India Digital Insurance Platform Market, By Component (Tools and Services), By Services (Managed and Professional), By End -User (Third-Party Administrators and Brokers, Insurance Companies and Aggregators), By Insurance Application (Home, others), By Deployment Type (On-Premises and Cloud), By Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), By Company and By Geography, Forecast & Opportunities, 2024

India Digital Insurance Platform Market is expected to reach USD 165.02 Billion by 2024 at a CAGR of over 13% during 2019-2024. The major factors contributing to the growth of the market are increasingly adoption of newer technologies such as Artificial Intelligence to modernize the business operations, growing adoption of Internet of Things products and growing awareness among underwriters about the channel digitalization. Digital insurance platform allows customers to explore and compare insurance policies and helps in getting the best policy in no time. Based on services type, the market has been categorised into managed and professional services. In 2018, the managed services dominated the market since the managed service providers takes care of the entire digital insurance platform whereas the companies can focus on their core business and the segment is anticipated to maintain its dominance over the next five years as well. Based on organization size, the market has been categorised into small & medium enterprises and large enterprises. In 2017, the large enterprise segment dominated the market owing to affordability and high economies of scale. Moreover, in large enterprises, massive among of data is created every year that requires to be well managed to fulfil the government regulations. Additionally, the need of a strong omnichannel distribution channel and the preparation of fast and far reaching services to clients are driving the digital insurance platform market.

Years considered for this report:

Historical Year : 2014 - 2017

Base Year : 2018

Estimated : 2019

Forecast : 2020 - 2024

Objective of the Study:

• To define, classify and forecast the India Digital Insurance Platform market based on component, services, end-user, insurance application, deployment, organization size, region and company.
• To analyse and forecast the India Digital Insurance Platform market size.
• To scrutinize the detailed market segmentation and forecast the market size, in terms of value, based on end use sectors and regions, namely, North, South, East and West.
• To identify the supporting factors and challenges for the India Digital Insurance Platform market.
• To strategically profile leading players operating in the India Digital Insurance Platform market.

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Some of the leading players in the India Digital Insurance Platform Market are IBM, Infosys, EIS Group, Microsoft, Oracle, Accenture, Mindtree, SAP, Cognizant, TCS etc.

To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Digital Insurance Platform companies and service providers operating in India. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. TechSci Research analysed product offerings, services and regional presence of all major Digital Insurance Platform companies across India.

TechSci Research calculated the market size for India Digital Insurance Platform market using a bottom-up technique, wherein sales value data of different accounting companies was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analysing historical sales data of Digital Insurance Platform companies to arrive at the overall market size.

Key Target Audience:

• Digital Insurance Platform Companies
• IT companies
• System integrators
• End users of Digital Insurance Platform such as Third-Party Administrators and Brokers, Insurance Companies and Aggregators etc.
• Research & development organizations and consulting firms
• Associations, organizations, forums and alliances related to payment ecosystem and payment security
• Government bodies such as regulating authorities and policy makers

The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India Digital Insurance Platform Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Market, By Component:
• Tools
• Services
• Market, By Services:
• Managed
• Professional
• Market, By End User:
• Third-Party Administrators and Brokers
• Insurance Companies
• Aggregators
• Market, By Insurance Application:
• Home and Commercial Buildings
• Life and Health
• Business and Enterprise
• Automotive and Transportation
• Travel
• Consumer Electronics and Industrial Machines
• Market, By Deployment Type:
• On-Premises
• Cloud
• Market, By Organization Size:
• Small & Medium-Sized Enterprises
• Large Enterprises
• Market, by Region:
• North Region
• South Region
• West Region
• East Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Digital Insurance Platform Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).