Insurance Rating Platform Market: Current Analysis and Forecast (2024-2032)
Emphasis on Deployment Mode (On-Premises and Cloud); Application (Automobile, Home, Motorcycle, and Other); and Region/Country
Global Insurance Rating Platform Market Size & Forecast
The Global Insurance Rating Platform Market was valued at USD 522.81 Million in 2023 and is expected to grow at a strong CAGR of around 8.47% during the forecast period (2024-2032) owing to the customer's expected tailored policies and dynamic pricing, pushing insurers to leverage AI-driven rating platforms that assess risk in real-time.
Insurance Rating Platform Market Analysis
The worldwide insurance rating platform industry is growing due to the insurance sector's need for better data-based premium creation and risk evaluation services. These platforms use artificial intelligence and big data tools to automate underwriting steps while making better prices and serving customers better. The market is growing due to increasing usage of telematics in vehicle policies, and standards of care, plus businesses moving into digital systems. Market growth results from customers needing immediate policy adjustments with fraud tools plus cloud features currently.
Global Insurance Rating Platform Market Trends
This section discusses the key market trends that are influencing the various segments of the global Insurance Rating Platform market, as found by our team of research experts.
Automobile Segment Transforming Industry
The automobile category is the largest contributor to the insurance rating platform industry because it boosts the need for advanced analytics to evaluate risks more precisely. Insurance companies can offer custom-made premiums based on usage habits and behavior using AI systems and vehicle connectivity to help their business grow. The need for dynamic rating systems grows from growing vehicle sales, plus rules that force insurance, plus the movement to electric and self-driving cars. Insurance workers can now handle digital claims and detect fraud better, which allows them to use modern rating systems more effectively.
North America is expected to grow at a considerable rate during the forecast period.
The North American insurance rating platform market succeeds because of the local insurance business's strength, rapid tech adoption, and strict rules from regulators. A growing number of insurers use advanced technology to better analyze risks and simplify their pricing system while providing better services to customers. Insurance companies use advanced rating platforms more because UBI insurance takes off with health and vehicle insurance policies. Insurance technology companies work together with rising digital support businesses to expand the market. Current customer needs for personalized policies and instant quotes encourage insurers to upgrade their rating technology.
Global Insurance Rating Platform Industry Competitive Landscape
The global insurance rating platform market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions.
Top Insurance Rating Platform Companies
Some of the major players in the market are Vertafore, Inc. (Roper Technologies); Applied Systems, Inc. (HELLMAN & FRIEDMAN LLC); Insurance Technologies Corporation (Zywave); HawkSoft, Inc.; Sapiens International; Buckhill d.d.; Majesco (Thoma Bravo); OneShield; Duck Creek Technologies (Vista Equity Partners); Earnix
Global Insurance Rating Platform Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 8.47% |
Market size 2023 | USD 522.81 Million |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | North America is expected to dominate the market during the forecast period. |
Key countries covered | U.S., Canada, Germany, U.K., Spain, Italy, France, China, Japan, and India |
Companies profiled | Vertafore, Inc. (Roper Technologies); Applied Systems, Inc. (HELLMAN & FRIEDMAN LLC); Insurance Technologies Corporation (Zywave); HawkSoft, Inc.; Sapiens International; Buckhill d.d.; Majesco (Thoma Bravo); OneShield; Duck Creek Technologies (Vista Equity Partners); Earnix |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Deployment Mode; By Application; By Region/Country |
Reasons to buy this report:
The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.
The report briefly reviews overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global insurance rating platform market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Insurance Rating Platform Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Insurance Rating Platform market were the three major steps undertaken to create and analyze the adoption of global Insurance Rating Platform in major regions. Exhaustive secondary research was conducted to collect the historical market figures and estimate the current market size. Secondly, to confirm these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the global Insurance Rating Platform market. For the assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. The detailed method is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the global Insurance Rating Platform market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals & articles, government publications, competitor reports, third-party databases, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the global Insurance Rating Platform market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments, such as deployment mode, application, and region, are included in the report. Further country-level analysis was conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global Insurance Rating Platform market. Further, we conducted factor analysis using dependent and independent variables such as deployment mode, application, and global Insurance Rating Platform market regions. A thorough analysis of demand and supply-side scenarios was conducted considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global Insurance Rating Platform market.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Insurance Rating Platform market, and market shares of the segments. All the required percentage shares split and market breakdowns were decided using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research method adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the global Insurance Rating Platform market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global Insurance Rating Platform market in terms of the types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were combined with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Insurance Rating Platform market. After studying various parameters and trends in the global Insurance Rating Platform market's deployment mode, application, and regions, data was split into several segments and sub-segments.
The Main Objective of the Global Insurance Rating Platform Market Study
The current & future market trends of the global Insurance Rating Platform market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market's overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to receive help from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current forecast and market size of the global Insurance Rating Platform market in terms of value (USD). Also, analyze the current forecast and market size of different segments and sub-segments.
Segments in the study include areas of deployment mode, application, and regions.
Define and analyze the regulatory framework for the industry.
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the global Insurance Rating Platform market for the major regions.
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
Company profiles of the global Insurance Rating Platform market and the growth strategies the players adopt to sustain the fast-growing market.
Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the global Insurance Rating Platform market’s current market size and growth potential?
he global insurance rating platform market was valued at USD 522.81 Million in 2023 and is expected to grow at a CAGR of 8.47% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the global insurance rating platform market?
AI-driven analytics improve risk assessment accuracy and pricing efficiency, making insurers increasingly dependent on automated rating solutions.
Q3: Which segment has the largest global insurance rating platform market share by application category?
The automobile category has the largest share of the global Insurance Rating Platform market by application segment.
Q4: What are the emerging technologies and trends in the global insurance rating platform market?
Blockchain enhances transparency and security in premium calculations, reducing fraud and disputes.
Q5: Which regions dominate the global insurance rating platform market?
North America is expected to dominate the market during the forecast period.
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