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Insights on the Business Income Insurance Global Market to 2031 – Digitalization in the Insurance Sector is Expected to Help Growth

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Dublin, Nov. 02, 2022 (GLOBE NEWSWIRE) — The “Business Income Insurance Market By Type, By Coverage, By Loss Type, By Distribution Channel, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

According to the report the business income insurance market was valued at $14.93 billion in 2021, and is estimated to reach $33.54 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.

Business income insurance coverage offers a variety of coverage, including property and casualty insurance, insurance for business structures, insurance for IT equipment and laptops, stock insurance, commercial insurance, and insurance for plant and machinery, all while protecting multiple stakeholders and employees. In addition, business income coverage aids in minimizing monetary losses for a company in the event of bad occurrences such as fire and theft.

Furthermore, key players in the global business income insurance market are improving their services and trying to provide a better support and services to insurers. For instance, possible effects on the insurance sector of ongoing war in Ukraine are increasingly being questioned. In addition to the fact that hundreds of leased aircraft are grounded in Russia, the combat in Ukraine has also damaged or destroyed businesses, factories, and residential areas.

In May 2022, Allianz Global Corporate & Specialty (AGCS) announced that it will provide its services by relying on publicly-available satellite imagery, photos & videos, and information provided by customers and its local staff to assess the situation on a preliminary basis.

By distribution channel, the agents & brokers segment acquired a major share in the business income insurance market in 2021. This is attributed to the fact that purchasers prefer agents & brokers to acquire business income insurance as consumers have little understanding of appropriate plans to buy for their industry.

Region wise, North America dominated the business income insurance market in 2021. It is attributed to the fact that collaboration between traditional insurance companies and InsurTech firms has led to rise in newer models and revenue streams, higher profitability, and reduced operational costs in the North America.

The demand for business income insurance industry has increased considerably during the COVID-19 pandemic. This is attributed to increased awareness toward business income insurance among various businesses. However, business income insurance had a negative impact of pandemic as there were business interruptions experienced by a number of worldwide industries.

On the contrary, digitalization in the insurance sector is expected to help the business income insurance market growth in upcoming years. The market is anticipated to have a number of opportunities in the future, owing to increase in adoption of advanced technologies such as artificial intelligence, machine learning, and predictive analysis that are intended to increase consumer loyalty and strengthen the market presence of business income insurance by providing advanced services at reduced premium costs.

Key Findings of the Study

  • By coverage, the profits/lost revenue segment led the highest business income insurance market share, in terms of revenue in 2021.
  • On the basis of industry vertical, the healthcare segment is expected to exhibit the fastest growth rate during the forecast period.
  • Region wise, North America generated the highest revenue in business income insurance market size in 2021.
  • The key players operating in the Business income insurance market analysis include American International Group, Inc., Allianz, Allstate Insurance Company, AmTrust Financial, ASSURANT, INC., AXA, Chubb, – Employers Mutual Casualty Company, Farmers, Liberty Mutual Insurance Company, Munich RE, Nationwide Mutual Insurance Company, Next Insurance, Inc., State Farm Mutual Automobile Insurance Company, Swiss Re, The Hartford, The Travelers Indemnity Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Topics Covered:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Porter’s five forces analysis
3.4.Top player positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 Impact Analysis on the market

CHAPTER 4: BUSINESS INCOME INSURANCE MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Standard Business Income Insurance
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Extended Business Income Insurance
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country

CHAPTER 5: BUSINESS INCOME INSURANCE MARKET, BY COVERAGE
5.1 Overview
5.1.1 Market size and forecast
5.2 Profits/Lost Revenue
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Taxes and Loan Payments
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Mortgage and Rent Payments
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Employee’s Wages and Payroll
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
5.6 Relocation Costs
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market analysis by country
5.7 Others
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market analysis by country

CHAPTER 6: BUSINESS INCOME INSURANCE MARKET, BY LOSS TYPE
6.1 Overview
6.1.1 Market size and forecast
6.2 Fire
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Theft
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Wind
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
6.5 Lightning
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market analysis by country
6.6 Others
6.6.1 Key market trends, growth factors and opportunities
6.6.2 Market size and forecast, by region
6.6.3 Market analysis by country

CHAPTER 7: BUSINESS INCOME INSURANCE MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.1.1 Market size and forecast
7.2 Agents & Brokers
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 Direct Response
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Others
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country

CHAPTER 8: BUSINESS INCOME INSURANCE MARKET, BY INDUSTRY VERTICAL
8.1 Overview
8.1.1 Market size and forecast
8.2 Manufacturing
8.2.1 Key market trends, growth factors and opportunities
8.2.2 Market size and forecast, by region
8.2.3 Market analysis by country
8.3 Retail
8.3.1 Key market trends, growth factors and opportunities
8.3.2 Market size and forecast, by region
8.3.3 Market analysis by country
8.4 Construction
8.4.1 Key market trends, growth factors and opportunities
8.4.2 Market size and forecast, by region
8.4.3 Market analysis by country
8.5 IT & Telecom
8.5.1 Key market trends, growth factors and opportunities
8.5.2 Market size and forecast, by region
8.5.3 Market analysis by country
8.6 Healthcare
8.6.1 Key market trends, growth factors and opportunities
8.6.2 Market size and forecast, by region
8.6.3 Market analysis by country
8.7 Energy & Utilities
8.7.1 Key market trends, growth factors and opportunities
8.7.2 Market size and forecast, by region
8.7.3 Market analysis by country
8.8 Transportation & Logistics
8.8.1 Key market trends, growth factors and opportunities
8.8.2 Market size and forecast, by region
8.8.3 Market analysis by country
8.9 Others
8.9.1 Key market trends, growth factors and opportunities
8.9.2 Market size and forecast, by region
8.9.3 Market analysis by country

CHAPTER 9: BUSINESS INCOME INSURANCE MARKET, BY REGION

CHAPTER 10: COMPANY LANDSCAPE
10.1. Introduction
10.2. Top winning strategies
10.3. Product Mapping of Top 10 Player
10.4. Competitive Dashboard
10.5. Competitive Heatmap
10.6. Key developments

CHAPTER 11: COMPANY PROFILES
11.1 American International Group, Inc.
11.1.1 Company overview
11.1.2 Company snapshot
11.1.3 Operating business segments
11.1.4 Product portfolio
11.1.5 Business performance
11.1.6 Key strategic moves and developments
11.2 Allianz
11.3 Allstate Insurance Company
11.4 AmTrust Financial
11.5 ASSURANT, INC.
11.6 AXA
11.7 Chubb
11.8 Employers Mutual Casualty Company
11.9 Farmers
11.10 Liberty Mutual Insurance Company
11.11 Munich RE
11.12 Nationwide Mutual Insurance Company
11.13 Next Insurance, Inc.
11.14 State Farm Mutual Automobile Insurance Company
11.15 Swiss Re
11.16 The Hartford
11.17 The Travelers Indemnity Company
11.18 Zurich

For more information about this report visit https://www.researchandmarkets.com/r/3qowp9


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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

 
 
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.” 
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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