1 INTRODUCTION 63
1.1 STUDY OBJECTIVES 63
1.2 MARKET DEFINITION 63
1.2.1 INCLUSIONS AND EXCLUSIONS 64
1.3 MARKET SCOPE 65
1.3.1 MARKET SEGMENTATION 65
FIGURE 1 INSURANCE PLATFORMS MARKET SEGMENTATION 65
TABLE 1 INSURANCE PLATFORMS MARKET DETAILED SEGMENTATION 65
1.3.2 REGIONS COVERED 70
FIGURE 2 INSURANCE PLATFORMS MARKET SEGMENTATION, BY REGION 70
1.3.3 YEARS CONSIDERED 70
1.4 CURRENCY CONSIDERED 71
TABLE 2 USD EXCHANGE RATES, 2018–2022 71
1.5 STAKEHOLDERS 71
1.6 SUMMARY OF CHANGES 72
1.6.1 IMPACT OF RECESSION 72
2 RESEARCH METHODOLOGY 73
2.1 RESEARCH DATA 73
FIGURE 3 INSURANCE PLATFORMS MARKET: RESEARCH DESIGN 73
2.1.1 SECONDARY DATA 74
2.1.2 PRIMARY DATA 74
TABLE 3 PRIMARY INTERVIEWS 74
2.1.2.1 Breakup of primary profiles 75
2.1.2.2 Key industry insights 75
2.2 MARKET FORECAST 76
TABLE 4 FACTOR ANALYSIS 76
2.3 MARKET SIZE ESTIMATION 77
FIGURE 4 INSURANCE PLATFORMS MARKET: TOP-DOWN AND BOTTOM-UP APPROACHES 77
2.3.1 TOP-DOWN APPROACH 77
2.3.2 BOTTOM-UP APPROACH 78
FIGURE 5 APPROACH 1 – BOTTOM-UP (SUPPLY-SIDE): REVENUE FROM SOLUTIONS/SERVICES OF INSURANCE PLATFORMS MARKET 78
FIGURE 6 APPROACH 2 – BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF INSURANCE PLATFORMS 79
FIGURE 7 APPROACH 3 – BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES OF INSURANCE PLATFORMS 80
FIGURE 8 APPROACH 4 – BOTTOM-UP (DEMAND-SIDE): SHARE OF INSURANCE PLATFORM THROUGH OVERALL INSURANCE PLATFORM SPENDING 81
2.4 DATA TRIANGULATION 82
FIGURE 9 DATA TRIANGULATION 82
2.5 RESEARCH ASSUMPTIONS 83
2.6 LIMITATIONS 84
2.7 IMPLICATIONS OF RECESSION ON INSURANCE PLATFORMS MARKET 85
TABLE 5 IMPACT OF RECESSION ON GLOBAL INSURANCE PLATFORMS MARKET 86
3 EXECUTIVE SUMMARY 87
TABLE 6 INSURANCE PLATFORMS MARKET SIZE AND GROWTH RATE, 2018–2022 (USD MILLION, Y-O-Y) 89
TABLE 7 INSURANCE PLATFORMS MARKET SIZE AND GROWTH RATE, 2023–2028 (USD MILLION, Y-O-Y) 89
FIGURE 10 INSURANCE PLATFORM SOFTWARE TO DOMINATE MARKET OVER SERVICES IN 2023 89
FIGURE 11 INSURANCE POLICY MANAGEMENT TO LEAD AMONG SOFTWARE IN 2023 90
FIGURE 12 PROFESSIONAL SERVICES TO WITNESS SIGNIFICANT LEAD OVER MANAGED SERVICES MARKET IN 2023 90
FIGURE 13 CONSULTING & ADVISORY SEGMENT TO LEAD AMONG PROFESSIONAL SERVICES IN 2023 90
FIGURE 14 PLATFORM HOSTING & INFRASTRUCTURE MANAGEMENT SEGMENT TO LEAD AMONG MANAGED SERVICES IN 2023 91
FIGURE 15 AI & ML PLATFORMS TO BE MOST ADOPTED TECHNOLOGY IN INSURANCE INDUSTRY IN 2023 91
FIGURE 16 CLAIMS MANAGEMENT TO BE LARGEST APPLICATION MARKET IN 2023 92
FIGURE 17 LIFE INSURANCE TO POSE HIGHEST DEMAND FOR INSURANCE PLATFORMS IN 2023 92
FIGURE 18 ACTUARIES TO BE HIGHEST END USERS OF INSURANCE PLATFORMS DURING FORECAST PERIOD 93
FIGURE 19 NORTH AMERICA TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023 93
4 PREMIUM INSIGHTS 94
4.1 ATTRACTIVE OPPORTUNITIES FOR INSURANCE PLATFORMS MARKET PLAYERS 94
FIGURE 20 INCREASE IN CONSUMER DEMAND FOR QUICK CLAIMS PROCESSING AND EASIER POLICY MANAGEMENT TO DRIVE MARKET GROWTH 94
4.2 INSURANCE PLATFORMS MARKET: TOP THREE APPLICATIONS 94
FIGURE 21 POLICY ADMINISTRATION, COLLECTION, AND DISBURSEMENT APPLICATION TO ACCOUNT FOR HIGHEST GROWTH RATE DURING FORECAST PERIOD 94
4.3 NORTH AMERICA: INSURANCE PLATFORMS MARKET, BY OFFERING & END USER 95
FIGURE 22 SOFTWARE AND INSURANCE COMPANIES TO BE LARGEST SHAREHOLDERS IN MARKET IN NORTH AMERICA IN 2023 95
4.4 INSURANCE PLATFORMS MARKET, BY REGION 95
FIGURE 23 NORTH AMERICAN MARKET TO LEAD AMONG REGIONS IN 2023 95
5 MARKET OVERVIEW AND INDUSTRY TRENDS 96
5.1 INTRODUCTION 96
5.2 MARKET DYNAMICS 96
FIGURE 24 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: INSURANCE PLATFORMS MARKET 96
5.2.1 DRIVERS 97
5.2.1.1 Rise of data analytics and big data 97
FIGURE 25 INCREASE IN PREDICTING LARGE LOSS CLAIMS TO BE LARGEST BENEFIT OF BIG DATA ANALYTICS IN INSURANCE SECTOR 97
5.2.1.2 Increase in demand for digital insurance channels 97
5.2.1.3 Need for cloud-based digital solutions 98
5.2.2 RESTRAINTS 98
5.2.2.1 Complexity involved with integration of insurance platforms with legacy systems 98
5.2.2.2 Data security and privacy concerns 99
5.2.2.3 Lack of standardization 99
5.2.3 OPPORTUNITIES 100
5.2.3.1 Growth of digital economy 100
5.2.3.2 Advancements in development of digital product innovations 100
5.2.3.3 Integration with IoT and sensor technologies for real-time data collection and visualization 100
5.2.4 CHALLENGES 101
5.2.4.1 Rise in cyberattacks and their threats 101
5.2.4.2 Lack of technical expertise 101
5.2.4.3 Managing high volumes of data 101
5.3 EVOLUTION OF INSURANCE PLATFORMS 102
FIGURE 26 INSURANCE PLATFORMS MARKET EVOLUTION 102
5.4 VALUE CHAIN ANALYSIS 104
FIGURE 27 INSURANCE PLATFORMS MARKET: VALUE CHAIN ANALYSIS 104
TABLE 8 INSURANCE PLATFORMS MARKET: VALUE CHAIN ANALYSIS 105
5.5 ECOSYSTEM ANALYSIS 106
TABLE 9 INSURANCE PLATFORMS MARKET: ECOSYSTEM 106
FIGURE 28 INSURANCE PLATFORMS MARKET: ECOSYSTEM ANALYSIS 108
5.5.1 INSURANCE PLATFORM PROVIDERS 108
5.5.2 INSURANCE CARRIERS 109
5.5.3 THIRD-PARTY SERVICE PROVIDERS 109
5.5.4 INSURANCE PLATFORM DATA PROVIDERS 109
5.5.5 INSURANCE PLATFORM RATING AGENCIES 109
5.5.6 INSURANCE PLATFORM END USERS 109
5.5.7 INSURANCE PLATFORM REGULATORY BODIES 109
5.6 INSURANCE PLATFORMS INVESTMENT LANDSCAPE 110
5.6.1 DEALS & FUNDING 110
FIGURE 29 INVESTOR FUNDING IN INSURANCE PLATFORMS SOARED IN 2021, DECLINING SHARPLY IN 2022 110
5.6.2 COUNTRIES WITH MOST DEALS 110
FIGURE 30 US EMERGED AS CLEAR LEADER IN INSURANCE PLATFORMS INVESTMENT, SECURING 238 DEALS IN 2022 110
5.7 BEST PRACTICES IN INSURANCE PLATFORMS MARKET 111
TABLE 10 BEST PRACTICES IN INSURANCE PLATFORMS MARKET 111
5.8 CASE STUDY ANALYSIS 112
5.8.1 SALESFORCE ASSISTED AXA BUSINESS INSURANCE IN ENHANCING CUSTOMER SATISFACTION 112
5.8.2 AON ITALY TRANSFORMED INSURANCE AND RISK MANAGEMENT OPERATIONS USING IBM CLOUD PAKS 113
5.8.3 PING AN IMPROVED CUSTOMER EXPERIENCE AND BUSINESS PROCESSES WITH HELP OF ACCENTURE 113
5.8.4 IBM HELPED SUN LIFE FINANCIAL MODERNIZE DIGITAL INSURANCE SOLUTIONS 114
5.8.5 ARAG GROUP EXPEDITED INTERNATIONAL REPORTING THROUGH IMPLEMENTATION OF SAP 114
5.8.6 QBE IMPLEMENTED MODERN REINSURANCE MANAGEMENT SYSTEM WITH HELP OF DUCK CREEK TECHNOLOGIES 115
5.9 TECHNOLOGY ANALYSIS 115
5.9.1 KEY TECHNOLOGIES 115
5.9.1.1 Artificial intelligence (AI) and machine learning (ML) 115
5.9.1.2 Blockchain 116
5.9.1.3 Cloud computing 116
5.9.1.4 IoT 116
5.9.1.5 Big data and analytics 117
5.9.2 ADJACENT TECHNOLOGIES 117
5.9.2.1 Cybersecurity 117
5.9.2.2 Digital identity verification 117
5.9.2.3 Telematics & GPS 118
5.9.3 COMPLEMENTARY TECHNOLOGIES 118
5.9.3.1 Robotic process automation (RPA) 118
5.9.3.2 Application programming interface (API) 118
5.9.3.3 Augmented reality/virtual reality (AR/VR) 119
5.10 TARIFF AND REGULATORY LANDSCAPE 119
5.10.1 TARIFF RELATED TO INSURANCE PLATFORM SOFTWARE 119
TABLE 11 TARIFF RELATED TO INSURANCE PLATFORM SOFTWARE, 2022 119
5.10.2 REGULATORY LANDSCAPE 120
5.10.3 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 120
TABLE 12 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 121
TABLE 13 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 121
TABLE 14 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 122
TABLE 15 MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 122
TABLE 16 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 123
5.10.4 REGULATIONS: INSURANCE PLATFORMS MARKET 123
5.10.4.1 North America 123
5.10.4.1.1 Health insurance portability and accountability act (HIPAA) 123
5.10.4.1.2 The gramm-leach-bliley act (GLBA) 123
5.10.4.1.3 Personal information protection and electronic documents act (PIPEDA) 124
