5.2.3.1 Adoption Of Cloud-based Digital Solutions By Insurers To Obtain Higher Scalability
5.2.3.2 Increased Awareness Among Insurers To Access A Broader Segment Of The Market
5.2.4 Challenges
5.2.4.1 Lack Of Skilled Workforce
5.3 Use Cases
5.3.1 Dxc Technology
5.3.2 Microsoft
5.3.3 Tcs
5.3.4 Eis Group
5.4 Major Technology Deals In The Insurance Sector
6 Digital Insurance Platform Market, By Component
6.1 Introduction
6.2 Tools
6.3 Services
7 Digital Insurance Platform Market, By Service
7.1 Introduction
7.2 Managed Services
7.3 Professional Services
8 Digital Insurance Platform Market, By Professional Service
8.1 Introduction
8.2 Consulting
8.3 Implementation
8.4 Support And Maintenance
9 Digital Insurance Platform Market, By End-user
9.1 Introduction
9.2 Insurance Companies
9.3 Third-party Administrators And Brokers
9.4 Aggregators
10 Digital Insurance Platform Market, By Insurance Application
10.1 Introduction
10.2 Automotive And Transportation
10.3 Home And Commercial Buildings
10.4 Life And Health
10.5 Business And Enterprise
10.6 Consumer Electronics And Industrial Machines
10.7 Travel
11 Digital Insurance Platform Market, By Deployment Type
11.1 Introduction
11.2 On-premises
11.3 Cloud
12 Digital Insurance Platform Market, By Organization Size
12.1 Introduction
12.2 Large Enterprises
12.3 Small And Medium-sized Enterprises
13 Digital Insurance Platform Market, By Region
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.2 Canada
13.3 Europe
13.3.1 United Kingdom
13.3.2 Germany
13.3.3 France
13.3.4 Rest Of Europe
13.4 Asia Pacific
13.4.1 Australia And New Zealand
13.4.2 Japan
13.4.3 China
13.4.4 Rest Of Asia Pacific
13.5 Middle East And Africa
13.5.1 Kingdom Of Saudi Arabia
13.5.2 South Africa
13.5.3 United Arab Emirates
13.5.4 Rest Of Middle East And Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Mexico
13.6.3 Rest Of Latin America
14 Competitive Landscape
14.1 Overview
14.2 Market Ranking
14.3 Competitive Scenario
14.3.1 New Product And Service Launches
14.3.2 Business Expansions
14.3.3 Acquisitions
14.3.4 Partnerships
15 Company Profiles
(Business Overview, Products & Services, Key Insights, Recent Developments, Swot Analysis, Mnm View)*
15.1 Ibm
15.2 Microsoft
15.3 Accenture
15.4 Oracle
15.5 Sap
15.6 Tcs
15.7 Cognizant
15.8 Dxc Technology
15.9 Infosys
15.10 Pegasystems
15.11 Appian
15.12 Mindtree
15.13 Prima Solutions
15.14 Fineos
15.15 Bolt Solutions
15.16 Majesco
15.17 Eis Group
15.18 Cogitate
15.19 Inzura
15.20 Duck Creek Technologies
15.21 Vertafore
15.22 Internet Pipeline
15.23 Ebaotech
15.24 Stoneriver
15.25 Rgi
*Details On Business Overview, Products & Services, Key Insights, Recent Developments, Swot Analysis, Mnm View Might Not Be Captured In Case Of Unlisted Companies.
