PUBLISHER: QKS Group | PRODUCT CODE: 1445899
PUBLISHER: QKS Group | PRODUCT CODE: 1445899
Market Share: P&C Core Insurance Platform, 2022, Worldwide
Quadrant Knowledge Solutions Reveals that P&C Core Insurance Platform Market is Projected to Register a CAGR of 10.6 % by 2027.
Since the past decade, technological advances have caused the property & casualty (P&C) industry to undergo various functional changes that have further enhanced the insurance ecosystem. Property and Casualty (P&C) vendors are adopting a digital-first approach and are progressing towards offering an open API ecosystem and out of the box APIs. Many leading Property and Casualty (P&C) vendors are offering customer portals, which allow various insurtech solution providers to build their own integrations with the Property and Casualty (P&C) platforms to facilitate faster value-added ecosystem integrations. In addition to these technologies, the adoption of emerging technologies like artificial intelligence (AI), machine learning (ML), advanced analytics, and AI-based decision-making is helping insurers gain access to a large amount of customer data through multiple channels such as website and mobile platforms that allows them to provide transparent and personalized service based on the needs of the policyholders. Property and Casualty (P&C) vendors are also focusing on offering in-depth information pertaining to customer and operational insights that helps in improving productivity and customer experience. Property and Casualty (P&C) vendors are also moving towards offering cloud deployment options, as the customers are looking for ease of deployment and minimal staff interference. These investments are mainly made to improve underwriting, claims fraud identification, automating core processing tasks, and predictive analytics, which help insurers gain insights and recommendations in real-time.
Quadrant Knowledge Solutions defines P&C Core Insurance Platform (PAS-P&C) as "A Property & Casualty Insurance (P&C) platform enables property and casualty insurers to manage core operational functions, including policy, billing, and claims, for both personal and commercial property as well as liability coverage. An integrated P&C core suite offers solutions, including a policy management system for managing end to end policy administration lifecycle, billing for managing the full billing and collection lifecycle and claims for end-to-end processing and handling of claims for all personal and commercial lines of business".
As the Insurtech ecosystem is growing, insurance companies are incorporating an open-architecture solution with comprehensive integration capabilities and incorporating more and more Insurtech partners into their workflows, rating, and decision processes to improve their operations, user experiences, risk evaluation, claims processing, and payment processing. The demand for the internet of things (IoT) and telematics is increasing among the insurers because of their importance in obtaining data that helps insurers improve the underwriting. Utilization of IoT devices will make insurers aware about the customer's buying habits and experience journey that will allow insurers to build good relationship with the customers and offer them an enhanced customer experience. Furthermore, global regulations and compliance requirements are increasingly becoming stringent, and regulators are employing increased scrutiny on data privacy and transparency. With the need to comply with the global and local regulations, Property and Casualty (P&C) vendors are ensuring that they offer improved compliance and enhanced reporting capabilities.
Table of Contents
Chapter 01: Research Summary
- 2023 Competition Outlook
- Top Research Findings and Key Takeaways
Chapter 02: Market Overview
- Market Definition and Scope
- Revenue Type
- Geographical Regions
- Industry Verticals
Chapter 03: Market Share Analysis
- Market Share by Total Market
- Market Share by Deployment Type
- Cloud
- On-Premises
- Market Share by Geographical Regions
- Canada
- Central & Eastern Europe
- Japan
- Latin America
- Middle East & Africa
- USA
- Western Europe
- Asia Ex-Japan China (AxJC)
- China
- Market Share by Industry Verticals
- Banking and Financial Services
- Electronics & Telecom
- Retail and eCommerce
- Professional Services
- Healthcare and Life Sciences
- Manufacturing
- Media & Entertainment
- Government and Public Sectors
- Education
- Energy & Utility Others
- Others
- Market Share by Customer Types
- SMB
- Large
- Enterprise
Chapter 04: Analyst Recommendations
- Analyst Recommendations
Chapter 05: Appendix
- Research Methodologies
List of Tables
- Table 1 : Market Share, Total Market, Worldwide
- Table 2 : Market Share By Deployment Type, Worldwide
- Table 3 : Market Share By Geographical Regions, USA
- Table 4 : Market Share By Geographical Regions, Canada
- Table 5 : Market Share By Geographical Regions, Latin America
- Table 6 : Market Share By Geographical Regions, Western Europe
- Table 7 : Market Share By Geographical Regions, Central & Eastern Europe
- Table 8 : Market Share By Geographical Regions, MEA
- Table 9 : Market Share By Geographical Regions, Asia ex. JPC
- Table 10 : Market Share By Geographical Regions, Japan
- Table 11 : Market Share By Geographical Regions, China
- Table 12 : Market Share By Industry Vertical 1, Worldwide
- Table 13 : Market Share By Industry Vertical 2, Worldwide
- Table 14 : Market Share By Industry Vertical 3, Worldwide
- Table 15 : Market Share By Industry Vertical 4, Worldwide
- Table 16 : Market Share By Industry Vertical 5, Worldwide
- Table 17 : Market Share By Industry Vertical 6, Worldwide
- Table 18 : Market Share By Industry Vertical 7, Worldwide
- Table 19 : Market Share By Industry Vertical 8, Worldwide
List of Figures
- Fig. 1 Market Share of P&C Core Insurance Platform , Worldwide, 2022
- Fig. 2 Market Share of P&C Core Insurance Platform , USA, 2022
- Fig. 3 Market Share of P&C Core Insurance Platform , Canada, 2022
- Fig. 4 Market Share of P&C Core Insurance Platform , Latin America, 2022
- Fig. 5 Market Share of P&C Core Insurance Platform , Western Europe, 2022
- Fig. 6 Market Share of P&C Core Insurance Platform , Central & Eastern Europe, 2022
- Fig. 7 Market Share of P&C Core Insurance Platform , Middle East & Africa, 2022
- Fig. 8 Market Share of P&C Core Insurance Platform , Asia excluding Japan and China, 2022
- Fig. 9 Market Share of P&C Core Insurance Platform , Japan, 2022
- Fig. 10 Market Share of P&C Core Insurance Platform , China, 2022
- Fig. 11 Market Share of P&C Core Insurance Platform , IT & Telecom Industry, 2022
- Fig. 12 Market Share of P&C Core Insurance Platform , Banking & Financial Services Industry, 2022
- Fig. 13 Market Share of P&C Core Insurance Platform , Insurance Industry, 2022
- Fig. 14 Market Share of P&C Core Insurance Platform , Healthcare Industry, 2022
- Fig. 15 Market Share of P&C Core Insurance Platform , Government & Public Sector, 2022
- Fig. 16 Market Share of P&C Core Insurance Platform , Retail & eCommerce, 2022
- Fig. 17 Market Share of P&C Core Insurance Platform , Manufacturing, 2022
- Fig. 18 Market Share of P&C Core Insurance Platform , Hospitality, 2022
- Fig. 19 Market Share of P&C Core Insurance Platform , On-premises Deployment, 2022
- Fig. 20 Market Share of P&C Core Insurance Platform , Cloud Deployment, 2022
- Fig. 21 Market Share of P&C Core Insurance Platform , SMB Customers, 2022
- Fig. 22 Market Share of P&C Core Insurance Platform , Large Customers, 2022
- Fig. 23 Market Share of P&C Core Insurance Platform , Enterprise Customers, 2022
