The expanding digital transformation in the property & casualty sector is driving the growth of the P&C Insurance Core Platform Market.

According to the Next Move Strategy Consulting, the global Property & Casualty (P&C) Insurance Core Platform Market is valued at USD 7.81 billion in 2023, and is expected to reach USD 14.33 billion by 2030, with a CAGR of 8% from 2024 to 2030.

The rapid digitalization of the insurance industry, driven by InsurTech advancements, is fueling a significant demand for property and casualty insurance core platforms that provide efficient data management and analysis capabilities. These platforms play a crucial role in enabling this digital evolution by providing the foundation for integrating InsurTech solutions, managing complex underwriting and claims processes, ensuring regulatory compliance, and facilitating seamless customer interactions across multiple touchpoints.

According to a recent report by Swiss Re, South Korea consistently excels in the insurance digitalization index, often ranking first and consistently placing in the top three, due to high scores in access, use, and innovation. The United States also performs well, ranking 4th in the index, with improvements in access, use, and market openness. Additionally, China has made significant progress, rising from 26th out of 29 countries to 16th, driven by a strong increase in digital insurance penetration.

These trends underscore the critical role of digitalization in transforming the global insurance industry. However, the implementing and customizing P&C insurance core platforms is costly and complex, involving significant upfront expenses and ongoing maintenance. Smaller insurers often struggle with these costs, delaying adoption. 

On the contrary, the data analytics and AI are revolutionizing the P&C insurance industry, creating significant market opportunities for advanced core platforms. These technologies improve risk assessment, claims processing, and customer engagement, while optimizing pricing and fraud detection. For instance, in January 2024, Insurity launched an AI-powered analytics solution to enhance predictive analytics, improve loss ratios, and support strategic decisions with real-time insights.

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According to the P&C insurance core platform market report, industry include Guidewire Software, Inc., DXC Technology, Sapiens International Corporation, Duck Creek Technologies, Insurity LLC, Majesco, EIS Software Limited, OneShield, Mphasis, Appian Corporation, and others. These key players are adopting strategies such as product launch, innovation, and collaboration across various regions to maintain their dominance in the P&C insurance core platform market. 

For instance, in May 2024, DXC Technology collaborated with Ferrovial to develop a revolutionary generative artificial intelligence (AI) platform named Quercus. This platform is designed to integrate secure and responsible AI solutions into business processes.

Also, in May 2024, Appian and Swiss Re extend partnership to introduce connected underwriting for life insurance in Asia Pacific and EMEA. This partnership aims to enhance compliance with financial services regulations by providing better visibility and auditability.

In addition, in April 2024, Insurity LLC announced significant enhancements to its claims management capabilities. The company focuses on personal lines insurers, offering improved efficiency and integration capabilities to streamline claims processing and enhance customer experiences.

Key Insights from the P&C Insurance Core Platform Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the P&C insurance core platform market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The report provides an analysis of the market share and competitive landscape of key players in the global P&C insurance core platform industry.