The rise in awareness regarding digitalized channels and shift of focus from product-based strategies to consumer-centric strategies are driving the market.
The global Digital Insurance Companies Platform Market is forecast to reach USD 262.34 Billion by 2026, according to a new report by Reports and Data. Digital Assurance platform is a tool or software that allows assurance companies to create, monitor, manage, and control the ecosystem of digital assurance. It helps and encourages companies to switch to the assurance process that is digitalized. These systems include claim management, policy implementation, regulatory filing, reassurance management, and billing & premium accounting.
These platforms also provide a portal that offers customers easy and remote access to their databases. Many companies that offer digital assurance policies emphasize on delivering customized solutions along with end-to-end digital integration of business operations, application, and third-party services.
Moreover, companies are providing digital assurance as a service (DIaaS) as well, which includes primary assurance applications, infrastructure, and business process services in a single solution to clients. Digital Assurance as a Service (DIaaS) comprises of administration systems such as billing, claims, infrastructure, applications, and cybersecurity services.
The global information and communications technology (ICT) market registered steady revenue growth in 2020, and market size is expected to increase further over the forecast period. Factors contributing to the global ICT market revenue growth are growing penetration of smart mobile devices such as smartphones, tablets, and smart watches, rapid adoption of state-of-the-art technologies such as AI, machine learning, Internet of Things (IoT), big data analytics, and cloud computing, and rapid digitalization across numerous industries including the banking & finance, education, healthcare, automotive, oil & gas, agriculture, buildings & construction, and power & energy industries. Increasing accessibility of the Internet across the globe, emergence of the 5G technology, growing need for faster Internet services for rapid data transfer & processing, introduction of advanced Wi-Fi systems, and rising data security and user safety concerns among consumers are some of the other factors expected to drive the ICT market revenue growth.
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The increasing demand for digital Insurance Companies systems is indeed driven by the need for efficient claims processing and management. Insurers are recognizing the benefits of automating the claims process to provide faster and more effective services to their clients. With the rising number of claims and the complexity involved in handling them, digital solutions have become essential.
Digital Insurance Companies platforms offer modern claims management technologies that streamline the claims process. These technologies help insurers expedite the handling of claims, reduce processing times, and ultimately enhance client satisfaction. By automating various aspects of claims processing, such as document verification, data analysis, and communication with policyholders, insurers can significantly improve efficiency and accuracy in managing claims.
Furthermore, the growing demand for regulatory compliance is a crucial factor in the expansion of the digital Insurance Companies market. Insurance Companies companies face an increasing number of regulatory requirements and complex compliance processes. In response, they are seeking digital solutions that can automate compliance operations and ensure adherence to regulatory standards.
Digital Insurance Companies platforms provide modern compliance management technologies that assist insurers in automating compliance procedures. These technologies help streamline compliance workflows, minimize compliance costs, and ensure that Insurance Companies companies stay in line with regulatory requirements. By leveraging digital solutions, insurers can efficiently navigate the complexities of compliance and mitigate the risks associated with non-compliance.
Overall, the need for effective claims processing, as well as the demand for regulatory compliance, are driving the adoption of digital Insurance Companies systems. These platforms offer advanced technologies that enable insurers to automate processes, reduce costs, and provide enhanced services to their clients, ultimately leading to improved operational efficiency and customer satisfaction.
Further key findings from the report suggest
- Managed services held a larger market share of 67.8% in the year 2018. The providers of managed services help the organization in increasing their productivity and ensure services without any hassle with efficient utilization of resources. Managed services also help organizations to formulate strategies to solve complex business problems.
- Small and medium-sized enterprises (SMEs) grow with a higher CAGR of 13.7% during the forecast period. SMEs prefer cloud-based solutions instead of on-premises, and this is expected to grow over the forecast period. SMEs provide huge potential for growth in the digital Insurance Companies platform market.
- Insurance Companies companies are forecasted to grow with a CAGR of 13.7% during the forecast period. These companies are investing in the growth of the digital sector as they are not only cost-effective but also makes the whole process easier for the clients and them.
- Cloud-based deployment type held the largest market share of 57.2% in the year 2018. Increasing understanding and awareness of the cloud has led companies to rely on cloud-based deployment more and more. It is a ‘gateway technology’ for the Insurance Companies companies to access other digital solutions. It is also a foundation for most of the Insurance Companies companies to introduce new functionalities to the marketplace.
- Automotive and transportation Insurance Companies companies are rapidly adopting the latest technologies to deliver new products to meet the continuously changing demand of consumers. APAC is forecasted to grow with the highest CAGR of 14.2% during the forecast period.
- The Asia Pacific region is forecasted to have the highest growth rate of 14.2% during the forecast period owing to the lucrative opportunities provided by the commercial investment in different industry verticals in the region. Rise of multinational companies is anticipated to explore the region by partnering and merging with local companies, technology partners, and channel partners.
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Services Outlook (Revenue, USD Billion; 2016-2026)
- Managed Services
- Professional Services
Deployment Type Outlook (Revenue, USD Billion; 2016-2026)
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
End-User Outlook (Revenue, USD Billion; 2016-2026)
- Insurance Companies Companies
- Third-Party Administrators
Application Outlook (Revenue, USD Billion; 2016-2026)
- Automotive and Transportation
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Consumer Electronics and Industrial Machines
Regional Markets Highlighted in the Global Digital Insurance Companies Platform Market Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
Accenture, SAP, IBM, Microsoft, Oracle, Infosys, Pegasystems, TCS, DXC Technology, and Mindtree, among others.
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