Global Insurance Software Market by Type (On-premises, SaaS-based), By Application (Accident and Health, Life and Annuity, Reinsurance, Commercial Property/Casualty, Personal Property/Casualty, Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

                                          

                                                                                       
Market Overview:

The global insurance software market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for cloud-based insurance software and rising adoption of big data and analytics in the insurance industry. On-premises software held the largest share of the global insurance software market in 2017, owing to its advantages such as low cost and better security features as compared to SaaS-based software. However, SaaS-based software is expected to grow at a higher CAGR during the forecast period, due to its advantages such as lower cost and faster deployment time. In terms of application, accident and health held the largest share of the global insurance software market in 2017, followed by life and annuity. The increasing demand for cloud-based accident & health applications is driving growth in this segment.



Get Free Sample Report

Product Definition:

Insurance Software is a computer program used in the insurance industry to manage policy and claims information. It helps agents and brokers process new policies, track customer data, and manage claims. Insurance Software can also help companies analyze risk and set rates.

On-premises:

On-premises software is a type of insurance software that is installed and used on the insured company’s computers. It's an internal process used by companies to manage their insurance products and services. The growth factor for this market is mainly attributed to factors such as high cost of technology, compliance issues, data security & privacy concerns along with increasing competition in the industry forcing companies to adopt latest technologies or risk being obsolete.

SaaS-based:

Software as a Service (SaaS) is an approach to deliver software over the internet using cloud technology. It has been evolving since 2009 and has gained significant traction in the past few years owing to its cost-effectiveness, ease of use, agility & scalability features. SaaS helps insurance companies in improving their customer experience by streamlining various processes such as claim management and policy administration which are typically done on an on-premise basis.

Application Insights:

The life and annuity segment accounted for the largest revenue share in 2017. The growth can be attributed to increasing demand from individuals, organizations, and governments for managing their insurance policies. Furthermore, technological advancements such as big data analytics have enabled insurers to offer more personalized services by analyzing huge amount of data collected from various sources such as social media platforms. This has led to improved customer engagement leading to higher retention rates which is further driving the market growth.

The commercial property/casualty segment is anticipated to witness a lucrative CAGR over the forecast period owing to factors such as growing investments in real estate development projects across various countries worldwide which are likely drive up construction activities thereby increasing commercial risks that an insurer would cover under a standard policyholder agreement (PHA). Insurers are also increasingly entering into partnerships with technology companies or external service providers who develop innovative solutions specific towards risk management thereby driving industry expansion at a rapid pace over the coming years.

Regional Analysis:

North America accounted for the largest revenue share in 2017. The growth is attributed to the presence of key players such as Allianz SE, American International Group, Inc., Chubb Ltd., and Travelers Companies. These companies are focusing on developing innovative products that can help insurance companies offer their services efficiently and effectively to customers.

Asia Pacific is expected to register significant growth over the forecast period owing to increasing demand from small & medium-sized businesses (SMBs). SMBs account for approximately 60% of all businesses globally which makes them a lucrative segment for insurers worldwide.

Growth Factors:

Increasing demand for insurance software from small and medium-sized businesses (SMBs)
Rising need for automation in the insurance sector
Proliferation of cloud-based solutions
Emergence of new technologies, such as big data and analytics, artificial intelligence, and machine learning
Growing popularity of Software as a Service (SaaS) delivery model


Get Free Sample Report
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Software Market Research Report
By Type
On-premises, SaaS-based
By Application
Accident and Health, Life and Annuity, Reinsurance, Commercial Property/Casualty, Personal Property/Casualty, Others
By Companies
Microsoft, Oracle, Salesforce, SAP, Acturis, Automated Workflow, Buckhill, Computer Professionals, Computer Sciences Corporation, Dell, Ebix, EIS Group, Guidewire Software, Hyland Software, Insly, Insurity, Lexmark, MedinyX, Pegasystems, Sapiens, SAS, Solartis, Transactor, Vertafore
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
160
Number of Tables & Figures
112
Customization Available
Yes, the report can be customized as per your need.

Global Insurance Software Market Report Segments:
The global Insurance Software market is segmented on the basis of:
Types
On-premises, SaaS-based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Accident and Health, Life and Annuity, Reinsurance, Commercial Property/Casualty, Personal Property/Casualty, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
Microsoft
Oracle
Salesforce
SAP
Acturis
Automated Workflow
Buckhill
Computer Professionals
Computer Sciences Corporation
Dell
Ebix
EIS Group
Guidewire Software
Hyland Software
Insly
Insurity
Lexmark
MedinyX
Pegasystems
Sapiens
SAS
Solartis
Transactor
Vertafore



Get Free Sample Report

Highlights of The Insurance Software Market Report:
The market structure and projections for the coming years.
Drivers, restraints, opportunities, and current trends of market.
Historical data and forecast.
Estimations for the forecast period 2030.
Developments and trends in the market.
By Type:
On-premises
SaaS-based
By Application:
Accident and Health
Life and Annuity
Reinsurance
Commercial Property/Casualty
Personal Property/Casualty
Others
Market scenario by region, sub-region, and country.
Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Insurance Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
Correctly Positioning New Products
Market Entry Strategies
Business Expansion Strategies
Consumer Insights
Understanding Competition Scenario
Product & Brand Management
Channel & Customer Management
Identifying Appropriate Advertising Appeals



8 Reasons to Buy This Report
Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
Implemented Robust Methodology to Prepare the Report
Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
Provides Information About the Top-winning Strategies Implemented by Industry Players.
In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
Customization of the Report Available

Frequently Asked Questions?