5.10.4.2 Europe 124
5.10.4.2.1 General data protection regulation (GDPR) 124
5.10.4.2.2 Insurance distribution directive (IDD) 124
5.10.4.2.3 Solvency II directive 124
5.10.4.3 Asia Pacific 125
5.10.4.3.1 Insurance regulatory and development authority of India (IRDAI) regulations (India) 125
5.10.4.3.2 Financial services agency (FSA) regulations (Japan) 125
5.10.4.3.3 Insurance authority (IA) regulations (Hong Kong) 125
5.10.4.4 Middle East & Africa 125
5.10.4.4.1 Insurance authority (IA) regulations (United Arab Emirates) 125
5.10.4.4.2 Financial sector conduct authority (FSCA) regulations (South Africa) 125
5.10.4.4.3 Central bank of Nigeria (CBN) regulations (Nigeria) 126
5.10.4.5 Latin America 126
5.10.4.5.1 Superintendency of securities and insurance (SVS) regulations 126
5.10.4.5.2 Superintendence of private insurance (SUSEP) regulations 126
5.10.4.5.3 National insurance and bonding commission (CNSF) regulations 126
5.11 PATENT ANALYSIS 127
5.11.1 METHODOLOGY 127
5.11.2 PATENTS FILED 127
TABLE 17 PATENTS FILED, BY DOCUMENT TYPE, 2013–2023 127
5.11.3 INNOVATION AND PATENT APPLICATIONS 127
FIGURE 31 ANNUAL NUMBER OF PATENTS GRANTED, 2013–2023 127
5.11.3.1 Top applicants 128
FIGURE 32 TOP TEN PATENT APPLICANT COMPANIES, 2013–2023 128
FIGURE 33 REGIONAL ANALYSIS OF PATENTS GRANTED, 2013–2023 128
TABLE 18 TOP 20 PATENT OWNERS, 2013–2023 129
TABLE 19 LIST OF TOP PATENTS IN INSURANCE PLATFORMS MARKET, 2023 130
5.12 PRICING ANALYSIS 134
5.12.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY SOFTWARE FUNCTIONALITY 135
FIGURE 34 AVERAGE SELLING PRICES OF KEY PLAYERS FOR TOP 3 SOFTWARE FUNCTIONALITIES 135
TABLE 20 AVERAGE SELLING PRICES OF KEY PLAYERS, BY SOFTWARE FUNCTIONALITY 135
5.12.2 INDICATIVE PRICING ANALYSIS OF INSURANCE PLATFORMS, BY APPLICATION 136
TABLE 21 INDICATIVE PRICING ANALYSIS OF INSURANCE PLATFORMS, BY APPLICATION 136
5.13 TRADE ANALYSIS 136
5.13.1 EXPORT SCENARIO OF INSURANCE SERVICES 136
FIGURE 35 INSURANCE SERVICES EXPORT, BY KEY COUNTRY, 2015–2022 (USD BILLION) 137
5.13.2 IMPORT SCENARIO OF INSURANCE SERVICES 138
FIGURE 36 INSURANCE SERVICES IMPORT, BY KEY COUNTRY, 2015–2022 (USD BILLION) 139
5.14 KEY CONFERENCES AND EVENTS 139
TABLE 22 INSURANCE PLATFORMS MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 139
5.15 PORTER’S FIVE FORCES ANALYSIS 140
FIGURE 37 INSURANCE PLATFORMS MARKET: PORTER’S FIVE FORCES ANALYSIS 140
5.15.1 THREAT OF NEW ENTRANTS 141
5.15.2 THREAT OF SUBSTITUTES 141
5.15.3 BARGAINING POWER OF SUPPLIERS 141
5.15.4 BARGAINING POWER OF BUYERS 141
5.15.5 INTENSITY OF COMPETITIVE RIVALRY 141
5.16 INSURANCE PLATFORM TECHNOLOGY ROADMAP UNTIL 2030 142
TABLE 23 INSURANCE PLATFORM TECHNOLOGY ROADMAP UNTIL 2030 142
5.16.1 SHORT-TERM (2023–2025) 143
5.16.2 MID-TERM (2026–2028) 143
5.16.3 LONG-TERM (2029–2030) 143
5.17 INSURANCE PLATFORM BUSINESS MODELS 144
5.17.1 PLATFORM LICENSING MODEL 144
5.17.2 SOFTWARE AS A SERVICE MODEL (SAAS) 144
5.17.3 PAY-PER-TRANSACTION MODEL 145
5.17.4 API INTEGRATION AND DEVELOPER SERVICES MODEL 145
5.17.5 WHITE LABEL INSURANCE PLATFORMS MODEL 145
5.18 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS OF INSURANCE PLATFORMS MARKET 146
FIGURE 38 INSURANCE PLATFORMS MARKET: TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS 146
5.19 KEY STAKEHOLDERS AND BUYING CRITERIA 147
5.19.1 KEY STAKEHOLDERS IN BUYING PROCESS 147
FIGURE 39 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 147
TABLE 24 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 147
5.19.2 BUYING CRITERIA 148
FIGURE 40 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 148
TABLE 25 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 148
6 INSURANCE PLATFORMS MARKET, BY OFFERING 149
6.1 INTRODUCTION 150
6.1.1 OFFERING: INSURANCE PLATFORMS MARKET DRIVERS 150
FIGURE 41 INSURANCE PLATFORM SERVICES TO WITNESS FASTER GROWTH DURING FORECAST PERIOD 151
TABLE 26 INSURANCE PLATFORMS MARKET, BY OFFERING, 2018–2022 (USD MILLION) 151
TABLE 27 INSURANCE PLATFORMS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 151
6.2 SOFTWARE 152
FIGURE 42 INSURANCE WORKFLOW AUTOMATION TO BE LARGEST SOFTWARE SEGMENT IN 2023 152
TABLE 28 INSURANCE PLATFORM SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 153
TABLE 29 INSURANCE PLATFORM SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 153
6.2.1 INTELLIGENT DOCUMENT PROCESSING 153
TABLE 30 INTELLIGENT DOCUMENT PROCESSING SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 154
TABLE 31 INTELLIGENT DOCUMENT PROCESSING SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 154
6.2.1.1 Digital document depository 155
TABLE 32 DIGITAL DOCUMENT DEPOSITORY SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 155
TABLE 33 DIGITAL DOCUMENT DEPOSITORY SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 155
6.2.1.2 Document collaboration 156
TABLE 34 DOCUMENT COLLABORATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 156
TABLE 35 DOCUMENT COLLABORATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 156
6.2.1.3 Document verification 157
TABLE 36 DOCUMENT VERIFICATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 157
TABLE 37 DOCUMENT VERIFICATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 157
6.2.1.4 Document version control 158
TABLE 38 DOCUMENT VERSION CONTROL SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 158
TABLE 39 DOCUMENT VERSION CONTROL SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 158
6.2.2 INSURANCE LEAD MANAGEMENT 159
TABLE 40 INSURANCE LEAD MANAGEMENT SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 159
TABLE 41 INSURANCE LEAD MANAGEMENT SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 159
6.2.2.1 Lead tracking & assignment 160
TABLE 42 LEAD TRACKING & ASSIGNMENT SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 160
TABLE 43 LEAD TRACKING & ASSIGNMENT SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 160
6.2.2.2 Lead scoring & nurturing 161
TABLE 44 LEAD SCORING & NURTURING SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 161
TABLE 45 LEAD SCORING & NURTURING SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 161
6.2.2.3 Lead analytics 162
TABLE 46 LEAD ANALYTICS SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 162
TABLE 47 LEAD ANALYTICS SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 162
6.2.2.4 Cross-selling & upselling 163
TABLE 48 CROSS-SELLING & UPSELLING SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 163
TABLE 49 CROSS-SELLING & UPSELLING SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 163
6.2.3 INSURANCE WORKFLOW AUTOMATION 164
TABLE 50 INSURANCE WORKFLOW AUTOMATION SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 164
TABLE 51 INSURANCE WORKFLOW AUTOMATION SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 164
6.2.3.1 Claims workflow automation 165
TABLE 52 CLAIMS WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 165
TABLE 53 CLAIMS WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 165
6.2.3.2 Underwriting workflow automation 166
TABLE 54 UNDERWRITING WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 166
TABLE 55 UNDERWRITING WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 166
6.2.3.3 Customer onboarding automation 167
TABLE 56 CUSTOMER ONBOARDING AUTOMATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 167
TABLE 57 CUSTOMER ONBOARDING AUTOMATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 167
6.2.3.4 Compliance workflow automation 168
TABLE 58 COMPLIANCE WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 168
