DUBLIN, Nov. 23, 2020 /PRNewswire/ — The “Digital Insurance Platform Market – Growth, Trends, and Forecasts (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
The Digital Insurance Platform Market is expected to register a CAGR of over 12.5% during the forecast period 2020-2025
The global insurance industry has been witnessing a significant shift towards the adoption of digital technologies. According to a recent Willis Towers Watson report, 74% of insurance executives, identify reluctance within the industry to adopt new digital technologies.
Customer loyalty and satisfaction have become a primary concern for insurance companies. Artificial intelligence (AI) and its related technologies are expected to significantly impact all aspects of the insurance value chain, from distribution to underwriting and pricing to claims management.
This may result in policies being priced, purchased, and bound in near real-time. Through these, insurers have been able to smartly connect information and quickly deliver innovative products and services, which in the end, will significantly improve customer loyalty and satisfaction.
For example, New York-based insurance startup Lemonade is using AI and a robust digital platform to improve processes and applying behavioral economics to reduce fraud. At the same time, it offers a unique claims experience to its customers. Specifically, Lemonade organizes peer groups supporting charitable causes, charges upfront fees, and gives back unused premiums at the end of the year to charities personally selected by each peer group.
With the outbreak of Coronavirus, insurers are coming up with new COVID-specific products to help customers have a health cover specifically to Coronavirus. For instance, for motor, a few insurance companies have come up with a concept of pay as you drive insurance products. Even though most operations are done remotely, digital transformation to provide instant customer support is on high priority, where AI-based text and voice bots are becoming a part of trends.
Insurers have increased their communication with customers – and shown a commendable degree of proactive customer-driven support. There have been examples in numerous countries of insurers offering rebates on motor insurance given decreased levels of driving. In Australia, as well as some other countries, private health insurers have been offering premium holidays and other benefits given that customers can’t draw on their products, which cover them for elective surgery and ancillary services like dental care.
Meanwhile, in the UK, some insurers have offered free motor cover and enhanced home cover for National Health Service (NHS) workers and extended business cover to provide coverage for employees working from home.
With COVID-19 impacting every facet of personal life and business, digitization has become a new source for the world to adjust to the new normal. This is especially apparent in insurance, where insurers can tap on digital channels for distribution and create awareness.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Shift of Insurance Companies From Product Based to Customer-centric Strategies
4.2.2 Increased Awareness Among Insurers About Digital Channels
4.3 Market Restraints
4.3.1 Difficulty Regarding Integration of Insurance Platform with Legacy Systems
4.4 Porters Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Organization Size
5.2.1 Large Enterprises
5.2.2 Small & Medium Enterprises
5.3 By Application
5.3.1 Automotive and Transportation
5.3.2 Home & Commercial Buildings
5.3.3 Life & Health
5.3.4 Business & Enterprise
5.3.5 Consumer Electronics & Industrial Machines
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Microsoft Corporation
6.1.3 Oracle Corporation
6.1.4 Pegasystems Inc.
6.1.5 Appian Corporation
6.1.6 Mindtree Ltd.
6.1.7 DXC Technology Company
6.1.8 Prima Solutions SA
6.1.10 EIS Software Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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SOURCE Research and Markets