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Insurance Platform Market

Report Code TC 6388
Published in Mar, 2025, By MarketsandMarkets™
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Insurance Platform Market by Offering (Core Insurance, Insurtech), Application (Underwriting, CRM, Data Analytics), Technology (AI, Blockchain, Cloud Computing, Analytics), Insurance Type (Health, Life, P&C, Travel), & End User - Global Forecast to 2030

 

Overview

The insurance platform market is set for significant expansion and is expected to grow from USD 116.16 billion in 2025 to USD 207.52 billion by 2030, indicating a strong CAGR of 12.3%. This increase is led, to a large extent, by investments of over USD 1.5 billion in the US in insurance platforms and Europe, following closely at over USD 1 billion. Interestingly, nearly 40% of InsurTech investment has been captured by B2B SaaS firms, which focus on innovation areas such as payment solutions, risk management, underwriting software, and claims administration. The majority of these solutions include artificial intelligence (AI), with firms actively expanding their portfolios with new AI-powered products. At the same time, changing consumer preferences are driving strategic adjustments throughout the industry, as more than 60% of insurance strategists recognize that shifting customer expectations have sped up their transformation strategies. This evolving environment underscores the growing need for flexible, technology-based solutions in the insurance sector.

Insurance Platform Market

Attractive Opportunities in the Insurance Platform Market

ASIA PACIFIC

The Asia Pacific insurance platform market is experiencing rapid growth, driven by rising digital adoption, increasing smartphone penetration, and rising insurance demand in emerging economies. Enhanced regulatory frameworks and investments in AI, cloud computing, and data analytics further fuel regional innovation and platform modernization.

Customer experience optimization platforms are poised to revolutionize the global insurance platform market. Using AI, chatbots, and data analytics, these solutions deliver personalized services, simplify policy management, and offer proactive support.

Embedded insurance is emerging as a significant new revenue stream for insurance vendors. Insurers can access wider markets by integrating coverage directly into third-party products and services, enhancing customer convenience, and driving growth.

AI will transform the global insurance platform market significantly by leveraging machine learning, predictive analytics, and natural language processing, AI enhances risk assessment, automates claims processing, and enables personalized policy recommendations.

Health insurance is set to reshape the global insurance platform market, driven by rising healthcare costs, personalized coverage demand, and digital health integration for improved claims processing and customer engagement.

Impact of AI on Insurance Platform Market

AUTOMATED CLAIMS PROCESSING

AI automates claims processing using document analysis, fraud detection, and computer vision, enabling faster, more accurate, and dispute-free settlements.

FRAUD DETECTION AND PREVENTION

AI detects fraudulent claims through deep learning, anomaly detection, and behavioral analysis, reducing financial losses and compliance risks.

UNDERWRITING

AI automates underwriting by analyzing structured and unstructured data, improving risk assessment, pricing accuracy, and decision-making.

PERSONALIZED POLICY RECOMMENDATIONS

AI analyzes customer data to offer tailored insurance policies, improving engagement, and proactive policy adjustments.

CHATBOTS & VIRTUAL ASSISTANTS

AI-driven chatbots enhance customer service by handling inquiries, claims, and renewals through NLP and 24/7 availability.

REGULATORY COMPLIANCE AUTOMATION

AI automates compliance monitoring, report generation, and risk assessments, ensuring regulatory adherence and reducing legal penalties.

Insurance Platform Market Impact

Global Insurance Platform Market Dynamics

Driver: Digital transformation across insurance value chain

Insurers are increasingly using digital technologies like artificial intelligence (AI), machine learning (ML), cloud computing, and blockchain to boost operational efficiency, enhance the customer experience, and promote data-driven decision-making. Digital transformation efforts encompass underwriting, claims handling, policy management, fraud prevention, and customer interaction, which require adaptable and scalable insurance platforms. These platforms allow insurers to upgrade outdated systems, optimize workflows, and enhance risk evaluation via real-time data analytics. Moreover, the emergence of InsurTech companies and ecosystem-focused insurance frameworks has heightened competition, prompting conventional insurers to embrace cloud-native, API-based platforms for enhanced agility and innovation. The demand for personalized insurance products, powered by data analytics and insights from the Internet of Things (IoT), is also driving the adoption of these platforms. Additionally, regulatory requirements and compliance mandates compel insurers toward digital-first solutions that promote transparency and better reporting. Insurers also opt for automation-driven platforms to cut costs, minimize human involvement in repetitive tasks, and speed up claims processing. The move toward omnichannel engagement—providing smooth digital experiences across web, mobile, and AI chatbots—is another factor fueling the rapid uptake of advanced insurance platforms. As digital transformation continues to reshape the landscape, insurers invest in next-gen platforms that promise scalability, security, and interoperability, ensuring their readiness for the dynamic market.

