The Digital Insurance Platform Market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2021-2026). The assessment provides a 360° view and insights, outlining the key outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions for improved profitability. In addition, the study helps venture or private players in understanding the companies more precisely to make better informed decisions.
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Digital Insurance Platform has been designed to enable digital insurance innovation – providing rapid development and the launch of new products into the market on a low-cost, high business-benefit basis, Flexible, seamlessly integrated, channel-neutral, on-demand and comprehensive. The solution is a change to the historic approach where software vendors build the functionality required into standalone software products. The digital insurance platform offers several advantages such as reduces time to market, gain control of all decisions, and beat competition to new markets, among others. The platform is widely used by insurance companies, third-party administrators and brokers, and aggregators.
On 14 Nov 2019, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud and will open-source parts of the solution’s core to improve and expand capabilities.
On 6 Feb 2019, Tata Consultancy Services (TCS), a leading IT services, consulting, and business solutions organization, announced that Solidarity Bahrain B.S.C., a leading insurance provider in Bahrain, has selected TCS BaNCS as its core platform for digitally transforming its property and casualty and takaful group life insurance businesses.
Major Players are:
Oracle (United States) ,SAP (Germany),IBM (United States),Microsoft (United States),Accenture (Ireland),TCS (India),Pegasystems (United States) ,Appian (United States),Mindtree (India),Cognizant (United States) ,DXC Technology (United States) ,Infosys (India) ,Prima Solutions (India) ,Fineos (Ireland) ,Bolt Solutions (United States) ,
NOTE: Our analysts monitoring the situation across the globe explain that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
The titled segments and sub-section of the market are illuminated below:
Application (Automotive and transportation, Business and enterprise, Home and commercial buildings, Life and health, Consumer electronics and industrial machines, Travel), Organization Size (Large enterprises, Small and Medium-sized Enterprises (SMEs)), Deployment Type (On-premises, Cloud), End-user (Insurance companies, Third-party administrators and brokers, Aggregators), Component (Tools, Services {Managed services, Professional services})
Market Trends:
Digital Channels Will Replace and Augment Physical Channels
The Rise of Technologies like Big Data Analytics and Artificial Intelligence
Market Drivers:
Shift of Insurers’ Focus from Product-Based to Customer-Centric Strategies
Increased Awareness among Insurers about Digital Channels Fueling the Market Growth
Growing Adoption of IoT Products
Challenges:
Lack of Skilled Workforce Pose a Major Challenge for the Market
Opportunities:
Increased Awareness among Insurers to Access a Broader Segment of the Market
Adoption of Cloud-Based Digital Solutions by Insurers to Obtain Higher Scalability
Years considered for this report:
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Extract from Table of Content:
Chapter 01 – Executive Summary
Chapter 02 – Market Overview
Chapter 03 – Key Success Factors
Chapter 04 – Covid-19 Crisis Analysis on Global Digital Insurance Platform Market
Chapter 05 – Global Digital Insurance Platform Market – Pricing Analysis
Chapter 06 – Global Digital Insurance Platform Market Background
Chapter 07 — Global Digital Insurance Platform Market Segmentation
Chapter 08 – Key and Emerging Countries Analysis in Global Digital Insurance Platform Market
Chapter 09 – Global Digital Insurance Platform Market Structure Analysis
Chapter 10 – Global Digital Insurance Platform Market Competitive Analysis
Chapter 11 – Assumptions and Acronyms
Chapter 12 – Research Methodology
What are the market factors that are explained in the Digital Insurance Platform Market report?
– Key Strategic Developments: Strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors.
– Key Market Features: Including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin.
– Analytical Tools: The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Questions Answered in the Report:
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