Market Overview:
The global insurance suites software market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for insurance suites software from individual, government, enterprise, and other applications. North America is expected to hold the largest share of the global insurance suites software market in 2018, followed by Europe and Asia Pacific.
Product Definition:
Insurance Suites Software is a comprehensive system that enables insurance companies to manage all of their operations in one place. It includes modules for policy administration, claims management, and customer service, as well as reporting and business intelligence tools. Insurance Suites Software helps insurers streamline their processes, improve customer service, and make better decisions based on real-time data.
Insurance Policy Administration Software:
Insurance policy administration software is used by insurance companies to process and manage customer claims. The growing need for automation in the insurance industry coupled with the introduction of advanced technologies such as cloud computing, big data analytics, and mobile applications are expected to drive market growth over the forecast period.
Insurance Billing Software:
Insurance billing software is used by insurance companies to generate bills or invoices for the services provided. The software helps in maintaining a record of all the policies issued, claims made, and payments received. It also helps in generating reports regarding premium collection and customer information that can be used for future reference.
The global Insurance suites software market size was valued at USD 472 million in 2016.
Application Insights:
The enterprise segment dominated the global insurance suites software market in 2017, accounting for over 60.0% share of the overall revenue. The growth can be attributed to factors such as growing demand from large corporate clients and rapidly growing companies across the globe.
The individual segment is expected to witness significant growth over the forecast period owing to increasing awareness about online insurance services among consumers globally. Technology has enabled insurers and agents worldwide to offer their products through digital channels with ease and convenience while also improving customer experience significantly across all channels.
Regional Analysis:
North America dominated the global insurance suites software market in 2017. The presence of a large number of insurance companies coupled with the high adoption rate of advanced technologies is expected to drive growth over the forecast period. Furthermore, increasing demand for cloud-based solutions and technological advancements are also expected to drive regional growth over the next eight years.
Asia Pacific is anticipated to witness significant growth during the forecast period owing to an increase in investments by various governments across countries such as China, India, and Australia aimed at developing infrastructure and creating jobs within their economies. In addition, favorable government policies promoting economic development are further anticipated to fuel regional demand during the same period.
Growth Factors:
- Increasing demand for insurance suites software from small and medium-sized businesses (SMBs) due to the growing need for risk management and compliance solutions.
- The increasing adoption of cloud-based insurance suites software by organizations of all sizes, as it helps reduce costs and improve efficiency.
- The rising demand for big data and analytics in the insurance industry, which is helping to drive the growth of insurance suites software market.
- The increasing use of social media channels by insurers to interact with customers, which is resulting in the need for more sophisticated customer engagement solutions that are offered by insurance suites software providers.
- Growing demand for mobile apps from insurers to provide better customer experience through enhanced functionality and usability on handheld devices
Scope Of The Report
Report Attributes
Report Details
Report Title
Insurance Suites Software Market Research Report
By Type
Insurance Policy Administration Software, Insurance Billing Software, Claims Management Software, Underwriting and Rating Software, Insurance Agency Management Software
By Application
Individual, Government, Enterprise, Others
By Companies
Applied Systems, BRITECORE, Guidewire Software, VRC Insurance Systems, Accenture, CodeObjects, Insurity, LexisNexis, Sapiens International, Tigerlab, IDP, Socotra, DXC Technology, Insuresoft, Duck Creek Technologies
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
135
Number of Tables & Figures
95
Customization Available
Yes, the report can be customized as per your need.
Global Insurance Suites Software Market Report Segments:
The global Insurance Suites Software market is segmented on the basis of:
Types
Insurance Policy Administration Software, Insurance Billing Software, Claims Management Software, Underwriting and Rating Software, Insurance Agency Management Software
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
Individual, Government, Enterprise, 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:
- Applied Systems
- BRITECORE
- Guidewire Software
- VRC Insurance Systems
- Accenture
- CodeObjects
- Insurity
- LexisNexis
- Sapiens International
- Tigerlab
- IDP
- Socotra
- DXC Technology
- Insuresoft
- Duck Creek Technologies
Highlights of The Insurance Suites 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:
- Insurance Policy Administration Software
- Insurance Billing Software
- Claims Management Software
- Underwriting and Rating Software
- Insurance Agency Management Software
- By Application:
- Individual
- Government
- Enterprise
- 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 Suites 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
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- Product & Brand Management
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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?