Restraint: Integration challenges with legacy systems

Many insurance companies still use legacy IT systems; these outdated systems are often built on proprietary designs, which makes it tough to move data around, connect with other systems, and use APIs effectively. Trying to integrate new insurance platforms with existing core systems—like policy management, claims processing, and underwriting—can lead to long deployment times, budget overruns, and operational hiccups. Plus, these legacy systems often retain unstructured data, which means a lot of restructuring is needed before they can work with newer platforms. The fear of business disruptions also makes insurers hesitant to embrace new solutions, slowing down their digital transformation journey. Additionally, they have to worry about regulatory compliance, ensuring that any new platforms fit within existing laws and data governance rules. The lack of in-house skills for managing system upgrades and integrations means they often have to rely on third-party vendors, which can drive up costs and delay projects. To address these challenges, insurers are progressively implementing middleware solutions, API-based architectures, and staged migration approaches to facilitate smoother transitions. Nonetheless, until insurers completely upgrade their core IT systems, integrating legacy systems will remain a significant obstacle, restricting the pace and effectiveness of platform adoption within the insurance sector.

 

Opportunity: Embedded insurance simplifies coverage integration with APIs and microservices

Embedded insurance models are opening up exciting opportunities for insurance platforms. They allow for the smooth integration of insurance products into non-insurance applications using APIs and microservices. As digital ecosystems grow, insurers can team up with e-commerce sites, fintech apps, ride-sharing services, and others to provide personalized, on-demand coverage right at the point of sale. This method breaks down the traditional barriers to insurance distribution, making it easy for consumers to buy policies during everyday transactions—like adding travel insurance when booking a flight or getting cyber insurance through their banking apps. Insurance platforms that use API-driven architecture and microservices can seamlessly embed their offerings into third-party ecosystems, enhancing the customer experience and broadening their market reach. Moreover, real-time data sharing enabled by embedded insurance platforms supports dynamic pricing, risk evaluation, and immediate claims handling, enhancing efficiency and customer contentment. The growth of digital payments and mobile commerce boosts the adoption of embedded insurance, giving insurers opportunities to reach new customer segments and generate additional revenue. Additionally, insurer-partnered collaborations with InsurTech companies and digital platforms promote innovation, allowing for customized insurance offerings that adapt to changing consumer patterns. With embedded insurance taking hold, interoperable insurance platforms with low-code/no-code integration and AI-based automation will be in a strong position to leverage this emerging opportunity, revolutionizing how insurance is sold and consumed.

Challenge: Cybersecurity risks

Cybersecurity threats pose a considerable challenge in the insurance platform sector, as insurers increasingly depend on cloud-based, AI-powered platforms to handle large amounts of sensitive customer information. The digital transformation of policy management, claims handling, and underwriting makes insurers vulnerable to cyber risks like data breaches, ransomware incidents, and identity theft, resulting in financial losses, damage to reputation, and regulatory fines. As the use of APIs, IoT devices, and third-party integrations increases, insurers encounter greater risks of cyber vulnerabilities, necessitating strong security measures like encryption, multi-factor authentication, and AI-driven threat detection. Moreover, changing data protection laws, such as GDPR, CCPA, and sector-specific compliance requirements, require ongoing oversight and strict adherence to security measures. Outdated infrastructure and security systems only add to the cybersecurity issues, as insurers find it challenging to modernize while keeping operations smooth. The growing sophistication of cybercriminals raises alarms about fraudulent claims, deepfake scams, and AI-fueled cyberattacks, highlighting the need for real-time security analytics and automated threat responses. As insurers broaden their digital networks through partnerships with InsurTech companies and embedded insurance services, the risk of supply chain attacks grows, emphasizing the importance of thorough vendor risk management. To tackle these hurdles, insurance platforms must weave in advanced cybersecurity solutions, embrace zero-trust frameworks, and take a proactive stance on risk management.

Global Insurance Platform Market Ecosystem Analysis

The insurance platform market ecosystem is shaped by a mix of vendors comprised of different software types and insurance types. This segmented ecosystem works collaboratively to drive the transition toward more efficient workflows and output generation, leveraging technology and data to achieve goals.

Top Companies in Insurance Platform Market

Note: The above diagram only shows the representation of the Insurance Platform Market ecosystem; it is not limited to the companies represented above.
Source: Secondary Research and MarketsandMarkets Analysis

 

By application, claims management segment to register largest market share during forecast period

The claims management application is expected to capture the most significant market share in the insurance platform sector because it boosts customer satisfaction, increases operational efficiency, and shortens claim processing durations. Effective claims management is vital for insurance companies, directly influencing customer confidence and loyalty. Contemporary insurance platforms utilizing cutting-edge technologies like artificial intelligence (AI), machine learning (ML), and automation are revolutionizing claims management procedures. These platforms simplify the submission of claims, automate the verification of documents, and facilitate quicker decision-making using data-driven insights. Features such as real-time tracking, fraud detection, and predictive analytics not only enhance accuracy but also help reduce risks. Moreover, digital platforms enable smooth communication among insurers, claimants, and third-party service providers, enhancing transparency and minimizing delays. The increasing focus on improving customer experience has led insurers to implement solutions that provide self-service portals, chatbots, and mobile-friendly interfaces for easy claims filing and monitoring. Additionally, the rising volume of insurance claims in areas like health, automotive, and property has heightened the demand for scalable and efficient claims management platforms. As insurers keep aiming for quicker settlements, better accuracy, and stronger customer engagement, claims management solutions are likely to remain at the forefront of the insurance platform market.

