Authored By: Sarah
26 Sep 2024

Latest News:- Digital Insurance Market: Direct sales is expected to lead the Distribution Channel segment during 2024-2028

Digital Insurance Market to grow at a CAGR of 12.8% during 2024-2028

The Digital Insurance Market is expected to grow at a CAGR of 12.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 67226.8 million. The digital insurance market is experiencing a notable transition, driven by the increasing adoption of low-code and no-code (LCNC) development platforms. These innovative tools enable users to construct applications through graphical interfaces and configuration, as opposed to the conventional method of coding. The resulting simplification of the application development process offers several advantages, including reduced complexity, decreased development time and costs, and expanded opportunities for professionals to contribute. With intuitive drag-and-drop interfaces, LCNC platforms empower individuals with minimal coding knowledge to develop applications, thereby accelerating deployment of new customer portals and apps within the insurance sector. The diminished reliance on specialized programming skills broadens the talent pool, fostering a more agile and innovative work environment. 

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The Direct sales subsegment is expected to dominate the Distribution Channel segment during the forecast period 

Technavio analysts predict that the Direct sales subsegment will lead the Distribution Channel segment during 2024 and 2028 The digital insurance market has undergone a transformative shift with the emergence of the direct-to-consumer (DTC) model, eliminating the reliance on intermediaries such as brokers and third-party agents. This business model enables insurers to sell insurance products directly to consumers through digital platforms, fostering seamless interactions. The DTC model's advantages are manifold, including cost efficiency. By eliminating intermediaries, insurers can significantly reduce commission fees, resulting in substantial savings. This streamlined approach not only benefits insurers but also empowers consumers with more accessible and affordable insurance solutions.

Here are the various ways based on which the market is segmented: 

  • Distribution Channel
    • Direct sales
    • Brokers/agents
    • Affiliated partners
  • End-user
    • Individuals
    • Businesses
  • Geography
    • North America
    • Europe
    • APAC
    • South America
    • Middle East and Africa

Reasons to Purchase the Global Digital Insurance Market Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish increase in number of insurance policies

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The digital capabilities of insurers are at the forefront of the insurance industry's transformation, with core system modernization and technology adoption being key priorities. This shift is driven by the need to enhance customer experience, foster diversity, and adapt to the changing workforce. Embedded insurance solutions are gaining popularity in areas like long-term care, employee benefits, and financial health. Advanced technology, such as AI and parametric insurance, is being leveraged to manage claims, underwrite risks, and mitigate protection gaps during catastrophic events. InsurTechs are driving innovation in risk management, financial safety nets, and even cybercrime protection. However, digital transformation in the insurance industry is not without challenges. Macroeconomic factors like inflation and company culture can hinder transformation efforts. Purpose-driven decisions and a customer-centric business model are essential to navigate these challenges and maintain financial health. As the industry continues to evolve, insurers must stay agile and adapt to new risks and opportunities. By embracing digital transformation, they can provide better protection, improve customer experience, and create new revenue streams.

Market Research Overview

The global diversified support services market encompasses businesses offering labor-intensive services to corporations and governments. This sector comprises companies providing commercial cleaning, dining and catering, equipment repair, industrial maintenance, auctioneering, storage and warehousing, transaction services, uniform rental, and other business support solutions. According to Technavio, the market size is determined by the consolidated revenue generated by firms operating in commercial printing, environmental and facilities services, office services and supplies, security and alarm services, and diversified support services. The market's expansion will be fueled by the growing outsourcing trend, as businesses increasingly delegate their support functions to specialized service providers.

The Digital Insurance Market is experiencing significant growth, fueled by the increase in number of insurance policies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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