Digital Insurance Platform Global Market Report 2024

The digital insurance platform market has grown rapidly in recent years. It will grow from $124.43 billion in 2023 to $140.81 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The expansion observed in the historical period can be ascribed to the increasing customer demand for streamlined digital interactions, regulatory shifts propelling digital transformation, the global spread of insurance services, the rise of novel distribution channels, and the pursuit of operational efficiency and cost-cutting measures.

The digital insurance platform market is expected to see rapid growth in the next few years. It will grow to $231.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The anticipated growth in the forecast period is driven by a heightened focus on enhancing customer engagement, the proliferation of usage-based insurance models, the broadening of digital ecosystems, increased attention to climate and environmental risks, and the escalating concerns related to cybersecurity. Key trends expected in the forecast period encompass collaborative efforts with insurtech startups, the integration of IoT devices, advancements in blockchain technology, the implementation of artificial intelligence for automation, and the adoption of on-demand insurance models.

The anticipated growth in the digital insurance platform market is set to be driven by the increasing adoption of cloud computing. Cloud computing, a technology enabling users to access storage spaces, files, applications, and databases through internet-connected devices, such as desktops, laptops, tablets, and sensors, is seen as a key enabler. The services offered by cloud computing are particularly advantageous for the digital insurance platform market as they facilitate the storage and analysis of information at a location separate from the clients. As an illustration, Eurostat, a UK-based Directorate-General of the European Commission, reported that in 2021, 41% of EU businesses utilized cloud services for file storage and e-mail. The European Union experienced growth in cloud computing usage in 2021, especially within the retail sector. Consequently, the increasing adoption of cloud technology is a driving force behind the growth of the digital insurance platform market.

The expansion of the insurtech sector is expected to play a pivotal role in propelling the digital insurance platform market. Insurtech involves leveraging digital technology and data analytics innovatively to enhance and streamline various aspects of the insurance industry. The integration of insurtech, incorporating technologies such as artificial intelligence, machine learning, and blockchain, contributes to the evolution of digital insurance platforms, resulting in more efficient processes and enhanced customer experiences. For example, according to the Insurtech Global Outlook Report published by NTT DATA, a Japan-based information technology company, the year 2022 saw the insurtech sector attract $8 billion in investments across 470 deals, representing a significant increase from the $5.83 billion secured in 2020 through 435 deals. Consequently, the upward trajectory of the insurtech sector is poised to drive the growth of the digital insurance platform market in the foreseeable future.

Technological advancements emerge as a prominent trend gaining traction in the digital insurance platform market, with major companies strategically embracing new technologies to fortify their market positions. An illustrative example is the collaborative effort between Mosaic Insurance, a Canada-based digital operating model provider, and DXC Technology Company, a US-based IT service company. In August 2021, they jointly launched an innovative insurance technology platform aimed at expediting the sale, underwriting, and servicing of specialty insurance. The platform incorporates various DXC technology services, including DXC Assure for commercial and specialty, business process outsourcing, apps, analytics and engineering, cloud, and security. This release signifies a significant advancement in the global insurance sector, combining insurance processing best practices with cutting-edge technology.

Prominent companies in the digital insurance platform market are actively engaged in the development of innovative products, such as self-service digital insurance portals, to gain a competitive edge and broaden their customer base. A self-service digital insurance portal provides users with an online platform to independently manage their insurance needs. As an example, in October 2023, NCBA Bancassurance Intermediary Limited, a subsidiary of the Kenyan-based financial services provider NCBA Group, introduced a digital insurance portal. This platform empowers customers to autonomously handle their insurance requirements, offering advanced data security, the convenience of comparing motor insurance quotes from various underwriters, and the ability to make informed decisions. Features of the portal include quote comparison, immediate access to insurance portfolios, real-time claims submission and tracking, and diverse premium payment options such as Mpesa, bank accounts, and insurance premium financing.

In December 2021, Credible Labs Inc., a US-based digital lending marketplace, made an undisclosed acquisition of Young Alfred LLC, a US-based digital insurance platform. This strategic move is expected to provide consumers with a comprehensive solution for their lending and insurance needs by integrating Young Alfred's technology and marketplace into Credible's platform. Leveraging Young Alfred's expertise, the integration aims to deliver personalized recommendations across a wide range of products, offering consumers a convenient one-stop shop for their financial and insurance requirements.

Major companies operating in the digital insurance platform market report are International Business Machines Corporation, Microsoft Corp., Infosys Ltd., Pegasystems Inc., Oracle Corp., Accenture Inc., Tata Consultancy Services Limited, Cognizant Technology Solutions Corp., Majesco Inc., DXC Technology Co., Appian Corp., Mindtree Ltd., Prima Solutions SA, SAP SE, EIS Software Limited, Fineos Corporation Ltd., Inzura Limited, Cogitate Technology Solutions Inc., OutSystems Inc., PolicyBazaar.com, PolicyGenius Inc., PolicyPal Network Technology Co. Ltd., PolicyX.com, Quantemplate Technologies Inc., Root Insurance Company, Slice Labs Inc., Trov Inc., Wefox Group GmbH, Zego Insurance Services Limited, Acko General Insurance Limited, Cover Genius Pty. Ltd., Shift Technology Inc.

North America was the largest region in the digital insurance platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global digital insurance platform market during the forecast period. The regions covered in the digital insurance platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital insurance platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital insurance platforms are deployed through different models, including cloud and on-premise solutions. Cloud computing, a technology that allows users to access and store data remotely, is a key component of these platforms. Professional services associated with digital insurance platforms encompass consulting, implementation, support, and maintenance, catering to both large and small-medium enterprise organizations. These platforms find application across various sectors such as automotive and transportation, home and commercial buildings, life and health insurance, business and enterprise insurance, consumer electronics, industrial machines, and travel. The end-users benefiting from digital insurance platforms include insurance companies, third-party administrators, brokers, and aggregators.

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The digital insurance platform market includes revenues earned by entities by providing life insurance, haven life insurance, business insurance, next insurance and homeowners insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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