By technology, AI & analytics to account for highest growth rate during forecast period

AI & analytics technology is set to experience the fastest growth in the insurance platform market during the forecast period due to its game-changing effects on decision-making, risk assessment, and customer engagement. Insurers turn to AI-driven solutions to boost underwriting accuracy, streamline claims management, and spot fraudulent activities. With advanced analytics, insurers can pull actionable insights from massive data sets, anticipate customer behavior, pinpoint emerging risks, and tailor their product offerings. Using machine learning (ML) algorithms, insurers can automate intricate processes, enhancing operational efficiency and cutting costs. Additionally, AI-powered chatbots and virtual assistants improve customer support by providing real-time responses and personalized interactions, boosting customer satisfaction. As insurers focus on data-driven strategies to stay ahead of the competition, leveraging predictive analytics for proactive decision-making is becoming essential. The convergence of AI with Internet of Things (IoT) devices also facilitates real-time data capture for dynamic risk assessment and pricing models. With the insurance industry adopting digitalization, the growing use of AI and analytics to fuel innovation, streamline processes, and improve customer experiences is likely to drive its strong growth, making it the fastest-growing technology segment in the insurance platform market.

North America to emerge as largest regional market during forecast period

North America is expected to have the largest share in the insurance platform market over the forecast period because of the region's robust technology infrastructure, the highest acceptance of digital solutions, and access to top insurance providers. The region's insurance market is extremely mature, with a high emphasis on innovation, and this results in high demand for sophisticated platforms that maximize operational efficiency and customer experience. Insurers in North America are progressively allocating funds towards cloud-based systems, AI-driven analytics, and automation technologies to optimize procedures like underwriting, claims handling, and customer interactions. Moreover, the increasing popularity of tailored insurance offerings and usage-based frameworks has driven the demand for adaptable and expandable platforms. Regulatory frameworks that support digital transformation and data security are also helping to accelerate the adoption of these advanced platforms. Furthermore, the emphasis on enhancing customer retention and delivering superior digital experiences has prompted insurers to implement omnichannel platforms and self-service portals. The growing partnership between insurers and technology providers in developing innovative products adds to the region's dominance. In light of North America's focus on transforming old systems and utilizing data-driven insights to enhance decision-making, the region is well-placed to continue its leading market position in the world of insurance platforms.

LARGEST REGION BY MARKET SHARE IN 2025
CANADA: FASTEST-GROWING MARKET IN REGION
Insurance Platform Market by region

Recent Developments of Insurance Platform Market

  • In March 2025, Accenture acquired Altus Consulting to boost its capabilities for insurance and investment clients in the UK. Altus brings expertise in advisory services, data-driven insights, and technology solutions tailored for financial services. This acquisition enhances Accenture's ability to deliver end-to-end transformation projects, particularly in distribution, risk, and regulatory compliance.
  • In March 2025, DXC Technology expanded its strategic partnership with ServiceNow to introduce DXC Assure BPM powered by ServiceNow. This AI-enabled platform integrates DXC's insurance expertise with ServiceNow's capabilities to modernize insurance processes, reduce operational costs, and enhance customer satisfaction by automating complex workflows across the policy lifecycle.
  • In February 2025, Duck Creek Technologies announced a strategic partnership with Worldpay, a global industry leader in payments technology and solutions. Worldpay's global payments capabilities, embedded in Duck Creek Payments, provide carriers with a seamless, end-to-end payment management platform tailored to the insurance industry.
  • In December 2024, Suncorp announced an important five-year partnership with Microsoft to revolutionize the insurance industry through the accelerated use of artificial intelligence (AI) technology and public cloud. Suncorp and Microsoft will extend an existing partnership to integrate AI at scale across the insurer's operations quickly. The program is designed to improve the experience Suncorp delivers to customers and for its own people in their day-to-day work.

Key Market Players

List of Top Insurance Platform Market Companies

The Insurance Platform Market is dominated by a few major players that have a wide regional presence. The major players in the Insurance Platform Market are

  • Agencysmart
  • Zipari
  • BriteCore
  • Quantemplate
  • Prima Solutions
  • InsuredMine
  • InsuredHQ

Want to explore hidden markets that can drive new revenue in Insurance Platform Market?

