Digital insurance platform market to grow 13.7% a year

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The digital insurance platform will remain a major contributor of growth in the global insurance sphere and is forecast to expand at a rate of 13.7% over the next five years, according to the survey published by Report Linker.

The platform’s market size is expected to grow from US$86.20 billion in 2018 to US$164.13 billion by 2023.

Fuelling the growth will be the growing adoption internet of things products, as well as the increase in the shift of insurers’ focus from product-based strategies to customer-centric strategies.

An increased momentum among insurers to digitalise their distribution and sales channels is also helping pump up more growth in the digital platform.

The only factor expected to moderate growth in digital adoption is the difficulty of integrating digital insurance with legacy systems.

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