Insurance suites software is a type of software that helps businesses manage their insurance needs. It can include tools for quoting, policy management, claims processing, and more.
Some of the major companies in the insurance suites software market are Applied Systems, BRITECORE, Guidewire Software, VRC Insurance Systems, Accenture, CodeObjects, Insurity, LexisNexis, Sapiens International, Tigerlab, IDP, Socotra, DXC Technology, Insuresoft, Duck Creek Technologies.
The insurance suites software market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Insurance Suites Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Insurance Suites Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Insurance Suites Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Insurance Suites Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Insurance Suites Software Market Size & Forecast, 2018-2028
4.5.1 Insurance Suites Software Market Size and Y-o-Y Growth
4.5.2 Insurance Suites Software Market Absolute $ Opportunity
Chapter 5 Global Insurance Suites Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Insurance Suites Software Market Size Forecast by Type
5.2.1 Insurance Policy Administration Software
5.2.2 Insurance Billing Software
5.2.3 Claims Management Software
5.2.4 Underwriting and Rating Software
5.2.5 Insurance Agency Management Software
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Insurance Suites Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Insurance Suites Software Market Size Forecast by Applications
6.2.1 Individual
6.2.2 Government
6.2.3 Enterprise
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Insurance Suites Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Insurance Suites Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Insurance Suites Software Analysis and Forecast
9.1 Introduction
9.2 North America Insurance Suites Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Insurance Suites Software Market Size Forecast by Type
9.6.1 Insurance Policy Administration Software
9.6.2 Insurance Billing Software
9.6.3 Claims Management Software
9.6.4 Underwriting and Rating Software
9.6.5 Insurance Agency Management Software
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Insurance Suites Software Market Size Forecast by Applications
9.10.1 Individual
9.10.2 Government
9.10.3 Enterprise
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Insurance Suites Software Analysis and Forecast
10.1 Introduction
10.2 Europe Insurance Suites Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Insurance Suites Software Market Size Forecast by Type
10.6.1 Insurance Policy Administration Software
10.6.2 Insurance Billing Software
10.6.3 Claims Management Software
10.6.4 Underwriting and Rating Software
10.6.5 Insurance Agency Management Software
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Insurance Suites Software Market Size Forecast by Applications
10.10.1 Individual
10.10.2 Government
10.10.3 Enterprise
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Insurance Suites Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Insurance Suites Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Insurance Suites Software Market Size Forecast by Type
11.6.1 Insurance Policy Administration Software
11.6.2 Insurance Billing Software
11.6.3 Claims Management Software
11.6.4 Underwriting and Rating Software
11.6.5 Insurance Agency Management Software
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Insurance Suites Software Market Size Forecast by Applications
11.10.1 Individual
11.10.2 Government
11.10.3 Enterprise
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Insurance Suites Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Insurance Suites Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Insurance Suites Software Market Size Forecast by Type
12.6.1 Insurance Policy Administration Software
12.6.2 Insurance Billing Software
12.6.3 Claims Management Software
12.6.4 Underwriting and Rating Software
12.6.5 Insurance Agency Management Software
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Insurance Suites Software Market Size Forecast by Applications
12.10.1 Individual
12.10.2 Government
12.10.3 Enterprise
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Insurance Suites Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Insurance Suites Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Insurance Suites Software Market Size Forecast by Type
13.6.1 Insurance Policy Administration Software
13.6.2 Insurance Billing Software
13.6.3 Claims Management Software
13.6.4 Underwriting and Rating Software
13.6.5 Insurance Agency Management Software
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Insurance Suites Software Market Size Forecast by Applications
13.10.1 Individual
13.10.2 Government
13.10.3 Enterprise
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Insurance Suites Software Market: Competitive Dashboard
14.2 Global Insurance Suites Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Applied Systems
14.3.2 BRITECORE
14.3.3 Guidewire Software
14.3.4 VRC Insurance Systems
14.3.5 Accenture
14.3.6 CodeObjects
14.3.7 Insurity
14.3.8 LexisNexis
14.3.9 Sapiens International
14.3.10 Tigerlab
14.3.11 IDP
14.3.12 Socotra
14.3.13 DXC Technology
14.3.14 Insuresoft
14.3.15 Duck Creek Technologies