Scope of the Report

Report Attribute Details
Market size available for years 2020–2030
Base year considered 2024
Forecast period 2025–2030
Forecast units USD Billion
Segments Covered Offering, Application, Technology, Insurance Type, End User, and Region
Regions covered North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

 

Key Questions Addressed by the Report

What is an insurance platform?
An insurance platform is a comprehensive digital solution designed to streamline and automate various insurance processes. These platforms integrate key functions such as policy administration, claims processing, underwriting, and customer engagement within a single system. By leveraging modern technologies like AI, data analytics, and automation, insurance platforms help insurers enhance efficiency, improve customer experiences, and adapt to market changes.
How does an insurance platform differ from traditional insurance software?
Insurance platforms stand out from traditional insurance software due to their flexibility, scalability, and cloud-based architecture. Unlike conventional systems that may require extensive customization and maintenance, modern platforms are designed to be modular, allowing insurers to add or update features as needed.
What are the key benefits of using an insurance platform?
Insurance platforms offer numerous benefits that help insurers stay competitive. They improve operational efficiency by automating routine tasks, reducing manual errors, and accelerating claims and policy management processes. These platforms also enable insurers to deliver personalized customer experiences, ensuring faster response times and tailored product offerings. Additionally, insurance platforms provide valuable insights through data analytics, empowering better risk assessment and informed decision-making.
What factors should insurers consider when choosing an insurance platform?
When selecting an insurance platform, insurers should prioritize scalability to ensure that the solution can grow with their business needs. Integration capabilities are crucial, allowing the platform to connect with existing systems and third-party services. Security features are also essential, given the insurance industry's sensitive nature of customer data. Customization options should be evaluated to ensure the platform can align with unique business requirements. Lastly, insurers should assess the platform provider's reputation, support services, and track record to ensure long-term reliability.
What trends are shaping the insurance platform market?
The insurance platform market is rapidly evolving, driven by key trends that enhance efficiency and customer satisfaction. Adopting AI and machine learning transforms risk assessment, fraud detection, and customer personalization. Embedded insurance models are gaining traction, allowing insurers to offer coverage directly within consumer transactions. No-code and low-code platforms are also emerging, enabling faster product development with minimal technical expertise. Additionally, insurers are increasingly using data analytics to create tailored offerings, while self-service portals and automation tools are improving customer convenience and reducing operational costs.

 

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Table of Contents

Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.

