Industry Background:
Robotic process automation is rule-based low code software robotics that allows businesses to automate their operation without a human interface. The growing demand for RPA in the insurance sector to accelerate the digital transformation and automate claim and underwriting processes have boosted the market. Further, the outbreak of covid-19 has created significant opportunities for digital transformation across various business verticals. Rising IT spending of insurance companies and a focus to reduce human errors during claim processing will further drive the global market.This growth is primarily driven by Increasing Use of RPA in the Insurance Industry for Claim Processing and Sales & Distribution of Policies
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | USD (Million) |
Key Companies in Study | Aspire Systems (United States), IBM (United States), Salesforce (United States), Microsoft (United States), Automation Anywhere, Inc., AutomationEdge (United States), Blue Prism (United Kingdom), Datamatics (United States), EdgeVerve (Infosys) (India), Kofax (United States), Nintex (United States), Paanini Inc. (United States), Pegasystems Inc. (United States), UiPath (United States), WorkFusion, Inc. (United States), Mindtree (India), Appian (United States) and Cognizant (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Aspire Systems (United States), IBM (United States), Salesforce (United States), Microsoft (United States), Automation Anywhere, Inc., AutomationEdge (United States), Blue Prism (United Kingdom), Datamatics (United States), EdgeVerve (Infosys) (India), Kofax (United States), Nintex (United States), Paanini Inc. (United States), Pegasystems Inc. (United States), UiPath (United States), WorkFusion, Inc. (United States), Mindtree (India), Appian (United States) and Cognizant (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In February 2022, Nintex acquired Kryon, an RPA company to expand the intelligent process automation (IPA) capabilities of its Process Platform. With this acquisition, the aim of Nintex is to deliver more advanced automation capabilities to customers and community members.
In March 2022, SS&C Technologies Holdings Inc., a leading provider of software services acquired Blue Prism Group. Blue Prism provides RPA and intelligent automation across various industry verticals including financial services. The acquisition strengthens SS&C's position and allows combining its RPA technology to offer a full suite of intelligent automation technologies.The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are anticipated to keep a stronghold position in the market over the anticipated period. The key players are accepting strategic decisions as well as thinking upon mergers and acquisitions in order to maintain their presence in the market.
Market Drivers
- Increasing Use of RPA in the Insurance Industry for Claim Processing and Sales & Distribution of Policies
- High Growth of RPA Bots to Quickly Address Service Requests and Provide Customer Support
- Emerging trend of Hyperautomation to Accelerate Digital Transformation Across the Insurance Sector During and Post Pandemic
Market Trend
- Shifting Towards the Cloud Deployment of RPA Software
- The Integration of OCR and Natural Language Processing Technologies to Offer Enhanced Customer Service
Restraints
- Rigidity of RPA Processes and High Upfront costs and Less Acceptance Among the Employees May Create Hurdles for the Market
Opportunities
Significant Growth of Life Insurance Industry In Asia Pacific Region is Likely to create Noteworthy Opportunities for the RPA in Insurance
Challenges
Availability of Global Tech Giants and Large Number of Vendors in the Global Market May Create Challenges for the New Entrances
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Robotic Process Automation in Insurance Study Sheds Light on
The Robotic Process Automation in Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Robotic Process Automation in Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Robotic Process Automation in Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.