TABLE 59 COMPLIANCE WORKFLOW AUTOMATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 168
6.2.4 POLICY MANAGEMENT 169
TABLE 60 POLICY MANAGEMENT SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 169
TABLE 61 POLICY MANAGEMENT SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 169
6.2.4.1 Policy issuance & renewal 170
TABLE 62 POLICY ISSUANCE & RENEWAL SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 170
TABLE 63 POLICY ISSUANCE & RENEWAL SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 170
6.2.4.2 Policy documentation 171
TABLE 64 POLICY DOCUMENTATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 171
TABLE 65 POLICY DOCUMENTATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 171
6.2.4.3 Policy premium calculations 172
TABLE 66 POLICY PREMIUM CALCULATIONS SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 172
TABLE 67 POLICY PREMIUM CALCULATIONS SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 172
6.2.4.4 Policy quotation management 173
TABLE 68 POLICY QUOTATION MANAGEMENT SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 173
TABLE 69 POLICY QUOTATION MANAGEMENT SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 173
6.2.5 VIDEO KYC/EKYC 174
TABLE 70 VIDEO KYC/EKYC SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 174
TABLE 71 VIDEO KYC/EKYC SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 174
6.2.5.1 Identity & biometric verification 175
TABLE 72 IDENTITY & BIOMETRIC VERIFICATION SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 175
TABLE 73 IDENTITY & BIOMETRIC VERIFICATION SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 175
6.2.5.2 Compliance reporting 176
TABLE 74 COMPLIANCE REPORTING SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 176
TABLE 75 COMPLIANCE REPORTING SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 176
6.2.5.3 Audit trails 177
TABLE 76 AUDIT TRAILS SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 177
TABLE 77 AUDIT TRAILS SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 177
6.2.6 API & MICROSERVICES 178
TABLE 78 API & MICROSERVICES SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 178
TABLE 79 API & MICROSERVICES SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 178
6.2.6.1 API-driven insurance integration platforms 179
TABLE 80 API-DRIVEN INSURANCE INTEGRATION PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 179
TABLE 81 API-DRIVEN INSURANCE INTEGRATION PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 179
6.2.6.2 Partner ecosystem integration platforms 180
TABLE 82 PARTNER ECOSYSTEM INTEGRATION PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 180
TABLE 83 PARTNER ECOSYSTEM INTEGRATION PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 180
6.2.6.3 API-enabled insurance distribution platforms 181
TABLE 84 API-ENABLED INSURANCE DISTRIBUTION PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 181
TABLE 85 API-ENABLED INSURANCE DISTRIBUTION PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 181
6.2.6.4 Microservices 182
TABLE 86 MICROSERVICE SOFTWARE MARKET, BY TYPE, 2018–2022 (USD MILLION) 182
TABLE 87 MICROSERVICE SOFTWARE MARKET, BY TYPE, 2023–2028 (USD MILLION) 183
6.2.6.4.1 Rating microservices 183
TABLE 88 RATING MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 183
TABLE 89 RATING MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 184
6.2.6.4.2 Document generation microservices 184
TABLE 90 DOCUMENT GENERATION MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 184
TABLE 91 DOCUMENT GENERATION MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 185
6.2.6.4.3 Transaction microservices 185
TABLE 92 TRANSACTION MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 185
TABLE 93 TRANSACTION MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 186
6.2.6.4.4 Workflow microservices 186
TABLE 94 WORKFLOW MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 186
TABLE 95 WORKFLOW MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 187
6.2.6.4.5 Utility microservices 187
TABLE 96 UTILITY MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 187
TABLE 97 UTILITY MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 188
6.2.6.4.6 Metadata microservices 188
TABLE 98 METADATA MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 188
TABLE 99 METADATA MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 189
6.2.6.4.7 Product management microservices 189
TABLE 100 PRODUCT MANAGEMENT MICROSERVICE SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 189
TABLE 101 PRODUCT MANAGEMENT MICROSERVICE SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 190
6.2.7 OTHER SOFTWARE 190
TABLE 102 OTHER INSURANCE PLATFORM SOFTWARE MARKET, BY REGION, 2018–2022 (USD MILLION) 190
TABLE 103 OTHER INSURANCE PLATFORM SOFTWARE MARKET, BY REGION, 2023–2028 (USD MILLION) 191
6.3 SERVICES 191
FIGURE 43 MANAGED SERVICES TO REGISTER HIGHEST CAGR IN INSURANCE PLATFORMS MARKET 191
TABLE 104 INSURANCE PLATFORM SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION) 192
TABLE 105 INSURANCE PLATFORM SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 192
6.3.1 PROFESSIONAL SERVICES 192
6.3.1.1 Specialized expertise tailored to meet specific needs 192
FIGURE 44 CUSTOM PLATFORM DESIGN & DEVELOPMENT SERVICES SEGMENT TO BE FASTEST GROWING AMONG PROFESSIONAL SERVICES 193
TABLE 106 INSURANCE PLATFORM PROFESSIONAL SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION) 193
TABLE 107 INSURANCE PLATFORM PROFESSIONAL SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 193
6.3.1.1.1 Consulting & advisory services 194
TABLE 108 INSURANCE PLATFORM CONSULTING & ADVISORY SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 194
TABLE 109 INSURANCE PLATFORM CONSULTING & ADVISORY SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 194
6.3.1.1.2 Integration & implementation services 195
TABLE 110 INSURANCE PLATFORM INTEGRATION & IMPLEMENTATION SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 195
TABLE 111 INSURANCE PLATFORM INTEGRATION & IMPLEMENTATION SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 195
6.3.1.1.3 Custom platform design & development services 196
TABLE 112 CUSTOM INSURANCE PLATFORMS DESIGN & DEVELOPMENT SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 196
TABLE 113 CUSTOM INSURANCE PLATFORMS DESIGN & DEVELOPMENT SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 196
6.3.1.1.4 Training & education services 197
TABLE 114 INSURANCE PLATFORM TRAINING & EDUCATION SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 197
TABLE 115 INSURANCE PLATFORM TRAINING & EDUCATION SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 197
6.3.2 MANAGED SERVICES 198
6.3.2.1 End-to-end management to help businesses focus on core competencies 198
FIGURE 45 DATA MANAGEMENT & BACKUP SERVICES SUBSEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 198
TABLE 116 INSURANCE PLATFORM MANAGED SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION) 199
TABLE 117 INSURANCE PLATFORM MANAGED SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION) 199
6.3.2.1.1 Platform Hosting & Infrastructure Management Services 199
TABLE 118 INSURANCE PLATFORM HOSTING & INFRASTRUCTURE MANAGEMENT SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 200
TABLE 119 INSURANCE PLATFORM HOSTING & INFRASTRUCTURE MANAGEMENT SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 200
6.3.2.1.2 Platform maintenance & support services 200
TABLE 120 INSURANCE PLATFORM MAINTENANCE & SUPPORT SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 201
