Property & Casualty (P&C) Insurance Core Platform Market by Component {Core Systems (Policy Management, Billing Management, Claims Management), Data Repository, Analytical Platform, User Interface (Customer, Agent, and Supplier), and Integration Accelerators)}, By Deployment (Cloud and On-Premise) and End User (Insurance Companies, Banks, Financial Institutions)- Global Opportunity Analysis and Industry Forecast 2022-2030

Market Definition:

The Property & Casualty (P&C) Insurance Core Platform Market size was valued at USD XX billion in 2021 and is predicted to reach USD XX billion by 2030 with a CAGR of XX% from 2022-2030.

P&C core platform offers operational functions such as claims management, underwriting policy issuance, billings, & quotation of a property and casualty insurer. They are mostly offered as a software suite of applications that covers the entire insurance life cycle. P&C core platforms cover a variety of IT systems that support the critical operational functions of a P&C insurer. Insurers can also execute these operational functions on cloud platforms, thus maximizing efficiency and reducing time.

Market Dynamics and Trends:

P&C core platform provides cost-effective solutions for insurers as financial institutes can integrate all their business operations into one or more P&C core platforms. It not only reduces the cost but also eliminates the administrative burden of integrating and managing multiple contrasting systems. Also, technological advancements in the field of insurance has led to higher adoption of the core platforms, as they offer automation and artificial intelligence capabilities.

Moreover, factors such as rising adoption of online insurance services, consumer demand and adoption of software platforms by insurance companies to gain a 360-degree view of the customer by leveraging real-time data through a single interface, analyze, and predict customer behavior and thereby uncover new opportunities for cross-selling or upselling have led to the increased demand for the P&C core platform market.

However, security concerns over the protection of personal data from hackers is a major restraining factor towards the growth of the market during the forecast period. On the contrary, growing use of core platforms and surge in demand for technology-based insurance platforms such as artificial intelligence and machine learning are expected to create ample growth opportunities for the market in the coming years.

Market Segmentations and Scope of the Study:

The P&C core platform market is segmented on the basis of component, deployment, end user and geography. On the basis of component, the market is divided into core systems, data repository, analytical platform, user interface and integration accelerators. The core systems segment if further sub segmented into policy management, billing management, and claims management. The user interface segment is further segregated into customer, agent, and supplier. On the basis of deployment, the market is categorized into cloud and on-premise. On the basis of end user, it is segmented into insurance companies, banks and financial institutions. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

Asia-Pacific holds the lion share of P&C core platform market during the forecast period. This is attributed to factors such as increasing demand for platform-based insurance services in countries such as China, India, and South Korea owing to increasing number of P&C premiums. In addition, rapid technological developments in the insurance industry, in the region is expected to provide lucrative opportunities in the upcoming years.

However, North America is expected to show a steady rise in the P&C core platform market due to the rapidly increasing adoption of technology in the insurance industry in this region. Moreover, rising focus on the development of insurance products based on artificial intelligence and machine learning are expected to drive the P&C core platform market growth in this region.

Competitive Landscape:

The P&C core platform market is comprised of various market players such as Guidewire (InsuranceSuite & InsuranceNow), Duck Creek Technologies, Majesco, BriteCore, Insuresoft, Sapiens, Insurity, EIS, OneShield (Market Solutions & Enterprise), and DRC. These market players are adopting various product launch strategies and planning expansion of business across various regions to maintain their dominance in the Property & Casualty (P&C) Insurance Core Platform Market.

For instance, on November 18, 2021, Majesco, a worldwide leader of cloud insurance platform software for insurance business transformation, announced the overall availability of the version 12 of the market-leading Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C. Such innovative product launches are contributing towards the expansion of the P&C Core platform market.

KEY BENEFITS:

• The Property & Casualty (P&C) Insurance Core Platform Market report provides the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the Property & Casualty (P&C) Insurance Core Platform Market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the Property & Casualty (P&C) Insurance Core Platform Market is provided in the report.

• The competitive analysis of the market players along with their market share in the Property & Casualty (P&C) Insurance Core Platform Market

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Component

• Core Systems

  • Policy Management

  • Billing Management

  • Claims Management

• Data Repository

• Analytical Platform

• User Interface

  • Customer

    • Website

    • Apps

  • Agent

    • Website

    • Apps

  • Supplier

    • Website

    • Apps

• Integration Accelerators

By Deployment

• Cloud

• On-Premise

By End User

• Insurance Companies

• Banks

• Financial Institutions

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining Countries

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