Insurance Platform Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Insurance Type; By Technology; By End-User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 120
- Format: PDF
- Report ID: PM4735
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Insurance Platform Market size was valued at USD 81.76 billion in 2023. The market is anticipated to grow from USD 92.45 billion in 2024 to USD 260.03 billion by 2032, exhibiting the CAGR of 13.8% during the forecast period.
Market Overview
The emergence of technology, the worldwide utilization of smartphones leading to increased internet users in the marketplace, and the ongoing trend of data analytics are driving the innovations and growth of the insurance platform market. The increasing advancements in the insurance platforms among the companies are expected to stimulate new growth opportunities in the marketplace.
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- For instance, in November 2023, Novidia introduced cutting-edge improvements to its insurance management platform to serve brokers, wholesalers, agents, and carriers.
Moreover, the growing financial awareness in the marketplace is driving the importance of purchasing insurance policies among the population. The rising disposable income at the global level is necessitating people to keep some amount of funds in uncertain and unforeseen circumstances. This transformation is ensuring insurance companies adopt compatible insurance platforms to promote user satisfaction, propelling the growth of insurance platforms in the global market.
However, the higher costs of developing insurance platforms among small players and resistance to changing business models are likely to hinder the growth of the insurance platform market.
Growth Drivers
- Rising adoption of technological advancements
The growing awareness about the benefits associated with the adoption of the Internet of Things, artificial intelligence, and cloud solutions among most companies is facilitating new growth opportunities for the insurance platform market. According to the World Cloud Report—Financial Services 2023, around 91% of the insurance companies have adopted cloud solutions, compared to 37% in 2020, a significant rise in the incorporation of cloud in business operations. This is attributable to the ability of cloud-based solutions to automate repetitive tasks, including underwriting and claim processing.
- Increased preferences for user-friendly interfaces
The increasing competition, changing consumer behavior, and strategic initiatives among the companies are anticipated to provide potential opportunities for the insurance platform market. Internet users are habituated to e-commerce solutions, driving preferences for digital channels. This trend is leading insurance companies to adopt user-friendly insurance platforms to optimize their business activities and gain new customers.
Restraining Factors
- Digital transformation challenges
The higher familiarity of traditional insurance management among the companies and significant difficulty in adopting digital transformation are likely to hamper the growth of the insurance platform during the forecast timeframe.
Report Segmentation
The market is primarily segmented based on offering, application, insurance type, technology, end-user and region.
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By Offering |
By Application |
By Insurance Type |
By Technology |
By End-User |
By Region |
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By Offering Analysis
- Policy management software segment is projected to witness the highest growth during the forecast period
The policy management software segment is anticipated to grow at a healthy CAGR during the projected period, mainly driven by increased efficiency with the capability to automate various tasks with the incorporation of insurance platforms. Data analytics has the potential to support effective management of insurance company operations in policy issues and renewal, policy documentation, premium calculation, and quotation management.
The insurance workflow automation segment led the industry market with a substantial revenue share in 2023, largely attributable to its ability to provide streamlined services, leading to increased consumer satisfaction. Enhanced productivity, higher rate of return on investment, efficiency, and lower chance of human errors are driving the adoption of insurance platforms among companies.
By Application Analysis
- Claims management segment registered the largest market share in 2023
The claims management segment accounted for the largest market share in 2023 and is likely to stimulate its market position throughout the study period. The establishment of user-friendly interfaces in claim management is expected to facilitate a compatible environment for users, boosting the demand for insurance platforms. An effective claim management system promotes the company's ability to retain existing consumers. In the insurance business, a smooth claim management process plays a crucial role in boosting the number of policy purchasers.
The customer relationship management segment is expected to grow at the fastest rate over the next few years owing to the offerings of customer data management, customer interaction and engagement, and customer support and service. As consumers become more prominent in building goodwill and retaining existing customers, companies are working on ensuring a superior user experience, necessitating the adoption of advanced insurance platforms in the marketplace.
By Insurance Type Analysis
- General insurance segment held a significant market revenue share in 2023
The general insurance segment held a substantial share in revenue in 2023 due to the continuous rise in the number of people opting for health insurance, automobile insurance, homeowner insurance, and travel insurance in the global space. This trend is emphasizing insurance companies' ability to build efficient insurance platforms with the capability to manage a wide range of customers' needs and queries quickly.
According to the insurance platform market forecast, the life insurance segment is anticipated to register significant growth due to the rising prevalence of health problems and accidents, driving the global population to purchase life insurance policies in the marketplace. This ongoing growth is necessitating businesses to acquire policy pricing and risk assessment tools, resulting in significant upgrades to their insurance platforms.
