Edison, NJ -- (SBWIRE) -- 03/10/2020 -- Insurance companies have started adopting digital technologies to help and strengthen customer relationship by providing new offers and services. This transformation will lead to new revenue opportunities also. However, many Insurance companies are yet to capitalize and develop business strategies. Digital platforms allow personalization and strengthen connections with customers by providing new offers and services. This platform also provides customers with access to deeper insights from data analytics, and applies it to new business models to reduce risk and fraud, and improve segmentation and reduce fraud. There is a demand to fix traditional business models, cost reduction, increased efficiency, and a rise in profit margin which is driving the global digital innovation in the insurance market. According to AMA, the Global Digital Innovation in Insurance market is expected to see growth rate of 14.0%.

The Digital Innovation in Insurance Market has witnessed continuous growth in the last few years and is projected to grow even further during the forecast period of 2020-2026. The exploration provides a 360° view and insights, highlighting major outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the companies in more detail to make better informed decisions. Some of the major and emerging players in the Global Digital Innovation in Insurance market are AXA (France), Zurich (Switzerland), China Life Insurance Company (China), Berkshire Hathaway Inc. (United States), Prudential Financial Inc. (India), United Health group (United States), Munich Re group (Germany) and ASSICURAZIONI GENERALI S.P.A. (Italy).

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Market Segmentation: by Type (Health Insurance, Motor Insurance, Home insurance, Travel Insurance, Commercial Insurance, Others (Personal Accident Insurance, Marine (Cargo) and Rural)), Application (Cloud Computing, Internet of Things (IoT), Advanced Analytics, Telematics, Others), Insurance Type (Product Centric, Customer Centric, Total Customer Centric)

The Global Digital Innovation in Insurance Market study covers current status, % share, future patterns, development rate, SWOT examination, sales channels, to anticipate growth scenarios for years 2020-2026. It aims to recommend analysis of the market with regards to growth trends, prospects, and player's contribution in the market development. The report size market by 5 major regions, known as, North America, Europe, Asia Pacific (includes Asia & Oceania separately), Middle East and Africa (MEA), and Latin America and further into 15+ country level break-up that includes China, the UK, Germany, United States, France, Japan, batch of Southeast Asian & Nordic countries.

Market Drivers
- Insurers Investing in Building Digital Infrastructure
- Need to Overhaul Traditional Business Model

Market Trend
- Implementation of Smart Watches and Wearables
- Deployment of Telematics and Speech Recognition
- Block Chain Technology and Robotic Process Automation in Digital Insurance

Restraints
- Formidable Cultural Barriers May Hamper the Market Growth
- Cost Factor Associated with the Implementation of Digital Technologies

Opportunities
- Growing Adoption of IoT (Internet of Things)
- Increased Focus of Product- Based and Customer-Centric Strategies
- Rising Awareness among Insurers to Adopt Digitalizes Channels and Digital Insurance Platform

Challenges
- Lack of Industry's Standardized Methodologies and Metrics to Access Digital Maturity

Market Leaders and their expansionary development strategies
In August 2018, Allianz Partners boost innovation with four Innovation Centers ie the travel, health, and assistance automotive innovation center.
In 2018, India's foundation in technology is powering a revolution in the insurance industry. This is represented by the competitive pressure on insurance carriers to provide digital customer experiences across the value chain. Fueling this further, the Government is pushing its Digital India agenda through steps such as Direct Benefit Transfer, Demonetisation, UPI, and Bhim App.

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For Consumer Centric Market, Survey or Demand Side Analysis can be provided as part of customization which consider demographic factor such as Age, Gender, Occupation, Income Level or Education while gathering data. (if applicable)

Consumer Traits (If Applicable)
? Consumer Buying patterns (e.g. comfort & convenience, economical, pride)
? Buying behavior (e.g. seasonal, usage rate)
? Customer Lifestyle (e.g. health conscious, family orientated, community active)
? Expectations (e.g. service, quality, risk, influence)

The Digital Innovation in Insurance market factors described in this report are:
-Key Strategic Developments in Digital Innovation in Insurance Market:
The research includes the key strategic activities such as Research & Development (R&D) initiatives, Merger & Acquisition (M&A) completed, agreements, new launches, collaborations, partnerships & (JV) Joint ventures, and regional growth of the key competitors operating in the market at global and regional scale.

Key Market Features in Global Digital Innovation in Insurance Market:
The report highlights Digital Innovation in Insurance market features, including revenue size, weighted average regional price, capacity utilization rate, production rate, gross margins, consumption, import & export, demand & supply, cost bench-marking in Digital Innovation in Insurance, market share and annualized growth rate (Y-o-Y) and Periodic CAGR.

Analytical Market Highlights & Approach
The Global Digital Innovation in Insurance Market report provides the rigorously studied and evaluated data of the top industry players and their scope in the market by means of various analytical tools. The analytical tools such as PESTLE analysis, porters five forces analysis, feasibility study, SWOT analysis by players, BCG matrix, heat map analysis, and ROI analysis have been practiced reviewing the growth of the key players operating in the market.

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Strategic Points Covered in Table of Content of Global Digital Innovation in Insurance Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Digital Innovation in Insurance market
Chapter 2: Exclusive Summary – the basic information of the Digital Innovation in Insurance Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges of the Digital Innovation in Insurance
Chapter 4: Presenting the Digital Innovation in Insurance Market Factor Analysis Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region 2013-2018
Chapter 6: Evaluating the leading manufacturers of the Digital Innovation in Insurance market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by manufacturers with revenue share and sales by key countries in these various regions.
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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