16 Appendix
16.1 Key Industry Insights
16.2 Discussion Guide
16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
16.4 Introducing Rt: Real Time Market Intelligence
16.5 Available Customizations
16.6 Related Reports
16.7 Author Details
List Of Tables
Table 1 United States Dollar Exchange Rate, 2014–2017
Table 2 Digital Insurance Platform Market Size And Growth,
2016–2023 (Usd Billion) Y-o-y %
Table 3 Digital Insurance Platform Market Size, By Component,
2016–2023 (Usd Billion)
Table 4 Tools: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 5 Services: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 6 Digital Insurance Platform Market Size, By Service,
2016–2023 (Usd Billion)
Table 7 Managed Services: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 8 Professional Services: Digital Insurance Platform Market Size,
By Region, 2016–2023 (Usd Billion)
Table 9 Digital Insurance Platform Market Size, By Professional Service, 2016–2023 (Usd Billion)
Table 10 Consulting: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 11 Implementation: Digital Insurance Platform Market Size,
By Region, 2016–2023 (Usd Billion)
Table 12 Support And Maintenance: Digital Insurance Platform Market Size,
By Region, 2016–2023 (Usd Billion)
Table 13 Digital Insurance Platform Market Size, By End-user,
2016–2023 (Usd Billion)
Table 14 Insurance Companies: Digital Insurance Platform Market Size,
By Region, 2016–2023 (Usd Billion)
Table 15 Third-party Administrators And Brokers: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 16 Aggregators: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 17 Digital Insurance Platform Market Size, By Insurance Application, 2016–2023 (Usd Billion)
Table 18 Automotive And Transportation: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 19 Home And Commercial Buildings: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 20 Life And Health: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 21 Business And Enterprise: Digital Insurance Platform Market Size,
By Region, 2016–2023 (Usd Billion)
Table 22 Consumer Electronics And Industrial Machines: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 23 Travel: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 24 Digital Insurance Platform Market Size, By Deployment Type,
2016–2023 (Usd Billion)
Table 25 On-premises: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 26 Cloud: Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 27 Digital Insurance Platform Market Size, By Organization Size,
2016–2023 (Usd Billion)
Table 28 Large Enterprises: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 29 Small And Medium-sized Enterprises: Digital Insurance Platform Market Size, By Region, 2016–2023 (Usd Billion)
Table 30 Digital Insurance Platform Market Size, By Region,
2016–2023 (Usd Billion)
Table 31 North America: Digital Insurance Platform Market Size, By Country, 2016–2023 (Usd Billion)
Table 32 North America: Digital Insurance Platform Market Size, By Component, 2016–2023 (Usd Billion)
Table 33 North America: Digital Insurance Platform Market Size, By Service, 2016–2023 (Usd Billion)
Table 34 North America: Digital Insurance Platform Market Size,
By Professional Service, 2016–2023 (Usd Billion)
Table 35 North America: Digital Insurance Platform Market Size, By End-user, 2016–2023 (Usd Billion)
Table 36 North America: Digital Insurance Platform Market Size, By Insurance Application, 2016–2023 (Usd Billion)
Table 37 North America: Digital Insurance Platform Market Size, By Deployment Type, 2016–2023 (Usd Billion)
Table 38 North America: Digital Insurance Platform Market Size,
By Organization Size, 2016–2023 (Usd Billion)
Table 39 Europe: Digital Insurance Platform Market Size, By Country,
2016–2023 (Usd Billion)
Table 40 Europe: Digital Insurance Platform Market Size, By Component,
2016–2023 (Usd Billion)
Table 41 Europe: Digital Insurance Platform Market Size, By Service,
2016–2023 (Usd Billion)
Table 42 Europe: Digital Insurance Platform Market Size, By Professional Service, 2016–2023 (Usd Billion)
Table 43 Europe: Digital Insurance Platform Market Size, By End-user,
2016–2023 (Usd Billion)
Table 44 Europe: Digital Insurance Platform Market Size, By Insurance Application, 2016–2023 (Usd Billion)
Table 45 Europe: Digital Insurance Platform Market Size, By Deployment Type, 2016–2023 (Usd Billion)
Table 46 Europe: Digital Insurance Platform Market Size, By Organization Size, 2016–2023 (Usd Billion)
Table 47 Asia Pacific: Digital Insurance Platform Market Size, By Country,
2016–2023 (Usd Billion)
Table 48 Asia Pacific: Digital Insurance Platform Market Size, By Component, 2016–2023 (Usd Billion)
Table 49 Asia Pacific: Digital Insurance Platform Market Size, By Service,
2016–2023 (Usd Billion)
Table 50 Asia Pacific: Digital Insurance Platform Market Size, By Professional Service, 2016–2023 (Usd Billion)
Table 51 Asia Pacific: Digital Insurance Platform Market Size, By End-user, 2016–2023 (Usd Billion)
Table 52 Asia Pacific: Digital Insurance Platform Market Size, By Insurance Application, 2016–2023 (Usd Billion)
