Expanding the Property and Casualty (P&C) Insurance Core Platform Market

Expanding the Property and Casualty (P&C) Insurance Core Platform Market

 

According to Next Move Strategy Consulting, the global Property and Casualty (P&C) Insurance Core Platform Market is predicted to reach USD 14 billion by 2030, with a CAGR of 8% from 2024 to 2030.  A P&C insurance core platform refers to a comprehensive technological infrastructure that supports the essential functions of P&C insurance companies, such as policy management, claims processing, billing, and customer service. This integrated system includes a variety of modules, including policy administration, claims management, document management, and analytics, streamlining operations and improving insurer efficiency.

Download Free Sample: https://www.nextmsc.com/property-and-casualty-pandc-insurance-core-platform-market/request-sample 

Growing Demand for Advanced Insurance Platforms:

The increase in Gross Written Premiums (GWPs) across major global insurance markets, such as the U.S., Japan, and Germany, has significantly influenced the demand for advanced P&C insurance core platforms. With the continuous rise of GWPs, insurance companies are increasingly investing in cutting-edge technology to enhance their core platforms. These investments help improve the efficiency of risk assessments, allowing insurers to maintain a competitive edge and scale operations effectively. According to the OECD, the U.S. led with USD 3.5 trillion in GWPs in 2022, underscoring the importance of advanced core platforms in driving growth and competitiveness in the sector.

Personalization and Technological Advancements:

The growing emphasis on delivering personalized customer experiences is another key factor propelling the market. P&C insurance core platforms are essential for enabling insurers to integrate customer data, utilize advanced analytics, and automate interactions. For example, in March 2024, Insurity partnered with OIP Robotics to enhance data processing within the P&C insurance sector, focusing on personalized customer service. This collaboration integrates AI with Insurity’s SaaS solutions to streamline operations, reduce errors, and improve the standardization process.

Challenges and Solutions for Smaller Insurers:

Despite the advantages, the implementation and customization of these platforms come with significant costs, including licensing fees, customization, data migration, staff training, and ongoing maintenance. Smaller insurers with limited financial resources may find it challenging to adopt these advanced systems, leading to delays in implementation. However, as the return on investment (ROI) becomes more evident, these platforms will increasingly become essential for insurers looking to remain competitive.

Specialty Insurance and Emerging Markets:

Specialty insurance, which focuses on tailored coverage for specific industries, is the fastest-growing segment in the P&C insurance market. Regulatory changes and technological advancements are accelerating the growth of this sector, making it a priority for insurers to adopt advanced core platforms to address evolving customer needs. For instance, in July 2023, Duuo, a division of Co-operators, launched an embedded insurance API, enhancing digital insurance services by seamlessly integrating insurance into technology platforms.

Inquire Before Buying: https://www.nextmsc.com/property-and-casualty-pandc-insurance-core-platform-market/inquire-before-buying 

The adoption of fintech solutions, such as big data analytics, cloud computing, machine learning, and open finance, is further driving growth in emerging markets like Mexico. According to the International Trade Association (ITA), Mexico's fintech sector leads in open finance and APIs, big data and analytics, cloud computing, and machine learning, contributing to the increased demand for P&C insurance core platforms.

Key Players in the Market:

Leading companies in the P&C insurance core platform market include Guidewire Software, Inc., DXC Technology, Sapiens International Corporation, Duck Creek Technologies, Insurity LLC, Majesco, EIS Software Limited, OneShield, Mphasis, and Appian Corporation. These market players are adopting strategies such as product innovations, acquisitions, and partnerships to expand their geographical reach and enhance their offerings. For example, Insurity's recent collaboration with OIP Robotics and Duuo’s embedded insurance API launch are examples of efforts aimed at improving operational efficiency and providing better customer experiences.

Conclusion:

The Property and Casualty (P&C) Insurance Core Platform Market is poised for continued growth, fueled by advancements in technology, increased demand for personalized insurance services, and the growing need for efficient operations. As insurers embrace digital transformation, these platforms will play a pivotal role in enhancing operational efficiency, improving customer experiences, and ensuring effective risk management.

Also, Browse Related Reports:   

For more information, please contact:

Next Move Strategy Consulting

E-Mail: info@nextmsc.com

Direct: +1-217-650-7991

Website: www.nextmsc.com

Follow Us: LinkedIn | Twitter | Facebook | Instagram | YouTube

About Next Move Strategy Consulting: 

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

Back to blog