TITLE
PAGE NO
INTRODUCTION
1
  • 1.1 OBJECTIVES OF THE STUDY
  • 1.2 MARKET DEFINITION
    INCLUSIONS AND EXCLUSIONS
  • 1.3 MARKET SCOPE
    MARKET SEGMENTATION
    REGIONS COVERED
    YEARS CONSIDERED FOR THE STUDY
  • 1.4 CURRENCY CONSIDERED
  • 1.5 STAKEHOLDERS
  • 1.6 SUMMARY OF CHANGES
RESEARCH METHODOLOGY
2
  • 2.1 RESEARCH DATA
    SECONDARY DATA
    - KEY DATA FROM SECONDARY SOURCES
    PRIMARY DATA
    - KEY DATA FROM SECONDARY SOURCES
    - BREAKUP OF PRIMARY PROFILES
    - KEY INDUSTRY INSIGHTS
  • 2.2 MARKET BREAKUP AND DATA TRIANGULATION
  • 2.3 MARKET SIZE ESTIMATION
    TOP-DOWN APPROACH
    BOTTOM-UP APPROACH
  • 2.4 MARKET FORECAST
  • 2.5 ASSUMPTIONS FOR THE STUDY
  • 2.6 LIMITATIONS OF THE STUDY
EXECUTIVE SUMMARY
3
PREMIUM INSIGHTS
4
  • 4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL INSURANCE PLATFORM MARKET
  • 4.2 MARKET, BY OFFERING, 2025 VS. 2030
  • 4.3 MARKET, BY APPLICATION, 2025 VS. 2030
  • 4.4 MARKET, BY TECHNOLOGY, 2025 VS. 2030
  • 4.5 MARKET, BY INSURANCE TYPE, 2025 VS. 2030
  • 4.6 MARKET, BY END USER, 2025 VS. 2030
  • 4.7 INSURANCE PLATFORM MARKET, BY REGION, 2025
MARKET OVERVIEW
5
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    RESTRAINTS
    OPPORTUNITIES
    CHALLENGES
  • 5.3 EVOLUTION OF INSURANCE PLATFORMS
  • 5.4 SUPPLY CHAIN ANALYSIS
  • 5.5 ECOSYSTEM ANALYSIS
  • 5.6 INVESTMENT LANDSCAPE AND FUNDING SCENARIO
  • 5.7 IMPACT OF GENERATIVE AI ON THE INSURANCE PLATFORM MARKET
  • 5.8 CASE STUDY ANALYSIS
    CASE STUDY 1
    CASE STUDY 2
    CASE STUDY 3
    CASE STUDY 4
    CASE STUDY 5
  • 5.9 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - KEY TECHNOLOGY 1
    - KEY TECHNOLOGY 2
    - KEY TECHNOLOGY 3
    COMPLEMENTARY TECHNOLOGIES
    - COMPLEMENTARY TECHNOLOGY 1
    - COMPLEMENTARY TECHNOLOGY 2
    - COMPLEMENTARY TECHNOLOGY 3
    ADJACENT TECHNOLOGIES
    - ADJACENT TECHNOLOGY 1
    - ADJACENT TECHNOLOGY 2
    - ADJACENT TECHNOLOGY 3
    REGULATORY LANDSCAPE
    - REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    - KEY REGULATIONS
    PATENT ANALYSIS
    - METHODOLOGY
    - PATENTS FILED, BY DOCUMENT TYPE, 2016–2025
    - INNOVATION AND PATENT APPLICATIONS
    PRICING ANALYSIS
    - AVERAGE SELLING PRICE TREND OF INSURANCE PLATFORM MARKET, BY KEY PLAYERS, 2025
    - INDICATIVE PRICING ANALYSIS, BY OFFERING, 2025
    KEY CONFERENCES AND EVENTS, 2025-2026
    PORTER FIVE FORCES ANALYSIS
    - THREAT FROM NEW ENTRANTS
    - THREAT OF SUBSTITUTES
    - BARGAINING POWER OF SUPPLIERS
    - BARGAINING POWER OF BUYERS
    - INTENSITY OF COMPETITION RIVALRY
    INSURANCE PLATFORM BUSINESS MODELS
    - SOFTWARE-AS-A-SERVICE (SaaS) MODEL
    - PLATFORM LICENSING MODEL
    - PAY-PER-USE & ON-DEMAND MODEL
    - API INTEGRATION AND DEVELOPER SERVICES MODEL
    - WHITE LABEL INSURANCE PLATFORMS MODEL
    TRENDS/DISRUPTIONS IMPACTING BUYER/CLIENTS OF INSURANCE PLATFORM MARKET
    KEY STAKEHOLDERS AND BUYING CRITERIA
    - KEY STAKEHOLDERS IN THE BUYING PROCESS
    - BUYING CRITERIA
INSURANCE PLATFORM MARKET, BY OFFERING
6
  • 6.1 INTRODUCTION
    OFFERING: MARKET DRIVERS
  • 6.2 SOFTWARE
    CORE INSURANCE PLATFORMS
    INSURANCE TECHNOLOGY PLATFORMS
    INSURANCE OPERATIONS AND MANAGEMENT PLATFORMS
  • 6.3 SERVICES
    PROFESSIONAL SERVICES
    - CONSULTING AND ADVISORY SERVICES
    - INTEGRATION AND IMPLEMENTATION SERVICES
    - CUSTOM PLATFORM DESIGN AND DEVELOPMENT SERVICES
    - TRAINING AND EDUCATION SERVICES
    MANAGED SERVICES
    - PLATFORM HOSTING AND INFRASTRUCTURE MANAGEMENT SERVICES
    - PLATFORM MAINTENANCE AND SUPPORT SERVICES
    - DATA MANAGEMENT AND MIGRATION SERVICES
    - SECURITY AND COMPLIANCE SERVICES
INSURANCE PLATFORM MARKET, BY APPLICATION
7
  • 7.1 INTRODUCTION
    APPLICATION: MARKET DRIVERS
  • 7.2 CLAIMS MANAGEMENT
    VIRTUAL CLAIMS HANDLING
    CLAIMS PROCESSING
    CLAIMS ANALYTICS