Table 53 Asia Pacific: Digital Insurance Platform Market Size, By Deployment Type, 2016–2023 (Usd Billion)
Table 54 Asia Pacific: Digital Insurance Platform Market Size, By Organization Size, 2016–2023 (Usd Billion)
Table 55 Middle East And Africa: Digital Insurance Platform Market Size,
By Country, 2016–2023 (Usd Billion)
Table 56 Middle East And Africa: Digital Insurance Platform Market Size,
By Component, 2016–2023 (Usd Billion)
Table 57 Middle East And Africa: Digital Insurance Platform Market Size,
By Service, 2016–2023 (Usd Billion)
Table 58 Middle East And Africa: Digital Insurance Platform Market Size,
By Professional Service, 2017–2023 (Usd Billion)
Table 59 Middle East And Africa: Digital Insurance Platform Market Size,
By End-user, 2016–2023 (Usd Billion)
Table 60 Middle East And Africa: Digital Insurance Platform Market Size,
By Insurance Application, 2016–2023 (Usd Billion)
Table 61 Middle East And Africa: Digital Insurance Platform Market Size,
By Deployment Type, 2016–2023 (Usd Billion)
Table 62 Middle East And Africa: Digital Insurance Platform Market Size,
By Organization Size, 2016–2023 (Usd Billion)
Table 63 Latin America: Digital Insurance Platform Market Size, By Country, 2016–2023 (Usd Billion)
Table 64 Latin America: Digital Insurance Platform Market Size, By Component, 2016–2023 (Usd Billion)
Table 65 Latin America: Digital Insurance Platform Market Size, By Service, 2016–2023 (Usd Billion)
Table 66 Latin America: Digital Insurance Platform Market Size, By Professional Service, 2016–2023 (Usd Billion)
Table 67 Latin America: Digital Insurance Platform Market Size, By End-user, 2016–2023 (Usd Billion)
Table 68 Latin America: Digital Insurance Platform Market Size, By Insurance Application, 2016–2023 (Usd Billion)
Table 69 Latin America: Digital Insurance Platform Market Size, By Deployment Type, 2016–2023 (Usd Billion)
Table 70 Latin America: Digital Insurance Platform Market Size, By Organization Size, 2016–2023 (Usd Billion)
Table 71 Market Ranking For The Digital Insurance Platform Market, 2018
Table 72 New Product And Service Launches, 2016–2018
Table 73 Business Expansions, 2016–2018
Table 74 Acquisitions, 2017–2018
Table 75 Partnerships, 2016–2018
List Of Figures
Figure 1 Digital Insurance Platform Market: Market Segmentation
Figure 2 Digital Insurance Platform Market: Research Design
Figure 3 Breakdown Of Primary Interviews: By Company, Designation,
And Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-up Approach
Figure 6 Market Size Estimation Methodology: Top-down Approach
Figure 7 Digital Insurance Platform Market: Assumptions
Figure 8 Digital Insurance Platform Market Share, Top 3 Segments
Figure 9 Digital Insurance Platform Market Share, By Component
Figure 10 Digital Insurance Platform Market Share, By End-user
Figure 11 Digital Insurance Platform Market, By Region
Figure 12 Shift Of Insurers’ Focus From Product-based Strategies To Customer-centric Strategies Is Expected To Drive The Growth Of The Digital Insurance Platform Market During The Forecast Period
Figure 13 Services Segment Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 14 Aggregators Segment Is Expected To Grow At The Highest Cagr During The Forecast Period
Figure 15 Cloud Deployment Type Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 16 Small And Medium-sized Enterprises Segment Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 17 Automotive And Transportation Insurance Application, And North America Are Estimated To Hold The Largest Market Shares In 2018
Figure 18 Digital Insurance Platform Market: Drivers, Restraints, Opportunities, And Challenges
Figure 19 Services Segment Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 20 Managed Services Segment Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 21 Implementation Segment Is Expected To Grow At The Highest Cagr During The Forecast Period
Figure 22 Aggregators Segment Is Expected To Grow At The Highest Cagr During The Forecast Period
Figure 23 Business And Enterprise Segment Is Expected To Grow At The Highest Cagr During The Forecast Period
Figure 24 Cloud Deployment Type Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 25 Small And Medium-sized Enterprises Segment Is Expected To Grow At A Higher Cagr During The Forecast Period
Figure 26 North America Is Estimated To Account For The Largest Market Share In 2018
Figure 27 Asia Pacific Is Expected To Grow At The Highest Cagr During The Forecast Period
Figure 28 North America: Market Snapshot
Figure 29 Asia Pacific: Market Snapshot
Figure 30 Key Developments By The Leading Players In The Digital Insurance Platform Market Between 2016 And 2018
Figure 31 Ibm: Company Snapshot
Figure 32 Microsoft: Company Snapshot
Figure 33 Accenture: Company Snapshot
Figure 34 Oracle: Company Snapshot
Figure 35 Sap: Company Snapshot
Figure 36 Tcs: Company Snapshot
Figure 37 Cognizant: Company Snapshot
Figure 38 Infosys: Company Snapshot
Figure 39 Pegasystems: Company Snapshot
Figure 40 Appian: Company Snapshot
Figure 41 Mindtree: Company Snapshot

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