Global insurance platform market is anticipated to grow at a CAGR of 13.0% during the forecast period (2024-2031). Digital insurance platforms allow meaningful customer engagement by offering multiple channels, which provide personalized experiences and online claims processing within minutes. The insurance sector has been commoditized. Customers don’t care about the insurer or premium underwriter, they are concerned about their ROI in less time. In insurance, it generally costs 5 times more to acquire a new customer versus converting an existing one. In addition, customers satisfied with the insurance offerings are 80.0% more likely to renew their policies than unsatisfied ones. Digital policy application and renewal can be quick, hassle-free, and available 24/7, making the process seamless for insurance buyers. Therefore, digital insurance platforms help to earn customer loyalty which further boosts the digital insurance platform market growth.
Browse the full report description of “Insurance Platform Market Size, Share & Trends Analysis Report by Offering (Software and Services), by Application (Claim Management, Underwriting & Rating, Customer Relationship Management (CRM), Billing & Payments, Compliance & Reporting, Policy Administration, Collection & Disbursement, Sales & Marketing, Property Estimation, and Others), by Insurance Type (General Insurance, Life Insurance, Cybersecurity Insurance, and Others), by Technology (Artificial Intelligence (AI) & Machine Learning (ML), Internet-of-Things (IoT), Blockchain, Data Analytics & Big Data, Regulatory Technologies (Regtech), and Others), and by End-User (Insurance Companies, Insurance Agencies & Brokers, Third-Party Administrators (TPAs), and Actuators & Reinsurers) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/insurance-platform-market
According to a recent IDC InfoBrief sponsored by Liferay, customer experience (CX) will account for 37.0% of IT spending in the insurance sector by 2024 and grow at a CAGR of 17.5% to reach $50 billion. The IDC InfoBrief also states that “providing an excellent and personalized experience to new digital customers is a must for any insurer to build loyalty and long-term relationships, with 60.0% of insurers saying attracting and retaining customers are their top priorities”.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Offering
o By Application
o By Insurance Type
o By Technology
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Adobe Inc., IBM, Microsoft Corp., Oracle, Corp., Next Insurance, Inc. (Delaware Corp.), Acko Technology and Service Pvt. Ltd., and Salesforec, Inc., among others.
Key questions addressed by the report.
Global Insurance Platform Market Report Segment
By Offering
Software
Services
By Application
By Insurance Type
By Technology
By End-User
Global Insurance Platform Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/insurance-platform-market