Life Insurance Platforms Market Scope
An insurance platform is a collection of websites that give insurers and other organizations API access to a wide range of services, data, capabilities, and organizations. These websites are typically cloud-based, designed to scale through network effects, and monetized in various ways by the platform sponsor. The increasing acceptance of Internet of Things (IoT) devices, the shift in insurers' focus from product-based to customer-centric strategies, and more awareness among insurers to digitalize channels are all contributing to this growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture (Ireland), TCS (India), IBM (United States), DXC (United States), SAP (Germany), Oracle (United States), Microsoft (United States), Infosys (India), Pegasystems (United States), Appian (United States), Cognizant (United States), Mindtree (India), Prima Solutions (France), Fineos (Ireland) and Bolt Solutions (United States) |
CAGR | 13.8% |
Expansions, investments, new service launches, and collaborations are among the companies' favoured strategies for exploring the market. Players are expanding and acquiring businesses in new geographies around the world in order to get a competitive advantage through joint ventures. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Life Insurance Platforms market throughout the predicted period.
Accenture (Ireland), TCS (India), IBM (United States), DXC (United States), SAP (Germany), Oracle (United States), Microsoft (United States), Infosys (India), Pegasystems (United States), Appian (United States), Cognizant (United States), Mindtree (India), Prima Solutions (France), Fineos (Ireland) and Bolt Solutions (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Fineos (Ireland), Bolt Solutions (United States), Majesco (United States), EIS Group (United States) and Cogitate Technology Solutions (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Life Insurance Platforms market by Type , by Application (Term insurance, Whole life insurance, Group life insurance and Others) and Region with country level break-up.
On the basis of geography, the market of Life Insurance Platforms has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In February 2024, Sapiens International Corporation, announced a partnership to empower more insurance companies worldwide to use client-provided health data for improved risk management and value-added services at reduced costs. The partnership enables Binah.ai to leverage Sapiens' strong global presence and provide Sapiens' customers with seamless access to Binah.ai's software-based health and wellness check technology.
In May 2023, Atidot, a leading InsurTech company, is thrilled to announce the launch of its new and improved platform. This platform is poised to revolutionize the insurance industry with cutting-edge features designed to optimize life insurance analysis of a complete book of business and customer engagement.
Influencing Trend:
Increased Awareness Among Insurers to Access A Broader Segment of the Market and Increased Awareness Among Insurers About Digital Channels
Market Growth Drivers:
Growing Adoption of IoT Products and The shift of Insurers’ Focus From Product-Based to Customer-Centric Strategies
Challenges:
Dearth in of Skilled Workforce
Restraints:
Difficulty to Integrate Insurance Platforms With Legacy Systems
Opportunities:
Adoption of Cloud-Based Digital Solutions By Insurers to Obtain Higher Scalability
Key Target Audience
Life Insurance Platforms Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others