TABLE 121 INSURANCE PLATFORM MAINTENANCE & SUPPORT SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 201
6.3.2.1.3 Data management & backup services 201
TABLE 122 INSURANCE PLATFORM DATA MANAGEMENT & BACKUP SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 202
TABLE 123 INSURANCE PLATFORM DATA MANAGEMENT & BACKUP SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 202
6.3.2.1.4 Security & compliance services 202
TABLE 124 INSURANCE PLATFORM SECURITY & COMPLIANCE SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION) 203
TABLE 125 INSURANCE PLATFORM SECURITY & COMPLIANCE SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION) 203
7 INSURANCE PLATFORMS MARKET, BY APPLICATION 204
7.1 INTRODUCTION 205
7.1.1 APPLICATION: INSURANCE PLATFORMS MARKET DRIVERS 205
FIGURE 46 CLAIMS MANAGEMENT APPLICATION SEGMENT TO ACCOUNT FOR LARGEST MARKET IN 2023 206
TABLE 126 INSURANCE PLATFORMS MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 207
TABLE 127 INSURANCE PLATFORMS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 207
7.2 CLAIMS MANAGEMENT 208
TABLE 128 INSURANCE PLATFORMS MARKET IN CLAIMS MANAGEMENT, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 208
TABLE 129 INSURANCE PLATFORMS MARKET IN CLAIMS MANAGEMENT, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 208
7.2.1 VIRTUAL CLAIMS HANDLING 209
7.2.1.1 Need to facilitate remote assessments and damage evaluations 209
TABLE 130 INSURANCE PLATFORMS MARKET IN VIRTUAL CLAIMS HANDLING, BY REGION, 2018–2022 (USD MILLION) 209
TABLE 131 INSURANCE PLATFORMS MARKET IN VIRTUAL CLAIMS HANDLING, BY REGION, 2023–2028 (USD MILLION) 209
7.2.2 CLAIMS PROCESSING 210
7.2.2.1 Real-time updates and transparency for policyholders 210
TABLE 132 INSURANCE PLATFORMS MARKET IN CLAIMS PROCESSING, BY REGION, 2018–2022 (USD MILLION) 210
TABLE 133 INSURANCE PLATFORMS MARKET IN CLAIMS PROCESSING, BY REGION, 2023–2028 (USD MILLION) 210
7.2.3 CLAIMS ANALYTICS 211
7.2.3.1 New insights from data to improve efficiency of reporting and mitigate risks 211
TABLE 134 INSURANCE PLATFORMS MARKET IN CLAIMS ANALYTICS, BY REGION, 2018–2022 (USD MILLION) 211
TABLE 135 INSURANCE PLATFORMS MARKET IN CLAIMS ANALYTICS, BY REGION, 2023–2028 (USD MILLION) 211
7.3 UNDERWRITING & RATING 212
TABLE 136 INSURANCE PLATFORMS MARKET IN UNDERWRITING & RATING, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 212
TABLE 137 INSURANCE PLATFORMS MARKET IN UNDERWRITING & RATING, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 212
7.3.1 GROUP INSURANCE UNDERWRITING 213
7.3.1.1 Need to evaluate collective risk and characteristics 213
TABLE 138 INSURANCE PLATFORMS MARKET IN GROUP INSURANCE UNDERWRITING, BY REGION, 2018–2022 (USD MILLION) 213
TABLE 139 INSURANCE PLATFORMS MARKET IN GROUP INSURANCE UNDERWRITING, BY REGION, 2023–2028 (USD MILLION) 213
7.3.2 CUSTOMER RISK PROFILING 214
7.3.2.1 Optimization of risk assessment process and accurate premiums 214
TABLE 140 INSURANCE PLATFORMS MARKET IN CUSTOMER RISK PROFILING, BY REGION, 2018–2022 (USD MILLION) 214
TABLE 141 INSURANCE PLATFORMS MARKET IN CUSTOMER RISK PROFILING, BY REGION, 2023–2028 (USD MILLION) 214
7.3.3 COLLABORATION & SELF-SERVICE 215
7.3.3.1 Demand for streamlined underwriting process, ensuring quick and accurate policy issuance 215
TABLE 142 INSURANCE PLATFORMS MARKET IN COLLABORATION & SELF-SERVICE, BY REGION, 2018–2022 (USD MILLION) 215
TABLE 143 INSURANCE PLATFORMS MARKET IN COLLABORATION & SELF-SERVICE, BY REGION, 2023–2028 (USD MILLION) 215
7.3.4 PRICING & QUOTE MANAGEMENT 216
7.3.4.1 Sophisticated pricing algorithms and market dynamics to calculate accurate rates 216
TABLE 144 INSURANCE PLATFORMS MARKET IN PRICING & QUOTE MANAGEMENT, BY REGION, 2018–2022 (USD MILLION) 216
TABLE 145 INSURANCE PLATFORMS MARKET IN PRICING & QUOTE MANAGEMENT, BY REGION, 2023–2028 (USD MILLION) 216
7.4 CUSTOMER RELATIONSHIP MANAGEMENT (CRM) 217
TABLE 146 INSURANCE PLATFORMS MARKET IN CUSTOMER RELATIONSHIP MANAGEMENT, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 217
TABLE 147 INSURANCE PLATFORMS MARKET IN CUSTOMER RELATIONSHIP MANAGEMENT, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 217
7.4.1 CUSTOMER DATA MANAGEMENT 218
7.4.1.1 Benefits offered by deriving actionable insights and storing data 218
TABLE 148 INSURANCE PLATFORMS MARKET IN CUSTOMER DATA MANAGEMENT, BY REGION, 2018–2022 (USD MILLION) 218
TABLE 149 INSURANCE PLATFORMS MARKET IN CUSTOMER DATA MANAGEMENT, BY REGION, 2023–2028 (USD MILLION) 218
7.4.2 CUSTOMER INTERACTION & ENGAGEMENT 219
7.4.2.1 Real-time updates and personalized recommendations for policyholders 219
TABLE 150 INSURANCE PLATFORMS MARKET IN CUSTOMER INTERACTION & ENGAGEMENT, BY REGION, 2018–2022 (USD MILLION) 219
TABLE 151 INSURANCE PLATFORMS MARKET IN CUSTOMER INTERACTION & ENGAGEMENT, BY REGION, 2023–2028 (USD MILLION) 219
7.4.3 CUSTOMER SUPPORT & SERVICE 220
7.4.3.1 Boosting customer satisfaction with multi-channel support and virtual assistants 220
TABLE 152 INSURANCE PLATFORMS MARKET IN CUSTOMER SUPPORT & SERVICE, BY REGION, 2018–2022 (USD MILLION) 220
TABLE 153 INSURANCE PLATFORMS MARKET IN CUSTOMER SUPPORT & SERVICE, BY REGION, 2023–2028 (USD MILLION) 220
7.5 BILLING & PAYMENTS 221
TABLE 154 INSURANCE PLATFORMS MARKET IN BILLING & PAYMENTS, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 221
TABLE 155 INSURANCE PLATFORMS MARKET IN BILLING & PAYMENTS, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 221
7.5.1 PREMIUM BILLING & INVOICING 222
7.5.1.1 Enhanced critical components of policy administration and process streamlining 222
TABLE 156 INSURANCE PLATFORMS MARKET IN PREMIUM BILLING & INVOICING, BY REGION, 2018–2022 (USD MILLION) 222
TABLE 157 INSURANCE PLATFORMS MARKET IN PREMIUM BILLING & INVOICING, BY REGION, 2023–2028 (USD MILLION) 222
7.5.2 ONLINE PAYMENT PROCESSING 223
7.5.2.1 Lower payment processing costs and improved cash flow 223
TABLE 158 INSURANCE PLATFORMS MARKET IN ONLINE PAYMENT PROCESSING, BY REGION, 2018–2022 (USD MILLION) 223
TABLE 159 INSURANCE PLATFORMS MARKET IN ONLINE PAYMENT PROCESSING, BY REGION, 2023–2028 (USD MILLION) 223
7.5.3 RECONCILIATION & ACCOUNTING 224
7.5.3.1 Reduction of manual errors and enhancement of overall efficiency 224
TABLE 160 INSURANCE PLATFORMS MARKET IN RECONCILIATION & ACCOUNTING, BY REGION, 2018–2022 (USD MILLION) 224
TABLE 161 INSURANCE PLATFORMS MARKET IN RECONCILIATION & ACCOUNTING, BY REGION, 2023–2028 (USD MILLION) 224
7.6 DATA ANALYTICS 225
TABLE 162 INSURANCE PLATFORMS MARKET IN DATA ANALYTICS, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 225
TABLE 163 INSURANCE PLATFORMS MARKET IN DATA ANALYTICS, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 225
7.6.1 SUBROGATION ANALYTICS 226
7.6.1.1 Real-time insights into effectiveness of subrogation efforts 226
TABLE 164 INSURANCE PLATFORMS MARKET IN SUBROGATION ANALYTICS, BY REGION, 2018–2022 (USD MILLION) 226
TABLE 165 INSURANCE PLATFORMS MARKET IN SUBROGATION ANALYTICS, BY REGION, 2023–2028 (USD MILLION) 226
7.6.2 PERFORMANCE TRACKING & REPORTING 227
7.6.2.1 Advanced analytics to gather, analyze, and visualize key performance indicators (KPIs) 227
TABLE 166 INSURANCE PLATFORMS MARKET IN PERFORMANCE TRACKING & REPORTING, BY REGION, 2018–2022 (USD MILLION) 227
TABLE 167 INSURANCE PLATFORMS MARKET IN PERFORMANCE TRACKING & REPORTING, BY REGION, 2023–2028 (USD MILLION) 227
7.6.3 FRAUD DETECTION & PREVENTION 228
7.6.3.1 Enabling insurers to adapt their anti-fraud strategies proactively 228
TABLE 168 INSURANCE PLATFORMS MARKET IN FRAUD DETECTION & PREVENTION, BY REGION, 2018–2022 (USD MILLION) 228
