The global digital innovation in insurance market is anticipated to grow at a considerable CAGR of 12.2% during the forecast period (2023-2030). Insurance companies that are able to leverage digital technology to improve their business see benefits of digital transformation such as automating manual processes, enhanced insights via data analysis, increased customer retention rates, efficiencies throughout workflows, cost savings, better risk management, and more. Digital transformation in insurance is wide-ranging. It can mean adding digital tools to improve existing processes or completely re-imagining how a company delivers value to customers, staff, and stakeholders. Its important businesses outline what they want to achieve to make the most of their transformation.
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There are many avenues for insurance companies to employ digital transformation. Some are building in-house capabilities by upgrading or replacing their internal core business applications and platforms. This can be very expensive and time-consuming however is ultimately one of the only ways to modernize business technology without relying on third parties indefinitely. A platforming modernization project requires many advanced skills and expertise including roles such as business and system analysts, architects, project managers, developers, subject matter experts, and specialists familiar with the platform or underlying software language. Many insurance companies choose to partner with new disruptors to the market. Insurtech companies offer software solutions that plug into existing infrastructure and applications with integrations. The market players either replaces a current manual function or vastly improves the way of doing it to derive more value from the interaction which is positively contributing the growth of the market during the forecast period. Now, as customers demand a better experience, more communication, and cheaper rates – insurance companies are being forced to find ways to adapt and leverage modern technology or be left behind.
Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered-
o By Insurance Type
o By Technology
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape – Accenture Plc, Allianz SE, Axa S.A., Hitachi Solutions Ltd., Prudential Financial, Inc., United Health Group Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Digital Innovation in Insurance Market Report Segment
By Insurance Type
- Health Insurance
- Motor Insurance
- Home insurance
- Travel Insurance
- Commercial Insurance
- Others
By Technology
- Cloud Computing
- Internet of Things (IoT)
- Advanced Analytics
- Telematics
- Others
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Global Digital Innovation in Insurance Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Accenture Plc
- Allianz SE
- Assicurazioni Generali S.P.A.
- Axa S.A.
- Berkshire Hathaway Inc.
- China Life Insurance Co. Ltd.
- Hitachi Solutions Ltd.
- Japan Post Holdings Co., Ltd.
- Munich Re Group
- Prudential Financial, Inc.
- United Health Group Inc.
- Zurich Insurance Group
Reasons to Buying From us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
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About Orion Market Research
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