About Insurance Rating Platform
The insurance rating platform manages the underwriting process for insurance agencies. These solutions automate large portions of the underwriting process, reducing the need for underwriting support by employees. Underwriting and rating solutions allow users to write in rules and policies that are executed automatically during the underwriting process. These applications can then conduct pricing and rate analysis, calculate premiums, standardize quotes across channels, and vary rates according to risk and policy information. Growing rapid digitalization across all sectors has led to significant growth of the global insurance rating platform market in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. 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.
Vertafore, Inc. (United States), Applied Systems, Inc. (United States), EZLynx (United States), Virtual Benefits Administrator (United States), Agency Computer Systems, Inc. (United States), Insurance Technologies Corporation (United States), HawkSoft, Inc. (United States), COMPULIFE Software, Inc. (United States), Buckhill Ltd (United Kingdom) and InsuredHQ (New Zealand) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sapiens International (Israel).
Segmentation Overview
AMA Research has segmented the market of Global Insurance Rating Platform market by and Region.
On the basis of geography, the market of Insurance Rating Platform 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). If we see Market by Organization Size, the sub-segment i.e. Small & Medium Enterprises (SMEs) will boost the Insurance Rating Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. IOs will boost the Insurance Rating Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Insurance Rating Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud-Based will boost the Insurance Rating Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing Type, the sub-segment i.e. Monthly Subscription will boost the Insurance Rating Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Adoption of the AI, Big Data, and Machine Learning Technology
Market Growth Drivers:
Growing Insurance Providing Agencies across the Global and Increasing Demand From End-use Industry
Challenges:
Lack of Skilled Working Professionals
Restraints:
Intense Competition among the Competitors
Opportunities:
Technological Advancement and Development in the Development of the Insurance Rating Platform
Key Target Audience
Insurance Rating Platform Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users 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.