Digital Pens Helping Insurance Firms Expand Their Customer Pool

Digital Pens Helping Insurance Firms Expand Their Customer Pool

Published Dec 22, 2022 

In recent years, the usage of digital pens has increased massively all over the world. This has been primarily because of the fact that they assist in reducing the amount of time required for filling forms for several purposes. For example, in countries such as the U.S. and Germany, many public officials and police officers use digital pens for filling crime reporting and incident reporting forms and recording information about missing persons.

Additionally, these pens are being increasingly used in the banking sector, as they help in reducing operational costs and improving customer services in areas such as new account creation and loan applications by reducing the time taken for resolving queries and responding to customer inquiries. Apart from this, these pens also help insurance firms save money by reducing their expenditure on paper processing, which, in turn, helps them prevent the loss of clients during long approval processes. This subsequently helps them augment their revenue.

Apart from the aforementioned factors, the surging disposable income of people and burgeoning requirement for digital pens equipped with advanced features are also fueling the sales of these pens across the world. In many countries, digital pen manufacturers are introducing pens equipped with advanced features such as the ability to provide patient-specific and time-based reminders, data interpretation, data storage, decision support, data sharing, data transformation into audio-based text, and audio recording, which is further boosting the popularity of digital pens.

Due to the above-mentioned factors, the value of the digital pen market is expected to rise from $773.5 million in 2017 to $2,098.1 million by 2023. Furthermore, the market will demonstrate a CAGR of 18.4% from 2018 to 2023, as per the estimates of the market research company, P&S Intelligence. There are mainly two types of digital pens available in the market—pens with single OS compatibility and pens with multiple OS compatibility. Between these, the demand for the pens having multiple OS compatibility is currently higher across the world.

This is primarily because of the increasing population of people who are using more than one phone with multiple operating systems. Education, clinical documentation, back office and billing, communication, and others such as form filling and computer-aided design (CAD) are the major application areas of digital pens. Out of these, the use of digital pens in clinical documentation applications is soaring rapidly. Geographically, the sales of digital pens are expected to rise enormously in North America in the forthcoming years.

Whereas, the digital pen market is predicted to register the fastest growth in the Asia-Pacific (APAC) region in the coming years. This will be because of the presence of a large customer pool for these pens in the region. This is attributed to the growing internet penetration and surging number of consumer electronic users in regional countries such as India and China. Furthermore, the growing demand for digital health solutions, on account of the expansion of the healthcare sector, is also propelling the sales of digital pens in the region.

Hence, the demand for digital pens will surge sharply in the coming years, primarily because of their ability to reduce paperwork and time in various applications across verticals all over the world.