About Digital Transformation In Insurance
Digital transformation is refer as an important act for many industries, but for the insurance sector it is refer as a business priority. It’s not like of adopting an innovative or solely external process. Digital transformation in insurance sector requires an innovative business model which is totally focused on customer needs, with more connected products and services, emerging technologies and real-time data. Many forces like weak financial performance, cost pressures, increasing regulatory requirements, new competitive threats demand a profound revolution in the insurance industry. But at the same time, customers increasingly expect a near real-time relationship with the insurer for the submissions and claims
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
As compared to the other industry insurance industry has never been much of a leader when it comes to the technology. But after decades of working with clunky workflows, lots of paper and outdated software many insurance companies are starting to get a taste of the tech bug. Possibly that’s because, the hungry newcomer start-ups like Slice saw an opportunity to do insurance smarter, faster, and in a better way Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Transformation 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.
Capgemini (France), Cognizant (United States), SAP (Germany), Dell EMC (United States), Microsoft (United States), Adobe Systems (United States), Accenture (Ireland) and IBM (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Oracle (United States) and Cisco (United States).
Segmentation Overview
AMA Research has segmented the market of Global Digital Transformation In Insurance market by Type (Professional Services in digital transformation and Managed Services in digital transformation) and Region.
On the basis of geography, the market of Digital Transformation 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 2023. If we see Market by Solutions, the sub-segment i.e. Cloud Computing will boost the Digital Transformation In Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment model, the sub-segment i.e. On-premise will boost the Digital Transformation In Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Solutions will boost the Digital Transformation In Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Self-service dashboards and Claims processes in an easier and faster way
Market Growth Drivers:
Provides the real and tangible advantages for reducing costs and Increasing efficiency in the underwriting process, claims and improves the customer satisfaction
Challenges:
Changes associated with the customer expectations and behaviour or by the advent of ‘disruptive’ organisations
Restraints:
Regulatory changes associated with the market scenario
Opportunities:
Create Speed to market, Productivity in sales and Enhancement in customer experience
Market Leaders and their expansionary development strategies
In October 2022 Accenture has acquired Blackcomb Consultants, a leading independent Guidewire partner in North America. Terms of the transaction were not disclosed.
In November 2023,Life Insurance Corporation of India (LIC) has launched a new digital transformation project called Digital Innovation and Value Enhancement (DIVE).
Key Target Audience
Provider, Supplier and Others
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.