TABLE 169 INSURANCE PLATFORMS MARKET IN FRAUD DETECTION & PREVENTION, BY REGION, 2023–2028 (USD MILLION) 228
7.7 COMPLIANCE & REPORTING 229
TABLE 170 INSURANCE PLATFORMS MARKET IN COMPLIANCE & REPORTING, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 229
TABLE 171 INSURANCE PLATFORMS MARKET IN COMPLIANCE & REPORTING, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 229
7.7.1 REGULATORY COMPLIANCE MANAGEMENT 230
7.7.1.1 Automating compliance checks and data monitoring to mitigate risk 230
TABLE 172 INSURANCE PLATFORMS MARKET IN REGULATORY COMPLIANCE MANAGEMENT, BY REGION, 2018–2022 (USD MILLION) 230
TABLE 173 INSURANCE PLATFORMS MARKET IN REGULATORY COMPLIANCE MANAGEMENT, BY REGION, 2023–2028 (USD MILLION) 230
7.7.2 REPORTING AUTOMATION 231
7.7.2.1 Provision of access to up-to-the-minute insights into their operations 231
TABLE 174 INSURANCE PLATFORMS MARKET IN REPORTING AUTOMATION, BY REGION, 2018–2022 (USD MILLION) 231
TABLE 175 INSURANCE PLATFORMS MARKET IN REPORTING AUTOMATION, BY REGION, 2023–2028 (USD MILLION) 231
7.7.3 COMPLIANCE AUDITING 232
7.7.3.1 Advanced data analytics to systematically review and verify insurer’s operations 232
TABLE 176 INSURANCE PLATFORMS MARKET IN COMPLIANCE AUDITING, BY REGION, 2018–2022 (USD MILLION) 232
TABLE 177 INSURANCE PLATFORMS MARKET IN COMPLIANCE AUDITING, BY REGION, 2023–2028 (USD MILLION) 232
TABLE 178 INSURANCE PLATFORMS MARKET IN POLICY ADMINISTRATION, COLLECTION, AND DISBURSEMENT, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 233
TABLE 179 INSURANCE PLATFORMS MARKET IN POLICY ADMINISTRATION, COLLECTION, AND DISBURSEMENT, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 233
7.8.1 POLICY CREATION & MODIFICATION 234
7.8.1.1 Seamless modification of existing policies to enhance efficiency 234
TABLE 180 INSURANCE PLATFORMS MARKET IN POLICY CREATION & MODIFICATION, BY REGION, 2018–2022 (USD MILLION) 234
TABLE 181 INSURANCE PLATFORMS MARKET IN POLICY CREATION & MODIFICATION, BY REGION, 2023–2028 (USD MILLION) 234
7.8.2 PREMIUM COLLECTION 235
7.8.2.1 Improved financial stability with timely and accurate premium collection 235
TABLE 182 INSURANCE PLATFORMS MARKET IN PREMIUM COLLECTION, BY REGION, 2018–2022 (USD MILLION) 235
TABLE 183 INSURANCE PLATFORMS MARKET IN PREMIUM COLLECTION, BY REGION, 2023–2028 (USD MILLION) 235
7.8.3 PAYOUT & DISBURSEMENT MANAGEMENT 236
7.8.3.1 Real-time tracking and reporting capabilities to benefit policy administration 236
TABLE 184 INSURANCE PLATFORMS MARKET IN PAYOUT & DISBURSEMENT MANAGEMENT, BY REGION, 2018–2022 (USD MILLION) 236
TABLE 185 INSURANCE PLATFORMS MARKET IN PAYOUT & DISBURSEMENT MANAGEMENT, BY REGION, 2023–2028 (USD MILLION) 236
7.9 SALES & MARKETING 237
TABLE 186 INSURANCE PLATFORMS MARKET IN SALES & MARKETING, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 237
TABLE 187 INSURANCE PLATFORMS MARKET IN SALES & MARKETING, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 237
7.9.1 AGENT & BROKER MANAGEMENT 238
7.9.1.1 Facilitating efficient communication and collaboration among parties 238
TABLE 188 INSURANCE PLATFORMS MARKET IN AGENT & BROKER MANAGEMENT, BY REGION, 2018–2022 (USD MILLION) 238
TABLE 189 INSURANCE PLATFORMS MARKET IN AGENT & BROKER MANAGEMENT, BY REGION, 2023–2028 (USD MILLION) 238
7.9.2 DIRECT-TO-CONSUMER SALES 239
7.9.2.1 Bypassing traditional distribution channels such as agents and brokers 239
TABLE 190 INSURANCE PLATFORMS MARKET IN DIRECT-TO-CONSUMER SALES, BY REGION, 2018–2022 (USD MILLION) 239
TABLE 191 INSURANCE PLATFORMS MARKET IN DIRECT-TO-CONSUMER SALES, BY REGION, 2023–2028 (USD MILLION) 239
7.9.3 DIGITAL SALES ENABLEMENT 240
7.9.3.1 Enabled sales agents with deep understanding of customer preferences and behavior 240
TABLE 192 INSURANCE PLATFORMS MARKET IN DIGITAL SALES ENABLEMENT, BY REGION, 2018–2022 (USD MILLION) 240
TABLE 193 INSURANCE PLATFORMS MARKET IN DIGITAL SALES ENABLEMENT, BY REGION, 2023–2028 (USD MILLION) 240
7.10 PROPERTY ESTIMATION 241
TABLE 194 INSURANCE PLATFORMS MARKET IN PROPERTY ESTIMATION, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 241
TABLE 195 INSURANCE PLATFORMS MARKET IN PROPERTY ESTIMATION, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 241
7.10.1 PROPERTY VALUATION 242
7.10.1.1 Real-time risk assessment and policy pricing 242
TABLE 196 INSURANCE PLATFORMS MARKET IN PROPERTY VALUATION, BY REGION, 2018–2022 (USD MILLION) 242
TABLE 197 INSURANCE PLATFORMS MARKET IN PROPERTY VALUATION, BY REGION, 2023–2028 (USD MILLION) 242
7.10.2 CLAIMS ESTIMATION 243
7.10.2.1 Technological synergy between data analytics and claims estimation to provide cost efficiencies 243
TABLE 198 INSURANCE PLATFORMS MARKET IN CLAIMS ESTIMATION, BY REGION, 2018–2022 (USD MILLION) 243
TABLE 199 INSURANCE PLATFORMS MARKET IN CLAIMS ESTIMATION, BY REGION, 2023–2028 (USD MILLION) 243
7.10.3 PROPERTY INSPECTION 244
7.10.3.1 Delivering insights into potential hazards, safety measures, and maintenance requirements 244
TABLE 200 INSURANCE PLATFORMS MARKET IN PROPERTY INSPECTION, BY REGION, 2018–2022 (USD MILLION) 244
TABLE 201 INSURANCE PLATFORMS MARKET IN PROPERTY INSPECTION, BY REGION, 2023–2028 (USD MILLION) 244
7.11 PREDICTIVE MODELING/EXTREME EVENT FORECASTING 245
TABLE 202 INSURANCE PLATFORMS MARKET IN PREDICTIVE MODELING/EXTREME EVENT FORECASTING, BY SUBAPPLICATION, 2018–2022 (USD MILLION) 245
TABLE 203 INSURANCE PLATFORMS MARKET IN PREDICTIVE MODELING/EXTREME EVENT FORECASTING, BY SUBAPPLICATION, 2023–2028 (USD MILLION) 245
7.11.1 CLAIMS SEVERITY MODELING 246
7.11.1.1 More prudent allocation of resources and informed underwriting decisions 246
TABLE 204 INSURANCE PLATFORMS MARKET IN CLAIMS SEVERITY MODELING, BY REGION, 2018–2022 (USD MILLION) 246
TABLE 205 INSURANCE PLATFORMS MARKET IN CLAIMS SEVERITY MODELING, BY REGION, 2023–2028 (USD MILLION) 246
7.11.2 POLICY RECOMMENDATION ENGINES 247
7.11.2.1 Improvement of customer satisfaction with highly personalized insurance policy recommendations 247
TABLE 206 INSURANCE PLATFORMS MARKET IN POLICY RECOMMENDATION ENGINES, BY REGION, 2018–2022 (USD MILLION) 247
TABLE 207 INSURANCE PLATFORMS MARKET IN POLICY RECOMMENDATION ENGINES, BY REGION, 2023–2028 (USD MILLION) 247
7.11.3 EXTREME EVENT ANALYSIS 248
7.11.3.1 Proactive approach to disaster preparedness and risk management 248
TABLE 208 INSURANCE PLATFORMS MARKET IN EXTREME EVENT ANALYSIS, BY REGION, 2018–2022 (USD MILLION) 248
TABLE 209 INSURANCE PLATFORMS MARKET IN EXTREME EVENT ANALYSIS, BY REGION, 2023–2028 (USD MILLION) 248
7.11.4 CATASTROPHE MODELING 249
7.11.4.1 Fortified risk assessment and mitigation strategies 249
TABLE 210 INSURANCE PLATFORMS MARKET IN CATASTROPHE MODELING, BY REGION, 2018–2022 (USD MILLION) 249
TABLE 211 INSURANCE PLATFORMS MARKET IN CATASTROPHE MODELING, BY REGION, 2023–2028 (USD MILLION) 249
7.12 OTHER APPLICATIONS 250
TABLE 212 INSURANCE PLATFORMS MARKET IN OTHER APPLICATIONS, BY REGION, 2018–2022 (USD MILLION) 250
TABLE 213 INSURANCE PLATFORMS MARKET IN OTHER APPLICATIONS, BY REGION, 2023–2028 (USD MILLION) 250
8 INSURANCE PLATFORMS MARKET, BY TECHNOLOGY 251
8.1 INTRODUCTION 252
8.1.1 TECHNOLOGY: INSURANCE PLATFORMS MARKET DRIVERS 252
FIGURE 47 AI & ML SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 253
TABLE 214 INSURANCE PLATFORMS MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION) 253
TABLE 215 INSURANCE PLATFORMS MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION) 253
8.2 AI & ML 254
8.2.1 GENERATIVE AI TO BE SIGNIFICANT OPPORTUNITY FOR MARKET GROWTH 254
TABLE 216 AI & ML PLATFORMS MARKET, BY TYPE, 2018–2022 (USD MILLION) 254
