Published Date : Apr 25, 2016
ALBANY, New York, April 25, 2016: MarketReseachReports.biz has announced the addition of a new market study, titled “Insurance Technology Market In Europe 2015-2019,” to its expanding database. The report provides many reasons why the insurance sector in Europe is increasingly becoming technology-dependent for business operations and revenue growth and how the trend will intensify in the future. The report has been prepared based on a detailed reports with insights from industry experts; it covers vital aspects of the market landscape and its development prospects until the end of the forecast period.
The report states reasons for the expeditious growth of the Europe insurance technology market over the past few years. It is expected that this sector will further exhibit significant growth until the end of the forecast period in 2019. The Europe insurance technology market is expected to rise at a CAGR of 3.74% from 2014 to 2019.
According to the report, rationalization of transaction processes is primarily driving the Europe insurance technology market. Not only insurance, but several other service sectors are changing from pre-existing ad hoc work practices into ones that are based on published rules.
Other than this, the increasing digitalization is expected to fuel the growth of the insurance technology market, adds the report. For instance, digital channels using the Internet are viable for reaching out to a large audience. Digital marketing tops the business development agenda of several large insurance organizations. Moreover, with advances in data analytics, insurance companies can gain meaningful insights from the online behavior of their consumers, which are likely to be stored on a platform created for the purpose. Using data analytics insurers gain the benefits of effective product design and pricing, reporting, agency management, and improved customer targeting processes.
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However, reluctance on the part of insurance companies to change legacy systems and adopt newer practices is restraining this market’s growth. Also, recovery from the recent economic slump and overall economic growth will impact the penetration of technology for insurance services. Nevertheless, the emergence of BaaS (backend as a service) model for insurance billing operations holds promise for the market’s growth. BaaS allows web and mobile app developers to connect and process insurance applications to backend cloud storage, it also provides functionalities such as user management, notifications, and other features that are customary currently.
Top vendors in the Europe insurance technology market are mentioned in this report. These are Accenture, E&Y, IBM, Oracle, Agile Financial Technologies, HP, Mphasis, and Steria. Other prominent vendors in this industry are Amazon Web Service, Capgemini, CSC, Genpact, Informatica, Polaris, Salesforce, Symantec, T-Systems, VMware, BSB, Cognizant Technology Solutions, FICO, Google, Netapp, Rackspace Hosting, SAP, TCS, Verizon Communications, and Wipro. Details such as financials, recent developments, business strategies, and other similar strategic information regarding these players has been included as part of company profiling.
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