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Digital Insurance Platform Market

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Digital Insurance Platform Market
The Significant Impact Of Digital Transformation On The Insurance Industry Has
Boosted The Digital Insurance Platform Market Adoption Trend
A digital insurance platform is a software or tool that enables an insurance company/
managing general agent (MGA) to monitor, create, manage, and control the digital
insurance ecosystem. Digital insurance platforms help companies to include
digitization throughout the insurance process. These platforms combine different
modules/silos and disparate systems in the digital insurance ecosystem. These modules
or systems include policy implementation, claim management, reinsurance
management, regulatory filing, and billing & premium accounting. These platforms
also provide a policy holder a portal that offers easy and remote access to customer
databases. Several companies offering digital insurance platforms are emphasizing on
delivering customized digital insurance solutions along with end-to-end digital
integration of business operations, third-party services, and applications. Additionally,
companies are providing digital insurance as a service (DIaaS), which combines major
insurance applications, infrastructure, and business process services in a single
solution in order to deliver insurance solutions effectively and efficiently to clients.
DIaaS comprises omni-channel digital consumer engagement platforms, administration
systems such as billing and claims and application and infrastructure and
cybersecurity services.
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The significant impact of digital transformation on the insurance industry has boosted
the digital insurance adoption trend. This mainly projected to drive the digital
insurance platform market during the forecast period. Additionally, changing customer
experience is leading insurance companies to develop and deliver advance technology
integrated solutions. This is anticipated to propel the digital insurance platform
market in the coming years. Moreover, insurance companies/ managing general
agents and other insurance agencies are emphasizing on reducing the overall cost of
the insurance process by adopting digital insurance platforms. Companies are also
focusing on enhanced management of digital insurance ecosystems, including new
sales channels and effective monitoring, accessibility, and control of insurance
policies. This is anticipated to boost the digital insurance platform market. However,
limited penetration of high-end/advanced technology in the insurance industry across
the world, especially in emerging economies, is expected to restrain the market
during the forecast period. Nevertheless, rise in digitization in the insurance industry
around the globe, especially in economies such as China, India, South Africa, and
Brazil, is anticipated to offer lucrative opportunities for the digital insurance platform
market in the coming years.
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The global digital insurance platform market can be segmented based on component,
application, end-user, business size, industry, and region. In terms of component, the
digital insurance platform market can be classified into software and services. The
software segment can be further sub-segmented into on-premise and cloud-based. The
service segment can be bifurcated into professional services and managed/DIaaS
services. Based on application, the digital insurance platform market can be
categorized into policy implementation, claim management, reinsurance management,
regulatory filing and billing, and others (support services and reporting). In terms of
end-user, the digital insurance platform market can be bifurcated into personal and
commercial. The commercial line segment can be further divided into insurance
carriers, MGA, wholesale brokers, insurance and retail agents. Based on business size,
the digital insurance platform market can be segmented into small and medium
businesses and large businesses. In terms of industry, the digital insurance platform
market can be classified into food & beverage, health and beauty, automotive, retail,
hospitality, media & entertainment, IT and telecom, consumer electronics, and others
(residential and consumer goods).
Author
monaliraghu
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