About Digital Innovation in Insurance
Insurance companies have started adopting digital technologies to help and strengthen customer relationship by providing new offers and services. This transformation will lead to new revenue opportunities also. However, many Insurance companies are yet to capitalize and develop business strategies. Digital platforms allow personalization and strengthen connections with customers by providing new offers and services. This platform also provides customers with access to deeper insights from data analytics, and applies it to new business models to reduce risk and fraud, and improve segmentation and reduce fraud. There is a demand to fix traditional business models, cost reduction, increased efficiency, and a rise in profit margin which is driving the global digital innovation in the insurance market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 14.0% |
The Global Digital Innovation in the Insurance market is moderately fragmented with key players are focused on innovation in production technologies to improve efficiency and shelf life. The best long-term growth opportunities for digital innovation can be captured by ensuring ongoing process improvements and financial flexibility to invest in optimal strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Innovation in Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AXA (France), Zurich (Switzerland), China Life Insurance Company (China), Berkshire Hathaway Inc. (United States), Prudential Financial Inc. (India), United Health group (United States), Munich Re group (Germany) and ASSICURAZIONI GENERALI S.P.A. (Italy) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Japan Post Holding Co.(Japan) and Allianz (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Digital Innovation in Insurance market by Type (Health Insurance, Motor Insurance, Home insurance, Travel Insurance, Commercial Insurance and Others [Personal Accident Insurance, Marine (Cargo) and Rural]), Application (Cloud Computing, Internet of Things (IoT), Advanced Analytics, Telematics and Others) and Region.
On the basis of geography, the market of Digital Innovation in Insurance 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 2022. If we see Market by Insurance Type, the sub-segment i.e. Product Centric will boost the Digital Innovation in Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Implementation of Smart Watches and Wearables, Deployment of Telematics and Speech Recognition and Block Chain Technology and Robotic Process Automation in Digital Insurance
Market Growth Drivers:
Insurers Investing in Building Digital Infrastructure and Need to Overhaul Traditional Business Model
Challenges:
Lack of Industry’s Standardized Methodologies and Metrics to Access Digital Maturity
Restraints:
Formidable Cultural Barriers May Hamper the Market Growth and Cost Factor Associated with the Implementation of Digital Technologies
Opportunities:
Growing Adoption of IoT (Internet of Things), Increased Focus of Product- Based and Customer-Centric Strategies and Rising Awareness among Insurers to Adopt Digitalizes Channels and Digital Insurance Platform
Market Leaders and their expansionary development strategies
In August 2018, Allianz Partners boost innovation with four Innovation Centers ie the travel, health, and assistance automotive innovation center.
In 2018, India’s foundation in technology is powering a revolution in the insurance industry. This is represented by the competitive pressure on insurance carriers to provide digital customer experiences across the value chain. Fueling this further, the Government is pushing its Digital India agenda through steps such as Direct Benefit Transfer, Demonetisation, UPI, and Bhim App.
Key Target Audience
Digital Innovation Insurance Service Providers, Key consulting companies and advisors, Large, medium and small enterprises, Venture Capitalists, Value-added Resellers, Investment Bankers and Potential Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.