Get In Touch

Non-Life-Insurance Platforms: Introduction

  • Damage caused by a specific financial event is likely to be charged to the insured, which is known as non-life insurance. Non-life-insurance is also known as property insurance, general insurance, and casualty insurance. It is a type of insurance that is not related to life insurance. Non-life-insurance policies cover people, legal liabilities, and property.
  • Non-life-insurance refers to property and asset insurance. Insurance that is taken out of property other than human life is known as non-life insurance.
  • An individual or organization suffers a significant financial loss as a result of destruction of its tangible belongings. Consequently, an individual or organization can protect property from various threats such as marine risk, etc.
  • Non-life-insurance provides financial security for machines, buildings, furniture, equipment, vehicles, and goods against earthquakes, fire, theft, and accidents
  • The non-life-insurance platforms market consists of offerings that support the idea of the digital corporate platform through the amalgamation of fundamental systems and significant technologies with a focus on partners, customers, data, or things
  • These core platforms include elements such as data storage, core systems, reports and analysis, agent and application portal, customer and application portal, integration accelerator, provider, and application portal
  • The global non-life-insurance platforms market is projected to expand significantly during the forecast period. The market is estimated to expand at a steady pace in 2021 owing to the increasing adoption of business strategies by major players, the market is expected to protrude beyond the projected horizon.
non life insurance platforms market size and forecast

Global Non-Life-Insurance Platforms Market: Dynamics

Global Non-Life-Insurance Platforms Market: Key Drivers

  • Expansion of industries such as automotive and healthcare as well as the strengthening of the online sales channel is further boosting the non-life-insurance platforms market
  • The non-life-insurance platforms market is anticipated to expand during the forecast period due to economic growth witnessed by countries across the globe, which in turn is likely to increase the adoption of such platforms
  • Significant increase in demand for automobiles and auto insurance liability is expected to fuel the non-life-insurance platforms in the next few years
  • Growing health awareness and increasing propensity for preventive healthcare are boost the health insurance segment, which in turn is expected to boost the global non-life-insurance platforms during the forecast period
  • People prefer to purchase insurance plans through direct company distribution channels since the process is quick and simple. Consequently, the need for non-life-insurance platforms is expected to rise in the near future.
  • However, limited incentives for brokers and agents as well as supply-side issues in associated industries are estimated to restrain the global non-life-insurance platforms during the forecast period
non life insurance platforms market dynamics

Impact of COVID-19 on the Global Non-Life-Insurance Platforms Market

  • COVID-19 is having a massive impact on small, medium, and large businesses and various industries such as automotive, textiles, manufacturing, hospitality, travel and transportation due to country-level lockdowns around the world
  • In 2020, non-life insurance companies dropped; however, the claims are increased for non-life insurance within the period due to the lockdown in every country. Hence, the impact of COVID-19 on non-life-insurance platforms is neutral.

North America to Hold Major Share of Global Non- Life-Insurance Platforms Market

  • The global non-life-insurance platforms market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America is expected to hold a prominent share of the global non-life-insurance platforms market due to the presence of developing countries and advanced technologies used in various industrial sectors in the region
  • Almost a third of the world's population lives in Asia Pacific, and is home to expanding economies, and several countries with a rapidly growing middle class, which in turn is expected to increase the demand for non-life-insurance platforms during the forecast period.
  • Adoption of non-life-insurance platforms in Europe is increasing and cloud and intelligent decision support are becoming key differentiators. Hence, the non-life-insurance platform market in Europe is estimated to expand during the forecast period.
non life insurance platforms market region analysis

Global Non- Life-Insurance Platforms Market: Competition Landscape

  • Various key players are active in the non-life-insurance platform's market such as Allianz SE, Swiss Reinsurance Company Ltd., Chubb Limited, etc.
  • In July 2021, Allianz (China) declared that Allianz Insurance Asset Management Co., Ltd. has been approved by the China Insurance and Banking Regulatory Commission to become the country's first fully foreign property insurance asset management company, with a recorded capital of RMB 100 million and headquarters in Beijing.
  • Swiss Re Group, a provider of insurance, reinsurance, and other forms of insurance-based risk transfer, works to make the world more resilient. The Swiss Re Group emphasizes on helping the society prosper and progress and to create solutions and new opportunities for its customers.

Key players operating in the global non-life-insurance platforms market include:

  • Allianz SE
  • Assicurazioni Generali S.p.A.
  • China Life Insurance Company Limited
  • Munich Re Group
  • Zurich Insurance Group Ltd.
  • Reliance Nippon Life Insurance Company
  • Japan Post Holdings Co., Ltd.
  • Berkshire Hathaway Inc.
  • MetLife, Inc.
  • Manulife Financial Corporation
  • Chubb Limited
  • Aviva Inc.
  • The Allstate Corporation
  • Swiss Reinsurance Company Ltd.
  • Prudential Financial, Inc.
  • AIA Group Limited
  • Aflac Inc.

Global Non-Life-Insurance Platforms Market: Research Scope

Global Non-Life-Insurance Platforms Market, by Type

  • Marine insurance
  • Home insurance
  • Travel insurance
  • Health insurance
  • Motor insurance
  • Commercial insurance

Global Non-Life-Insurance Platforms Market, by Enterprise size

  • Large Enterprises
  • Small and Medium Enterprises

Global Non-Life-Insurance Platforms Market, by Deployment

  • On-premise
  • Cloud-based

Global Non-Life-Insurance Platforms Market, by Application

  • Agency
  • Brokers
  • Bancassurance
  • Digital & Direct Channels

Global Non-Life-Insurance Platforms Market, by End-user

  • BFSI
  • Retail
  • IT & Telecommunication
  • Transportation & Logistics
  • Healthcare
  • Manufacturing
  • Others

Global Non-Life-Insurance Platforms Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • 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
  • Europe
  • 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.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying

Non Life Insurance Platforms Market