TABLE 217 AI & ML PLATFORMS MARKET, BY TYPE, 2023–2028 (USD MILLION) 255
8.2.2 AI-POWERED UNDERWRITING PLATFORMS 255
TABLE 218 AI-POWERED UNDERWRITING PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 255
TABLE 219 AI-POWERED UNDERWRITING PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 256
8.2.3 ML-BASED CLAIMS PROCESSING PLATFORMS 256
TABLE 220 ML-BASED CLAIMS PROCESSING PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 256
TABLE 221 ML-BASED CLAIMS PROCESSING PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 257
8.2.4 AI-DRIVEN CUSTOMER SERVICE & CHATBOT PLATFORMS 257
TABLE 222 AI-DRIVEN CUSTOMER SERVICE & CHATBOT PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 257
TABLE 223 AI-DRIVEN CUSTOMER SERVICE & CHATBOT PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 258
8.2.5 GENERATIVE AI-BASED CONTENT MARKETING 258
TABLE 224 GENERATIVE AI-BASED CONTENT MARKETING PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 258
TABLE 225 GENERATIVE AI-BASED CONTENT MARKETING PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 259
8.2.6 ROBOTIC PROCESS AUTOMATION 259
TABLE 226 ROBOTIC PROCESS AUTOMATION PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 259
TABLE 227 ROBOTIC PROCESS AUTOMATION PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 260
8.2.7 OTHER AI & ML TECHNOLOGIES 260
TABLE 228 OTHER AI & ML PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 260
TABLE 229 OTHER AI & ML PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 261
8.3 IOT 261
8.3.1 DATA-DRIVEN RISK ASSESSMENT TO ENCOURAGE PERSONALIZED POLICIES 261
TABLE 230 IOT PLATFORMS MARKET, BY TYPE, 2018–2022 (USD MILLION) 261
TABLE 231 IOT PLATFORMS MARKET, BY TYPE, 2023–2028 (USD MILLION) 262
8.3.2 IOT-ENABLED TELEMATICS PLATFORMS 262
TABLE 232 IOT-ENABLED TELEMATICS PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 262
TABLE 233 IOT-ENABLED TELEMATICS PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 263
8.3.3 CONNECTED HOME & PROPERTY INSURANCE PLATFORMS 263
TABLE 234 CONNECTED HOME & PROPERTY INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 263
TABLE 235 CONNECTED HOME & PROPERTY INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 264
8.3.4 WEARABLE DEVICE INTEGRATION FOR HEALTH INSURANCE 264
TABLE 236 WEARABLE DEVICE INTEGRATION PLATFORMS FOR HEALTH INSURANCE MARKET, BY REGION, 2018–2022 (USD MILLION) 264
TABLE 237 WEARABLE DEVICE INTEGRATION PLATFORMS FOR HEALTH INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION) 265
8.3.5 OTHER IOT PLATFORMS 265
TABLE 238 OTHER IOT PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 265
TABLE 239 OTHER IOT PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 266
8.4 BLOCKCHAIN 266
8.4.1 NEED TO PROVIDE SECURE AND TRANSPARENT PLATFORMS 266
TABLE 240 BLOCKCHAIN PLATFORMS MARKET, BY TYPE, 2018–2022 (USD MILLION) 266
TABLE 241 BLOCKCHAIN PLATFORMS MARKET, BY TYPE, 2023–2028 (USD MILLION) 267
8.4.2 BLOCKCHAIN-BASED INSURANCE PLATFORMS 267
TABLE 242 BLOCKCHAIN-BASED INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 267
TABLE 243 BLOCKCHAIN-BASED INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 268
8.4.3 SMART CONTRACT INSURANCE PLATFORMS 268
TABLE 244 SMART CONTRACT INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 268
TABLE 245 SMART CONTRACT INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 269
8.4.4 DECENTRALIZED INSURANCE PLATFORMS 269
TABLE 246 DECENTRALIZED INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 269
TABLE 247 DECENTRALIZED INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 270
8.4.5 OTHER BLOCKCHAIN TECHNOLOGIES 270
TABLE 248 OTHER BLOCKCHAIN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 270
TABLE 249 OTHER BLOCKCHAIN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 271
8.5 DATA ANALYTICS & BIG DATA 271
8.5.1 INTEGRATION OF THIRD-PARTY DATA SOURCES, BEHAVIORAL ECONOMICS, AND UNSTRUCTURED DATA ANALYTICS TO UNDERSTAND CUSTOMER BEHAVIOR 271
TABLE 250 DATA ANALYTICS & BIG DATA PLATFORMS MARKET, BY TYPE, 2018–2022 (USD MILLION) 272
TABLE 251 DATA ANALYTICS & BIG DATA PLATFORMS MARKET, BY TYPE, 2023–2028 (USD MILLION) 272
8.5.2 BIG DATA ANALYTICS FOR RISK ASSESSMENT 272
TABLE 252 BIG DATA ANALYTICS FOR RISK ASSESSMENT PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 273
TABLE 253 BIG DATA ANALYTICS FOR RISK ASSESSMENT PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 273
8.5.3 PREDICTIVE ANALYTICS FOR PRICING & UNDERWRITING 274
TABLE 254 PREDICTIVE ANALYTICS PLATFORMS FOR PRICING & UNDERWRITING MARKET, BY REGION, 2018–2022 (USD MILLION) 274
TABLE 255 PREDICTIVE ANALYTICS PLATFORMS FOR PRICING & UNDERWRITING MARKET, BY REGION, 2023–2028 (USD MILLION) 274
8.5.4 DATA-DRIVEN CLAIMS PROCESSING PLATFORMS 275
TABLE 256 DATA-DRIVEN CLAIMS PROCESSING PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 275
TABLE 257 DATA-DRIVEN CLAIMS PROCESSING PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 275
8.5.5 OTHER PREDICTIVE ANALYTICS TECHNOLOGIES 276
TABLE 258 OTHER PREDICTIVE ANALYTICS PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 276
TABLE 259 OTHER PREDICTIVE ANALYTICS PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 276
8.6 REGULATORY TECHNOLOGY (REGTECH) 277
8.6.1 STREAMLINING COMPLIANCE AND RISK MANAGEMENT 277
TABLE 260 REGULATORY TECHNOLOGY PLATFORMS MARKET, BY TYPE, 2018–2022 (USD MILLION) 277
TABLE 261 REGULATORY TECHNOLOGY PLATFORMS MARKET, BY TYPE, 2023–2028 (USD MILLION) 277
8.6.2 REGULATORY COMPLIANCE & REPORTING PLATFORMS 278
TABLE 262 REGULATORY COMPLIANCE & REPORTING PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 278
TABLE 263 REGULATORY COMPLIANCE & REPORTING PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 278
8.6.3 KYC & AML COMPLIANCE SOLUTIONS 279
TABLE 264 KYC & AML COMPLIANCE SOLUTIONS MARKET, BY REGION, 2018–2022 (USD MILLION) 279
TABLE 265 KYC & AML COMPLIANCE SOLUTIONS MARKET, BY REGION, 2023–2028 (USD MILLION) 279
8.6.4 REGULATORY RISK ASSESSMENT & MANAGEMENT 280
TABLE 266 REGULATORY RISK ASSESSMENT & MANAGEMENT PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 280
TABLE 267 REGULATORY RISK ASSESSMENT & MANAGEMENT PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 280
8.6.5 OTHER REGULATORY TECHNOLOGIES 281
TABLE 268 OTHER REGTECH PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 281
TABLE 269 OTHER REGTECH PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 281
8.7 OTHER TECHNOLOGIES 282
TABLE 270 OTHER INSURANCE PLATFORM TECHNOLOGIES MARKET, BY REGION, 2018–2022 (USD MILLION) 282
TABLE 271 OTHER INSURANCE PLATFORM TECHNOLOGIES MARKET, BY REGION, 2023–2028 (USD MILLION) 282
9 INSURANCE PLATFORMS MARKET, BY INSURANCE TYPE 283
9.1 INTRODUCTION 284
9.1.1 INSURANCE TYPE: INSURANCE PLATFORMS MARKET DRIVERS 284
FIGURE 48 LIFE INSURANCE TO ACCOUNT FOR LARGEST MARKET AMONG INSURANCE TYPES DURING FORECAST PERIOD 285
TABLE 272 INSURANCE PLATFORMS MARKET, BY INSURANCE TYPE, 2018–2022 (USD MILLION) 285
TABLE 273 INSURANCE PLATFORMS MARKET, BY INSURANCE TYPE, 2023–2028 (USD MILLION) 285
9.2 GENERAL INSURANCE 286
9.2.1 OPTIMIZING RISK PROTECTION WITH INTEGRATION OF VITAL PLATFORMS OF VARIOUS DOMAINS 286
FIGURE 49 AUTOMOBILE INSURANCE TO BE LARGEST GENERAL INSURANCE TYPE SEGMENT IN 2023 287
TABLE 274 GENERAL INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 287
TABLE 275 GENERAL INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 287
9.2.2 HEALTHCARE INSURANCE 288
TABLE 276 HEALTHCARE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 288