    CLAIMS WORKFLOW AUTOMATION
    OTHERS (FRAUD DETECTION & PREVENTION AND THIRD-PARTY CLAIMS MANAGEMENT)
  • 7.3 UNDERWRITING & RISK MANAGEMENT
    GROUP INSURANCE UNDERWRITING
    RISK ASSESSMENT & MODELING
    RISK PREDICTION
    OTHERS (UNDERWRITING DECISION SUPPORT AND PORTFOLIO MANAGEMENT)
  • 7.4 INSURANCE WORKFLOW AUTOMATION
    LEAD MANAGEMENT
    INTELLIGENT DOCUMENT PROCESSING
    VIDEO KYC/EKYC
    PRICING AND QUOTE MANAGEMENT
    OTHERS (COLLABORATION & SELF-SERVICE AND PORTFOLIO MANAGEMENT)
  • 7.5 CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
    CUSTOMER DATA MANAGEMENT
    CUSTOMER INTERACTION AND ENGAGEMENT
    CUSTOMER SUPPORT AND SERVICE
    CHATBOTS & VIRTUAL ASSISTANTS
    OTHERS (RETENTION & LOYALTY PROGRAMS AND CUSTOMER ONBOARDING)
  • 7.6 BILLING AND PAYMENTS
    PREMIUM BILLING AND INVOICING
    ONLINE PAYMENT PROCESSING
    RECONCILIATION AND ACCOUNTING
    OTHERS (PAYMENT FRAUD DETECTION AND MULTI-CURRENCY & CROSS-BORDER PAYMENTS)
  • 7.7 DIGITAL ENGAGEMENT AND PORTALS
    CUSTOMER PORTALS AND SELF-SERVICE
    MOBILE APPS AND DIGITAL CHANNELS
    CHATBOTS AND VIRTUAL ASSISTANTS
  • 7.8 DATA ANALYTICS
    SUBROGATION ANALYTICS
    PERFORMANCE TRACKING AND REPORTING
    FRAUD DETECTION AND PREVENTION
    CYBER RISK ANALYTICS
    BEHAVIORAL ANALYTICS
  • 7.9 COMPLIANCE AND REPORTING
    REGULATORY COMPLIANCE MANAGEMENT
    REPORTING AUTOMATION
    COMPLIANCE AUDITING
    RISK & GOVERNANCE MANAGEMENT
    OTHERS (ANTI-MONEY LAUNDERING AND COMPLIANCE MONITORING)
    POLICY ADMINISTRATION, COLLECTION & DISBURSEMENT
    - POLICY CREATION AND MODIFICATION
    - POLICY MANAGEMNET
    - PREMIUM COLLECTION
    - PAYOUT AND DISBURSEMENT MANAGEMENT
    - OTHERS (ENDORSEMENTS & RENEWALS AND COLLECTION MANAGEMENT & RECONCILIATION)
    SALES & MARKETING
    - AGENCY AND BROKER MANAGEMENT
    - DIRECT-TO-CONSUMER SALES
    - DIGITAL SALES ENABLEMENT
    - OTHERS (LEAD MANAGEMENT & CONVERSION TRACKING AND PERSONALIZED PRODUCT RECOMMENDATIONS)
    PREDICTIVE MODELING/EXTREME EVENT FORECASTING
    - CLAIMS SEVERITY MODELING
    - POLICY RECOMMENDATION ENGINES
    - EXTREME EVENT ANALYSIS
    - ACTUARIAL MODELING & PREDICTIONS
    - CATASTROPHE MODELING
    OTHERS (REINSURANCE MANAGEMENT, API & MICROSERVICES, CALL CENTER SOFTWARE, AND SMART CONTRACTS INTEGRATION)
INSURANCE PLATFORM MARKET, BY TECHNOLOGY
8
  • 8.1 INTRODUCTION
    TECHNOLOGY: INSURANCE PLATFORM MARKET DRIVERS
  • 8.2 CLOUD COMPUTING
  • 8.3 AI & ANALYTICS
  • 8.4 IOT
  • 8.5 BLOCKCHAIN
  • 8.6 OTHERS (CYBERSECURITY AND EDGE COMPUTING)
INSURANCE PLATFORM MARKET, BY INSURANCE TYPE
9
  • 9.1 INTRODUCTION
    INSURANCE TYPE: MARKET DRIVERS
  • 9.2 HEALTH INSURANCE
  • 9.3 LIFE AND ANNUITIES INSURANCE
  • 9.4 PROPERTY AND CASUALTY (P&C) INSURANCE
    HOMEOWNERS INSURANCE
    AUTO INSURANCE
    COMMERCIAL INSURANCE
    OTHERS (RENTERS, GENERAL LIABILITY, WORKER COMPENSATION, DISABILITY, AND UMBRELLA INSURANCE)
  • 9.5 SPECIALTY INSURANCE
    CYBERSECURITY INSURANCE
    TRAVEL INSURANCE
    PET INSURANCE
    MARINE & AVIATION INSURANCE
    ASSET INSURANCE
    OTHERS (ERRORS & OMISSIONS, SPORTS & ENTERTAINMENT INSURANCE, AND EXPORT/IMPORT CARGO INSURANCE)
  • 9.6 OTHERS (EDUCATION, REINSURANCE, AND AGRICULTURE)
    INSURANCE PLATFORM MARKET, BY END USER
INSURANCE PLATFORM MARKET, BY END USER
10
  • 10.1 INTRODUCTION
    END USER: MARKET DRIVERS
  • 10.2 INSURANCE COMPANIES
  • 10.3 INSURANCE AGENCIES AND BROKERS
    INDEPENDENT AGENCIES
    BROKERAGE FIRMS
    ONLINE AGGREGATORS
  • 10.4 THIRD-PARTY ADMINISTRATORS (TPAS)
    CLAIMS HANDLING FIRMS
    POLICY MANAGEMENT SERVICE PROVIDERS
  • 10.5 OTHERS (ACTUARIES, REINSURERS)
INSURANCE PLATFORM MARKET, BY REGION
11
  • 11.1 INTRODUCTION
  • 11.2 NORTH AMERICA
    NORTH AMERICA: MARKET DRIVERS
    MACROECONOMIC OUTLOOK FOR NORTH AMERICA
    UNITED STATES
