Market Overview:
The global life insurance and annuity software market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for cloud-based life insurance and annuity software due to its advantages such as scalability, flexibility, and security. In addition, the growing demand for term insurance and permanent insurance is also contributing to the growth of this market. However, lack of awareness about life insurance and annuity software among end users is restraining the growth of this market. North America dominates the global life insurance and annuity software market followed by Europe, Asia Pacific, Latin America, and Middle East & Africa respectively.
Product Definition:
Life Insurance & Annuity Software is used to manage life insurance and annuity policies. It allows agents to track policy information, premiums, and payments. The software can also be used to calculate payouts and generate reports.
Cloud Based:
Cloud based software is a type of software service that provides shared computer hardware and allows users to access data from remote locations. The cloud based life insurance & annuity software market has witnessed significant growth over the past few years owing to several benefits such as flexibility, cost effectiveness, ease of use and rapid deployment among others.
On-Premises:
On-premises software is a type of life insurance and annuity software that is installed and used on the end user's computer system. The end user can be an individual or an organization. On-premises software has been around for quite some time; however, in recent years, there has been a shift towards cloud computing due to various benefits it offers such as scalability & flexibility along with cost efficiency.
Application Insights:
The permanent insurance segment accounted for the largest revenue share of over 60.0% in 2017 and is expected to continue its dominance over the forecast period. The growth can be attributed to increasing demand for financial security among high-income groups, especially in developed regions like North America and Europe. Furthermore, growing awareness regarding life insurance as an investment option among retail investors is also responsible for driving the segment growth.
The term insurance application segment is expected to witness significant growth during the forecast period owing to rising adoption of term plans by low-risk candidates across all income groups globally. Growing awareness regarding affordable premium rates coupled with flexible payment options has encouraged a large number of individuals from middle-class families who could afford only a minimum sum assured, to opt for term plans instead which offer higher benefits at lower premium rates compared with whole life policies offered previously by insurers worldwide.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing disposable income, rising adoption of digital services, and growing penetration of mobile insurance applications in this region. Furthermore, regulatory reforms in India are paving way for development of innovative products that will further fuel growth during the forecast period.
North America accounted for a significant share in 2016 owing to high demand from U.S., which has one of the largest permanent life insurance markets globally along with term and universal life policies as well. Moreover, steady increase in investments by various private companies is fueling growth across this region since past few years resulting into lucrative opportunities for players operating within North America as well as other regions across globe over next eight years or so till 2030 AD (as per year).
Growth Factors:
- Increasing demand for life insurance and annuity products
- Rising awareness about the benefits of life insurance and annuity products
- Growing number of retirees and elderly population
- Proliferation of digital channels for buying life insurance and annuity products
- Technological advancements in the life insurance and annuity software market
Scope Of The Report
Report Attributes
Report Details
Report Title
Life Insurance & Annuity Software Market Research Report
By Type
Cloud Based, On-Premises
By Application
Term Insurance, Permanent Insurance
By Companies
Microsoft, Oracle, SAP, Accenture, Acturis, AWPL, Computer Professionals, Dell, Ebix, EIS Group, Hyland Software, AgencyBloc, HawkSoft, EZLynx, Nexsure, 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
217
Number of Tables & Figures
152
Customization Available
Yes, the report can be customized as per your need.
Global Life Insurance & Annuity Software Market Report Segments:
The global Life Insurance & Annuity Software market is segmented on the basis of:
Types
Cloud Based, On-Premises
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
Term Insurance, Permanent Insurance
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
- SAP
- Accenture
- Acturis
- AWPL
- Computer Professionals
- Dell
- Ebix
- EIS Group
- Hyland Software
- AgencyBloc
- HawkSoft
- EZLynx
- Nexsure
- Vertafore
Highlights of The Life Insurance & Annuity 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:
- Cloud Based
- On-Premises
- By Application:
- Term Insurance
- Permanent Insurance
- 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 Life Insurance & Annuity 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?
Life insurance and annuity software is a computer program that helps people understand their life insurance and annuity policies, as well as make decisions about how to best use their benefits. The software can also help people manage their finances and protect themselves from potential financial problems.
Some of the major companies in the life insurance & annuity software market are Microsoft, Oracle, SAP, Accenture, Acturis, AWPL, Computer Professionals, Dell, Ebix, EIS Group, Hyland Software, AgencyBloc, HawkSoft, EZLynx, Nexsure, Vertafore.
The life insurance & annuity software market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Life Insurance & Annuity 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 Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size & Forecast, 2018-2028
4.5.1 Life Insurance & Annuity Software Market Size and Y-o-Y Growth
4.5.2 Life Insurance & Annuity Software Market Absolute $ Opportunity
Chapter 5 Global Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Applications
6.2.1 Term Insurance
6.2.2 Permanent Insurance
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Life Insurance & Annuity 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 Life Insurance & Annuity 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 Life Insurance & Annuity Software Analysis and Forecast
9.1 Introduction
9.2 North America Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 On-Premises
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 Life Insurance & Annuity Software Market Size Forecast by Applications
9.10.1 Term Insurance
9.10.2 Permanent Insurance
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 Life Insurance & Annuity Software Analysis and Forecast
10.1 Introduction
10.2 Europe Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 On-Premises
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 Life Insurance & Annuity Software Market Size Forecast by Applications
10.10.1 Term Insurance
10.10.2 Permanent Insurance
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 Life Insurance & Annuity Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 On-Premises
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 Life Insurance & Annuity Software Market Size Forecast by Applications
11.10.1 Term Insurance
11.10.2 Permanent Insurance
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 Life Insurance & Annuity Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Life Insurance & Annuity 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 Life Insurance & Annuity Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 On-Premises
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 Life Insurance & Annuity Software Market Size Forecast by Applications
12.10.1 Term Insurance
12.10.2 Permanent Insurance
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) Life Insurance & Annuity Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Life Insurance & Annuity 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) Life Insurance & Annuity Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 On-Premises
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) Life Insurance & Annuity Software Market Size Forecast by Applications
13.10.1 Term Insurance
13.10.2 Permanent Insurance
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 Life Insurance & Annuity Software Market: Competitive Dashboard
14.2 Global Life Insurance & Annuity Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Microsoft
14.3.2 Oracle
14.3.3 SAP
14.3.4 Accenture
14.3.5 Acturis
14.3.6 AWPL
14.3.7 Computer Professionals
14.3.8 Dell
14.3.9 Ebix
14.3.10 EIS Group
14.3.11 Hyland Software
14.3.12 AgencyBloc
14.3.13 HawkSoft
14.3.14 EZLynx
14.3.15 Nexsure
14.3.16 Vertafore