TABLE 277 HEALTHCARE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 288
9.2.2.1 Individual health insurance 289
TABLE 278 INDIVIDUAL HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 289
TABLE 279 INDIVIDUAL HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 289
9.2.2.2 Family floater insurance 290
TABLE 280 FAMILY FLOATER INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 290
TABLE 281 FAMILY FLOATER INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 290
9.2.2.3 Critical illness coverage 291
TABLE 282 CRITICAL ILLNESS COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 291
TABLE 283 CRITICAL ILLNESS COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 291
9.2.2.4 Senior citizen health insurance 292
TABLE 284 SENIOR CITIZEN HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 292
TABLE 285 SENIOR CITIZEN HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 292
9.2.2.5 Group health insurance 293
TABLE 286 GROUP HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 293
TABLE 287 GROUP HEALTH INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 293
9.2.3 AUTOMOBILE INSURANCE 294
TABLE 288 AUTOMOBILE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 294
TABLE 289 AUTOMOBILE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 294
9.2.3.1 Car insurance 295
TABLE 290 CAR INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 295
TABLE 291 CAR INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 295
9.2.3.2 Bike insurance 296
TABLE 292 BIKE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 296
TABLE 293 BIKE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 296
9.2.3.3 Commercial vehicle insurance 297
TABLE 294 COMMERCIAL VEHICLE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 297
TABLE 295 COMMERCIAL VEHICLE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 297
9.2.4 HOMEOWNER’S INSURANCE 298
TABLE 296 HOMEOWNER’S INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 298
TABLE 297 HOMEOWNER’S INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 298
9.2.4.1 Home building insurance 299
TABLE 298 HOME BUILDING INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 299
TABLE 299 HOME BUILDING INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 299
9.2.4.2 Public liability coverage 300
TABLE 300 PUBLIC LIABILITY COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 300
TABLE 301 PUBLIC LIABILITY COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 300
9.2.4.3 Standard fire & special perils policy 301
TABLE 302 STANDARD FIRE & SPECIAL PERILS POLICY PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 301
TABLE 303 STANDARD FIRE & SPECIAL PERILS POLICY PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 301
9.2.5 TRAVEL INSURANCE 302
TABLE 304 TRAVEL INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 302
TABLE 305 TRAVEL INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 302
9.2.5.1 Trip cancellation 303
TABLE 306 TRIP CANCELLATION INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 303
TABLE 307 TRIP CANCELLATION INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 303
9.2.5.2 Medical coverage 304
TABLE 308 MEDICAL COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 304
TABLE 309 MEDICAL COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 304
9.2.5.3 Baggage loss 305
TABLE 310 BAGGAGE LOSS INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 305
TABLE 311 BAGGAGE LOSS INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 305
9.3 LIFE INSURANCE 306
9.3.1 SECURING FUTURES AND BUILDING WEALTH WITH DIVERSE LIFE INSURANCE OFFERINGS 306
FIGURE 50 WHOLE LIFE INSURANCE TO REGISTER HIGHEST GROWTH IN LIFE INSURANCE PLATFORMS MARKET DURING FORECAST PERIOD 306
TABLE 312 LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 307
TABLE 313 LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 307
9.3.2 TERM LIFE INSURANCE 307
TABLE 314 TERM LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 308
TABLE 315 TERM LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 308
9.3.2.1 Level term life insurance 308
TABLE 316 LEVEL TERM LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 309
TABLE 317 LEVEL TERM LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 309
9.3.2.2 Increasing term insurance 310
TABLE 318 INCREASING TERM INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 310
TABLE 319 INCREASING TERM INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 310
9.3.2.3 Decreasing term insurance 311
TABLE 320 DECREASING TERM INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 311
TABLE 321 DECREASING TERM INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 311
9.3.2.4 Return of premium term insurance 312
TABLE 322 RETURN OF PREMIUM TERM INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 312
TABLE 323 RETURN OF PREMIUM TERM INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 312
9.3.2.5 Convertible term plans 313
TABLE 324 CONVERTIBLE TERM PLANS INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 313
TABLE 325 CONVERTIBLE TERM PLANS INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 313
9.3.3 UNIT-LINKED INSURANCE PLANS (ULIP) 314
TABLE 326 UNIT-LINKED INSURANCE PLAN PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 314
TABLE 327 UNIT-LINKED INSURANCE PLAN PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 314
9.3.3.1 Type 1 ULIP 315
TABLE 328 TYPE 1 ULIP PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 315
TABLE 329 TYPE 1 ULIP PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 315
9.3.3.2 Type 2 ULIP 316
TABLE 330 TYPE 2 ULIP PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 316
TABLE 331 TYPE 2 ULIP PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 316
9.3.4 WHOLE LIFE INSURANCE 317
TABLE 332 WHOLE LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 317
TABLE 333 WHOLE LIFE INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 318
9.3.4.1 Indexed whole life insurance 318
TABLE 334 INDEXED WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 318
TABLE 335 INDEXED WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 319
9.3.4.2 Guaranteed issue whole life insurance 319
TABLE 336 GUARANTEED ISSUE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 319
TABLE 337 GUARANTEED ISSUE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 320
9.3.4.3 Limited payment whole life insurance 320
TABLE 338 LIMITED PAYMENT WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 320
TABLE 339 LIMITED PAYMENT WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 321
9.3.4.4 Joint whole life insurance 321
TABLE 340 JOINT WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 321
TABLE 341 JOINT WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 322
9.3.4.5 Modified whole life insurance 322
TABLE 342 MODIFIED WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 322
TABLE 343 MODIFIED WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 323
9.3.4.6 Reduced paid-up whole life insurance 323
TABLE 344 REDUCED PAID-UP WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 323
TABLE 345 REDUCED PAID-UP WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 324
9.3.4.7 Simplified issue whole life insurance 324
TABLE 346 SIMPLIFIED ISSUE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 324
TABLE 347 SIMPLIFIED ISSUE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 325
9.3.4.8 Single-premium whole life insurance 325
TABLE 348 SINGLE-PREMIUM WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 325
TABLE 349 SINGLE-PREMIUM WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 326