    CANADA
  • 11.3 EUROPE
    EUROPE: INSURANCE PLATFORM MARKET DRIVERS
    MACROECONOMIC OUTLOOK FOR EUROPE
    UK
    GERMANY
    FRANCE
    ITALY
    SPAIN
    SWITZERLAND
    REST OF EUROPE
  • 11.4 ASIA PACIFIC
    ASIA PACIFIC: INSURANCE PLATFORM MARKET DRIVERS
    MACROECONOMIC OUTLOOK FOR ASIA PACIFIC
    CHINA
    JAPAN
    INDIA
    SOUTH KOREA
    AUSTRALIA & NEW ZEALAND
    SINGAPORE
    REST OF ASIA PACIFIC
  • 11.5 MIDDLE EAST & AFRICA
    MIDDLE EAST & AFRICA: INSURANCE PLATFORM MARKET DRIVERS
    MACROECONOMIC OUTLOOK FOR MIDDLE EAST & AFRICA
    MIDDLE EAST
    - SAUDI ARABIA
    - UAE
    - QATAR
    - TURKEY
    - REST OF MIDDLE EAST
    AFRICA
  • 11.6 LATIN AMERICA
    LATIN AMERICA: INSURANCE PLATFORM MARKET DRIVERS
    MACROECONOMIC OUTLOOK FOR LATIN AMERICA
    BRAZIL
    MEXICO
    ARGENTINA
    REST OF LATIN AMERICA
COMPETITIVE LANDSCAPE
12
  • 12.1 OVERVIEW
  • 12.2 KEY PLAYER’S STRATEGIES/RIGHT TO WIN
    OVERVIEW OF STRATEGIES ADOPTED BY KEY INSURANCE PLATFORM VENDORS
  • 12.3 REVENUE ANALYSIS OF KEY PLAYERS, 2020-2024
    BUSINESS SEGMENT REVENUE ANALYSIS
  • 12.4 MARKET SHARE ANALYSIS, 2024
    MARKET RANKING ANALYSIS
  • 12.5 PRODUCT COMPARATIVE ANALYSIS
    PRODUCT COMPARATIVE ANALYSIS, BY TECHNOLOGY
    - Product Name (Company Name)
    - Product Name (Company Name)
    - Product Name (Company Name)
    PRODUCT COMPARATIVE ANALYSIS, BY APPLICATION
    - Product Name (Company Name)
    - Product Name (Company Name)
    - Product Name (Company Name)
  • 12.6 COMPANY VALUATION AND FINANCIAL METRICS OF KEY INSURANCE PLATFORM VENDORS
  • 12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2024
    - COMPANY FOOTPRINT
    - REGION FOOTPRINT
    - OFFERING FOOTPRINT
    - APPLICATION FOOTPRINT
    - END USER FOOTPRINT
  • 12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024
    - DETAILED LIST OF KEY STARTUPS/SMES
    - COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
  • 12.9 COMPETITIVE SCENARIO
    PRODUCT LAUNCHES AND ENHANCEMENTS
    DEALS
    OTHERS/EXPANSIONS
COMPANY PROFILES
13
  • 13.1 INTRODUCTION
  • 13.2 KEY PLAYERS
    SALESFORCE
    - BUSINESS OVERVIEW
    - PRODUCTS/SOLUTIONS/SERVICES OFFERED
    - RECENT DEVELOPMENTS
    - MNM VIEW
    IBM
    - BUSINESS OVERVIEW
    - PRODUCTS/SOLUTIONS/SERVICES OFFERED
    - RECENT DEVELOPMENTS
    - MNM VIEW
    ORACLE
    - BUSINESS OVERVIEW
    - PRODUCTS/SOLUTIONS/SERVICES OFFERED
    - RECENT DEVELOPMENTS
    - MNM VIEW
    MICROSOFT
    - BUSINESS OVERVIEW
    - PRODUCTS/SOLUTIONS/SERVICES OFFERED
    - RECENT DEVELOPMENTS
    - MNM VIEW
    ACCENTURE
    - BUSINESS OVERVIEW
    - PRODUCTS/SOLUTIONS/SERVICES OFFERED
    - RECENT DEVELOPMENTS
    - MNM VIEW
    PEGASYSTEMS
    DXC TECHNOLOGY
    SAP
    GUIDEWIRE SOFTWARE
    - DUCK CREEK TECHNOLOGIES
    - APPLIED SYSTEMS
    - FINEOS
    - COGNIZANT
    - APPIAN
    - VERISK
    - BOLTTECH
    - MAJESCO
    - EIS GROUP
    - INSURITY
    - VERTAFORE
    - SAPIENS INTERNATIONAL CORPORATION
    - GOOGLE
    - ADOBE
    - EBIX
    - SERVICENOW
  • 13.3 STARTUPS/ SMES
    PRIMA SOLUTIONS
    COGITATE TECHNOLOGY SOLUTIONS
    INZURA
    INSURE SOFT
    BRITECORE
    SHIFT TECHNOLOGY
    ZIPARI
    QUANTEMPLATE
    INDIO
    - SUREIFY
    - ONESHIELD
    - ENSUREDIT
    - SOCOTRA
    - COALITION
    - SYMBO
    - TRUSTLAYER
    - PERFECTQUOTE
    - HYPEREXPONENTIAL
    - INSUREDMINE
    - INSUREDHQ
ADJACENT AND RELATED MARKETS
14
  • 14.1 INTRODUCTION
  • 14.2 DIGITAL LENDING MARKET – GLOBAL FORECAST TO 2026
    MARKET DEFINITION
    MARKET OVERVIEW
  • 14.3 FINTECH AS A SERVICE MARKET – GLOBAL FORECAST TO 2029
    MARKET DEFINITION
    MARKET OVERVIEW
APPENDIX
15
  • 15.1 DISCUSSION GUIDE
  • 15.2 KNOWLEDGE STORE: MARKETANDMARKETS’ SUBSCRIPTION PORTAL
  • 15.3 AVAILABLE CUSTOMIZATIONS
  • 15.4 RELATED REPORTS
  • 15.5 AUTHOR DETAILS

