Global InsureTech Services Market – Introduction
- InsureTech services empower insurance companies to utilize technologies to squeeze out operation efficiency and savings from the existing insurance industry model. The acceptance of InsureTech services has enabled insurance companies to assess various risks related to the operations, market, liquidity, and counterparty credit.
- InsureTech services utilizes artificial intelligence (AI) or machine learning and Internet of Things to manage the tasks of insurance companies and discover the accurate mix of policies to complete an entity’s coverage. InsureTech services are categorized in two ways includes professional services and managed services.
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Increasing digitalization in the insurance sector driving the global InsureTech services market
- The insurance sector is seeing increased digitalization and industry players are rapidly shifting toward InsureTech to utilize the innovative technological developments, including Internet of Things (IoT), advanced analytics, mobile technology, and artificial intelligence. Almost all of the North American and European insurers have launched initiatives to digitize individual services, address current pain points, enhance analytics capabilities, and set up customer portals. For instance, they utilize “lighthouse projects” to gain approval for digitization within the organization, and initiate the required cultural change, and attract digital talent.
- Additionally, various digital insurance platforms/software help these companies to digitalize all the processes within the organization. These platforms comprise various disparate systems & modules in the digital insurance ecosystem. These disparate systems & modules include claim management, policy implementation, billing & premium accounting, regulatory filing, and reinsurance management.
- Many companies providing digital insurance platforms majorly emphasize on providing custom-made digital insurance solutions coupled with third-party InsureTech services, and integration of business operations. Moreover, vendors are also providing Digital Insurance as a Service (DIaaS), which includes business process services, infrastructure, and major insurance applications to provide efficient and effective insurance solutions to clients. Hence, increasing digitalization in the insurance sector driving the global InsureTech services market worldwide.
Lack of awareness regarding technological advancement in the insurance sector expected to significantly hamper the InsureTech services market
- Many emerging economies are far behind in terms of novel technologies like adoption of digitalization, internet of things, machine learning etc in various industries includes automotive industries, banking & financial sector, healthcare etc. This is because of lack of proper infrastructure and low cost budgeting systems. Therefore, lack of awareness regarding technological advancements in the insurance sector is having a negative impact on the growth of the InsureTech services market.
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North America to hold major share of the global InsureTech services market
- In terms of region, the global InsureTech services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global InsureTech services market during the forecast period due to the presence of a large number of insurance technology providers specifically in the U.S. and Canada. Europe is estimated to be the second largest market for InsureTech services from 2019 to 2027, owing to rapid adoption of Big Data in the insurance sector, which is likely to help the growth of the InsureTech services market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global InsureTech services market during the forecast period owing to increasing investment in digitization to enhance operation efficiency in insurance organizations specifically in China, India, Singapore, etc., which is expected to increase the adoption of InsureTech services in the region.
Global InsureTech Services Market – Competitive Landscape
- In January 2019, Tokio Marine & Nichido Fire Insurance Co. Partnered with 3i Infotech to enhance its operations with the help of PREMIA 9. 3i Infotech’s PREMIA 9 is an end-to-end innovative solution that enhances insurance operations from claims processing & underwriting to financial accounting. The initiative would help the company to enhance its market presence and attract more customers in the InsureTech services market worldwide.
Key Players Operating in the Global Market
- 3i Infotech
- DXC Technology Company
- Duck Creek Technologies
Global InsureTech Services Market: Research Scope
Global InsureTech Services Market, by Services
- Professional Services
- Consulting Services
- Integration & Implementation Services
- Support Services
- Training & Education Services
- Managed Services
Global InsureTech Services Market, by End-user
- Insurer/ Insurance Carrier
Global InsureTech Services Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.