9.3.4.9 Variable whole life insurance 326
TABLE 350 VARIABLE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 326
TABLE 351 VARIABLE WHOLE LIFE INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 327
9.3.4.10 Whole life insurance for children 327
TABLE 352 WHOLE LIFE INSURANCE FOR CHILDREN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 327
TABLE 353 WHOLE LIFE INSURANCE FOR CHILDREN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 328
9.3.5 ENDOWMENT PLANS 328
TABLE 354 ENDOWMENT PLAN PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 329
TABLE 355 ENDOWMENT PLAN PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 329
9.3.5.1 Unit linked endowment plan 330
TABLE 356 UNIT LINKED ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 330
TABLE 357 UNIT LINKED ENDOWMENT PLAN: INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 330
9.3.5.2 Guaranteed endowment plan 331
TABLE 358 GUARANTEED ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 331
TABLE 359 GUARANTEED ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 331
9.3.5.3 Full/with profit endowment plan 332
TABLE 360 FULL/WITH PROFIT ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 332
TABLE 361 FULL/WITH PROFIT ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 332
9.3.5.4 Low-cost endowment plan 333
TABLE 362 LOW-COST ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 333
TABLE 363 LOW-COST ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 333
9.3.5.5 Non-profit endowment plan 334
TABLE 364 NON-PROFIT ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 334
TABLE 365 NON-PROFIT ENDOWMENT PLAN PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 334
9.4 CYBERSECURITY INSURANCE 335
9.4.1 MITIGATING RISK AND PROTECTING SENSITIVE INFORMATION 335
FIGURE 51 DATA BREACH COVERAGE TO LEAD AMONG CYBERSECURITY INSURANCE PLATFORMS DURING FORECAST PERIOD 335
TABLE 366 CYBERSECURITY INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2018–2022 (USD MILLION) 336
TABLE 367 CYBERSECURITY INSURANCE PLATFORMS MARKET, BY SUBTYPE, 2023–2028 (USD MILLION) 336
9.4.2 DATA BREACH COVERAGE 336
TABLE 368 DATA BREACH COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 337
TABLE 369 DATA BREACH COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 337
9.4.3 CYBER EXTORTION & RANSOMWARE COVERAGE 337
TABLE 370 CYBER EXTORTION & RANSOMWARE COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 338
TABLE 371 CYBER EXTORTION & RANSOMWARE COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 338
9.4.4 REGULATORY FINES & PENALTIES COVERAGE 338
TABLE 372 REGULATORY FINES & PENALTIES COVERAGE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 339
TABLE 373 REGULATORY FINES & PENALTIES COVERAGE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 339
9.4.5 CYBERTERRORISM INSURANCE 339
TABLE 374 CYBERTERRORISM INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 340
TABLE 375 CYBERTERRORISM INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 340
9.5 OTHER INSURANCE TYPES 340
TABLE 376 OTHER INSURANCE TYPE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 341
TABLE 377 OTHER INSURANCE TYPE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 341
10 INSURANCE PLATFORMS MARKET, BY END USER 342
10.1 INTRODUCTION 343
10.1.1 END USER: INSURANCE PLATFORMS MARKET DRIVERS 343
FIGURE 52 INSURANCE COMPANIES TO LEAD IN ADOPTION OF PLATFORMS DURING FORECAST PERIOD 344
TABLE 378 INSURANCE PLATFORMS MARKET, BY END USER, 2018–2022 (USD MILLION) 344
TABLE 379 INSURANCE PLATFORMS MARKET, BY END USER, 2023–2028 (USD MILLION) 344
10.2 INSURANCE COMPANIES 345
10.2.1 EXTENSIVE RESOURCES OF LARGE INSURANCE COMPANIES TO GRANT ACCESS TO TECHNOLOGY INFRASTRUCTURE 345
TABLE 380 INSURANCE PLATFORMS MARKET FOR INSURANCE COMPANIES, BY TYPE, 2018–2022 (USD MILLION) 345
TABLE 381 INSURANCE PLATFORMS MARKET FOR INSURANCE COMPANIES, 2023–2028 (USD MILLION) 346
10.2.2 LARGE CARRIERS 346
TABLE 382 INSURANCE PLATFORMS MARKET FOR LARGE CARRIERS, BY REGION, 2018–2022 (USD MILLION) 346
TABLE 383 INSURANCE PLATFORMS MARKET FOR LARGE CARRIERS, BY REGION, 2023–2028 (USD MILLION) 347
10.2.3 MID-SIZED CARRIERS 347
TABLE 384 INSURANCE PLATFORMS MARKET FOR MID-SIZED CARRIERS, BY REGION, 2018–2022 (USD MILLION) 347
TABLE 385 INSURANCE PLATFORMS MARKET FOR MID-SIZED CARRIERS, BY REGION, 2023–2028 (USD MILLION) 348
10.2.4 SMALL & STARTUP INSURERS 348
TABLE 386 INSURANCE PLATFORMS MARKET FOR SMALL & STARTUP INSURERS, BY REGION, 2018–2022 (USD MILLION) 348
TABLE 387 INSURANCE PLATFORMS MARKET FOR SMALL & STARTUP INSURERS, BY REGION, 2023–2028 (USD MILLION) 349
10.3 INSURANCE AGENCIES & BROKERS 349
10.3.1 NEED TO ENHANCE ACCESSIBILITY AND UNDERSTANDING OF INSURANCE PRODUCTS 349
TABLE 388 INSURANCE PLATFORMS MARKET FOR INSURANCE AGENCIES & BROKERS, BY TYPE, 2018–2022 (USD MILLION) 349
TABLE 389 INSURANCE PLATFORMS MARKET FOR INSURANCE AGENCIES & BROKERS, BY TYPE, 2023–2028 (USD MILLION) 350
10.3.2 INDEPENDENT AGENCIES 350
TABLE 390 INSURANCE PLATFORMS MARKET FOR INDEPENDENT AGENCIES, BY REGION, 2018–2022 (USD MILLION) 350
TABLE 391 INSURANCE PLATFORMS MARKET FOR INDEPENDENT AGENCIES, BY REGION, 2023–2028 (USD MILLION) 351
10.3.3 BROKERAGE FIRMS 351
TABLE 392 INSURANCE PLATFORMS MARKET FOR BROKERAGE FIRMS, BY REGION, 2018–2022 (USD MILLION) 351
TABLE 393 INSURANCE PLATFORMS MARKET FOR BROKERAGE FIRMS, BY REGION, 2023–2028 (USD MILLION) 352
10.3.4 ONLINE AGGREGATORS 352
TABLE 394 INSURANCE PLATFORMS MARKET FOR ONLINE AGGREGATORS, BY REGION, 2018–2022 (USD MILLION) 352
TABLE 395 INSURANCE PLATFORMS MARKET FOR ONLINE AGGREGATORS, BY REGION, 2023–2028 (USD MILLION) 353
10.4 THIRD-PARTY ADMINISTRATORS (TPAS) 353
10.4.1 OPTIMIZING EFFICIENCY AND ACCURACY WITHIN INSURANCE ECOSYSTEM 353
TABLE 396 INSURANCE PLATFORMS MARKET FOR THIRD-PARTY ADMINISTRATORS, BY TYPE, 2018–2022 (USD MILLION) 353
TABLE 397 INSURANCE PLATFORMS MARKET FOR THIRD-PARTY ADMINISTRATORS, BY TYPE, 2023–2028 (USD MILLION) 354
10.4.2 CLAIMS HANDLING FIRMS 354
TABLE 398 INSURANCE PLATFORMS MARKET FOR CLAIMS HANDLING FIRMS, BY REGION, 2018–2022 (USD MILLION) 354
TABLE 399 INSURANCE PLATFORMS MARKET FOR CLAIMS HANDLING FIRMS, BY REGION, 2023–2028 (USD MILLION) 355
10.4.3 POLICY MANAGEMENT SERVICE PROVIDERS 355
TABLE 400 INSURANCE PLATFORMS MARKET FOR POLICY MANAGEMENT SERVICE PROVIDERS, BY REGION, 2018–2022 (USD MILLION) 355
TABLE 401 INSURANCE PLATFORMS MARKET FOR POLICY MANAGEMENT SERVICE PROVIDERS, BY REGION, 2023–2028 (USD MILLION) 356
10.5 ACTUARIES 356
10.5.1 EVALUATING POTENTIAL FINANCIAL IMPACT OF VARIOUS RISKS WITH HELP OF ACTUARIES 356
TABLE 402 INSURANCE PLATFORMS MARKET FOR ACTUARIES, BY REGION, 2018–2022 (USD MILLION) 357
TABLE 403 INSURANCE PLATFORMS MARKET FOR ACTUARIES, BY REGION, 2023–2028 (USD MILLION) 357
10.6 REINSURERS 357
10.6.1 SAFEGUARDING FINANCIAL STABILITY OF PRIMARY INSURERS BY OFFERING ADDITIONAL LAYER OF RISK PROTECTION 357
TABLE 404 INSURANCE PLATFORMS MARKET FOR REINSURERS, BY REGION, 2018–2022 (USD MILLION) 358
TABLE 405 INSURANCE PLATFORMS MARKET FOR REINSURERS, BY REGION, 2023–2028 (USD MILLION) 358
11 INSURANCE PLATFORMS MARKET, BY REGION 359
11.1 INTRODUCTION 360
FIGURE 53 ASIA PACIFIC INSURANCE PLATFORMS MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 360
FIGURE 54 SINGAPORE TO WITNESS HIGHEST CAGR IN INSURANCE PLATFORMS MARKET DURING FORECAST PERIOD 361
TABLE 406 INSURANCE PLATFORMS MARKET, BY REGION, 2018–2022 (USD MILLION) 361
TABLE 407 INSURANCE PLATFORMS MARKET, BY REGION, 2023–2028 (USD MILLION) 361
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