 

The research study for the insurance platform market involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred Insurance platform providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews with primary respondents, including key industry participants and subject matter experts, were conducted to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.

Secondary Research

In the secondary research process, various sources were referred to to identify and collect information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as AI conferences and related magazines. Additionally, the Insurance platform spending of various countries was extracted from respective sources. Secondary research was used to obtain key information about the industry’s value chain and supply chain to identify key players by solution, service, market classification, and segmentation according to the offerings of major players and industry trends related to solutions, applications, verticals, and regions, and key developments from both market and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and Insurance platform expertise; related key executives from Insurance platform solution vendors, SIs, managed service providers, and industry associations; and key opinion leaders.

Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped understand various trends related to technologies, applications, data types, service types, software types, verticals, and regions. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Strategy Officers (CSOs), and end users using Insurance platform solutions, were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of Insurance platform, which would impact the overall Insurance platform market.

Insurance Platform Market Size, and Share

Note: Tier 1 companies account for annual revenue of >USD 10 billion; tier 2 companies’ revenue ranges between USD 1 and 10 billion; and tier 3 companies’ revenue ranges between USD 500 million–USD 1 billion
Source: MarketsandMarkets Analysis

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Multiple approaches were adopted to estimate and forecast the insurance platform market. The first approach involves estimating the market size by summating companies’ revenue generated by selling solutions and services.

Market Size Estimation Methodology- Top-down approach

In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the Insurance platform market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor's offerings were evaluated based on the breadth of solutions according to software type, service type, technology, data type, vertical, and vertical. The aggregate of all the companies’ revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets repository for validation.

Market Size Estimation Methodology-Bottom-up approach

In the bottom-up approach, the adoption rate of Insurance platform solutions and services among different end users in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of Insurance platform solutions among industries, along with different use cases with respect to their regions, was identified and extrapolated. Use cases identified in different regions were given weightage for the market size calculation.

Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included the analysis of the Insurance platform market’s regional penetration. Based on secondary research, the regional spending on Information and Communications Technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major Insurance platform providers, and organic and inorganic business development activities of regional and global players were estimated. With the data triangulation procedure and data validation through primary interviews, the exact values of the overall Insurance platform market size and segments’ size were determined and confirmed using the study.

Insurance Platform Market : Top-Down and Bottom-Up Approach

Insurance Platform Market Top Down and Bottom Up Approach

Data Triangulation

The market was split into several segments and subsegments after arriving at the overall market size using the market size estimation processes as explained above. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Market Definition

The insurance platform market comprises digital solutions that enable insurers to manage core processes such as policy administration, underwriting, claims management, and customer engagement. These platforms leverage cloud computing, automation, and data analytics to enhance operational efficiency, improve customer experiences, and support product innovation. They cater to insurers, brokers, and third-party service providers, facilitating seamless integration with ecosystems and regulatory compliance.

Stakeholders

  • Insurance platform software providers
  • Insurance data providers
  • Third-Party administrators
  • Business analysts
  • Cloud service providers
  • Consulting service providers
  • Enterprise end-users
  • Distributors and value-added resellers (VARs)
  • Government agencies
  • Independent Software Vendors (ISV)
  • Managed service providers
  • Market research and consulting firms
  • Support & maintenance service providers
  • System Integrators (SIs)/migration service providers
  • Technology providers

Report Objectives

  • To define, describe, and forecast the Insurance platform market by offering, application, technology, insurance type, and end-user
  • To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
  • To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
  • To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
  • To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
  • To profile the key players and comprehensively analyze their market ranking and core competencies
  • To analyze competitive developments, such as partnerships, product launches, and mergers and acquisitions, in the Insurance platform market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product quadrant, which gives a detailed comparison of the product portfolio of each company.

Geographic Analysis as per Feasibility

  • Further breakup of the North American insurance platform market
  • Further breakup of the European market
  • Further breakup of the Asia Pacific market
  • Further breakup of the Middle Eastern & African market
  • Further breakup of the Latin American insurance platform market

Company Information

  • Detailed analysis and profiling of additional market players (up to five)

 

Previous Versions of this Report

Insurance Platform Market by Offering (Software (Policy Management, Video KYC/eKYC), Services), Application (Claims Management, CRM, Underwriting & Rating), Insurance Type (General Insurance, Life Insurance), End-user and Region - Global Forecast to 2028

Report Code TC 6388
Published in Sep, 2023, By MarketsandMarkets™

Insurance Platform Market by Offering (Software (Policy Management, Video KYC/eKYC), Services), Application (Claims Management, CRM, Underwriting & Rating), Insurance Type (General Insurance, Life Insurance), End-user and Region - Global Forecast to 2028

Report Code TC 6388
Published in Jun, 2018, By MarketsandMarkets™
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Growth opportunities and latent adjacency in Insurance Platform Market

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