insurance platform market is anticipated to grow at a CAGR of 13.0% during the forecast period (2024-2031). The term refers to a comprehensive system that is designed to manage and streamline various processes within the insurance industry. It offers several benefits such as reduced cost, fraud detection, low-code capabilities, and transaction convenience along with a competitive advantage.
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The insurance platform market has been witnessing a considerable surge in the demand for digital insurance channels over the past few years. Customers are more focused on seeking convenience and accessibility in their interactions with insurance companies. Digital channels including mobile applications and online portals provide policyholders with the ability to manage their insurance policies. For instance, in August 2021, Medi Assist launched its portal named me.medibuddy.in for its retail policyholders. The MediBuddy retail portal aims at giving retail policyholders complete charge of their health benefits management and giving them access to various self-help features.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Insurance Platform Market Report Segment
By Offering
Software
- Intelligent Document Processing
- Insurance Lead Management
- Insurance Workflow Automation
- Policy Management
- Video KYC/ eKYC
- API & Microservices
- Others
Services
- Professional Services
- Managed Services
By Application
- Claim Management
- Underwriting & Rating
- Customer Relationship Management (CRM)
- Billing & Payments
- Compliance & Reporting
- Policy Administration, Collection & Disbursement
- Sales & Marketing
- Property Estimation
- Others (Predictive Modeling/ Extreme Event Forecasting)
By Insurance Type
- General Insurance
- Life Insurance
- Cybersecurity Insurance
- Others (Health Insurance, Automotive Insurance)
By Technology
- Artificial Intelligence (AI) & Machine Learning (ML)
- Internet-of-Things (IoT)
- Blockchain
- Data Analytics & Big Data
- Regulatory Technologies (Regtech)
- Others
By End-User
- Insurance Companies
- Insurance Agencies & Brokers
- Third-Party Administrators (TPAs)
- Actuators & Reinsurers
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global insurance platform market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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