By Technology Analysis
- Data Analytics & Big Data segment is expected to witness significant growth in 2023
The data analytics and big data segment registered significant growth in 2023 and is expected to carry out this growth trajectory in the coming years. The incorporation of data analytics in insurance platforms assists in the analysis of vast amounts of data, permitting faster risk assessment and underwriting. Most firms are embracing data analytics and big data technologies to compete with other insurance companies and gain a competitive edge over their peers.
Furthermore, artificial intelligence and machine learning technologies are gaining utility in the global market. Companies are showing interest in adopting these technologies with a view to promoting data-driven decision-making in business operations.
By End-User Analysis
- Actuaries segment accounted for the dominant share over other end users
The actuaries segment registered the dominant share over other end users in the insurance platform market. This is highly influenced by the capability of the insurance platform in determining pricing, risk, and financial management. The growing population's interest in enhancing the rate of return on their investment and enhanced customer satisfaction with insurance platforms is promoting its adoption in the global market.
Regional Insights
- Asia Pacific region registered the largest share of the global market in 2023
The Asia Pacific region held the global market with the largest market share in 2023 and is expected to continue its dominance over the forecast timeframe. The growth of the segment market can be largely attributed to the rising expansion activities of the major players in the region. For instance, in July 2023, PhonePe Insurance Broking Services introduced a new health insurance platform in India that can permit monthly premium payments through online mode with the UPI.
The growing insurance industry in the region is showing potential growth opportunities for the insurance platform market. According to the Insurance Regulatory and Development Authority of India (IRDAI) 2022–23 report, the Indian life insurance industry registered a premium income of 7.83 lakh crore with a growth of 12.98%.
According to the National Financial Regulatory Administration of China, the insurance companies’ primary insurance premium income in the first three quarters of 2024 registered RMB 4.3 trillion, a growth of 11% annually. The new insurance policies recorded a growth of 39.2% annually, compared to 53.7 billion on a yearly basis. The growing purchase of insurance policies is motivating insurance companies to innovate sophisticated insurance platforms to meet ongoing consumer demand.
The North America region is expected to be the fastest-growing region with an optimal CAGR during the study period, owing to the presence of larger insurance players in the region. According to the insurance business magazine, the top market players in the United States combined market capitalization is $1.05 trillion, registering a third of the global business figure of $3.231 trillion. This is a sign of the level of competition in the insurance business, facilitating significant growth opportunities for the insurance platform market as companies are more likely to invest in building efficient insurance platforms during the forecast period.
Based on the Commercial Property/Casualty Market Report Q2, 2023, published by the Council of Insurance Agents and Brokers, the commercial premium of respondents increased by 8.9% across multiple account sizes. This is encouraging insurance companies to adopt competitive pricing strategies, fueling the demand for insurance platforms as they are efficient in establishing pricing models.
Key Market Players & Competitive Insights
- Strategic collaborations to drive the competition
The competitive landscape of the insurance platform is identified as a mix of consolidation and fragmentation, with the presence of several market players along with ongoing expansion activities such as collaborations and strategic acquisitions. Major companies are working on the adoption of the latest technologies. For instance, in June 2023, Accenture and AWS entered a collaboration to accelerate the development of large language models and generative artificial intelligence for financial services.
Some of the major players operating in the global market include:
- Accenture (Ireland)
- Adobe (US)
- AgencySmart (US)
- Appian (US)
- Applied Systems (US)
- Bolt Insurance (US)
- Britecore (US)
- CodeMetro (US)
- Cognizant (US)
- Duck Creek Technologies (US)
- DXC Technology (US)
- EIS Group (US)
- Fineos (Ireland)
- Guidewire Software (US)
- IBM (US)
- Inzura (UK)
Recent Developments
- In September 2023, Open Network for Digital Commerce (ONDC) unveiled its plan to expand its platform with investments, insurance, and gift cards.
Report Coverage
The insurance platform market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, offering, application, insurance type, technology, end-user and their futuristic growth opportunities.
Insurance Platform Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 92.45 billion |
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Revenue forecast in 2032 |
USD 260.03 billion |
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CAGR |
13.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The key companies in Insurance Platform Market Accenture, Adobe, AgencySmart, Appian, Applied Systems, Bolt Insurance, Britecore,
Insurance Platform Market exhibiting the CAGR of 13.8% during the forecast period.
Insurance Platform Market report covering key segments are offering, application, insurance type, technology, end-user and region.
The key driving factors in Insurance Platform Market are Rising adoption of technological advancements
Insurance Platform Market Size Worth $ 260.03 Billion By 2032
