Market Overview:
The global life insurance policy administration systems market is expected to grow from USD 2.02 billion in 2018 to USD 3.06 billion by 2030, at a CAGR of 5.5% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based life insurance policy administration systems and rising need for automation in the life insurance industry. However, lack of awareness about benefits offered by life insurance policy administration systems and reluctance among insurers to adopt new technologies are some of the major factors restraining the growth of this market. Based on type, the global life insurance policy administration systems market is segmented into hardware, software, and services. The software segment is expected to grow at a higher CAGR during the forecast period as compared to other segments due to its ability to offer enhanced features and functionalities that help insurers manage their business operations more efficiently. Based on application, this market is segmented into two categories: insurance companies and others (consultants/brokers/aggregators). The others category includes entities that are not directly involved in selling or issuing policies but provide value-added services such as consulting or aggregation).
Product Definition:
Life Insurance Policy Administration Systems (LIPAS) are software applications used by insurance companies to manage the life insurance policies they issue. LIPAS allow insurers to track policyholder information, such as name, address, and contact information; policy details, such as premiums paid and death benefits paid; and claims history. LIPAS also allow insurers to produce reports on policy activity and performance. The use of LIPAS is essential for life insurers because it allows them to efficiently manage their policies and ensure that they are in compliance with state regulations.
Hardware:
Hardware is the tangible assets of an insurance company. It includes all the items that can be touched, seen or felt. Hardware includes computers & software, communication devices like phones and internet servers, telephones and all other electronic equipment which are used by insurance companies for their operations.
Software:
Software and it's usage in life insurance policy administration systems market is expected to witness significant growth over the forecast period. The major drivers for this market are increasing demand for efficient claim processing, regulatory compliance, fraud management & cyber security. Life insurance companies use software solutions to streamline their operations which include claims processing, accounting and regulatory compliance.
Application Insights:
The insurance company application segment accounted for the largest revenue share of over 60% in 2017. The segment will retain its dominant position throughout the forecast years due to various factors such as regulatory requirements, standard practices and past experiences of operating in this market space. Furthermore, companies are investing significantly in RLIS systems as they offer several benefits such as enhanced productivity, improved customer experience and operational efficiency.
The others application segment includes financial institutions and other non-life insurers that issue life insurance policies. This segment is expected to register a CAGR of XX% from 2018 to 2030 owing to increasing demand for risk management solutions from both small and large organizations across all industry verticals.
Regional Analysis:
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The growth of this region is attributed to increasing penetration of online life insurance policies in countries such as India, China, and Japan. Furthermore, rising awareness about global policy administration systems among consumers and financial institutions in these countries will drive the demand further.
North America held a significant share in 2016 owing to high demand for term life insurance policies from U.S., which are backed by death claims made by an independent third party called Underwriting Association (UW). Term plans offer higher coverage amounts than whole life plans but have lower returns due to lower investment amount under protection limit; hence term plan sales outnumber whole plan sales in UW offices across North America every year.
Growth Factors:
- Increasing demand for life insurance policies due to rising awareness about the benefits of life insurance and increasing disposable income of people.
- Rapid growth in the number of internet users and their growing dependence on online channels for buying products and services, which is aiding the growth of the life insurance policy administration systems market.
- Proliferation of digital technologies such as cloud computing, big data analytics, and mobile technologies that are helping insurers to manage their operations more efficiently is aiding the growth of this market.
- Stringent regulations by governments across different countries mandating compulsory purchase or holding of life insurance policies is propelling the demand for these systems globally.
Scope Of The Report
Report Attributes
Report Details
Report Title
Life Insurance Policy Administration Systems Market Research Report
By Type
Hardware, Software, Services
By Application
Insurance Company, Others
By Companies
Accenture, Andesa Services, Concentrix, CSC (CyberLife), CSC (Wealth Management Accelerator), EXL, FAST Technology, Infosys McCamish, InsPro Technologies, Majesco, MDI, Mphasis Wyde, Oracle, Sapiens and Vitech Systems Group, Instanda, Andesa
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
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Life Insurance Policy Administration Systems Market Report Segments:
The global Life Insurance Policy Administration Systems market is segmented on the basis of:
Types
Hardware, Software, Services
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
Insurance Company, 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:
- Accenture
- Andesa Services
- Concentrix
- CSC (CyberLife)
- CSC (Wealth Management Accelerator)
- EXL
- FAST Technology
- Infosys McCamish
- InsPro Technologies
- Majesco
- MDI
- Mphasis Wyde
- Oracle
- Sapiens and Vitech Systems Group
- Instanda
- Andesa
Highlights of The Life Insurance Policy Administration Systems 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:
- Hardware
- Software
- Services
- By Application:
- Insurance Company
- 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 Life Insurance Policy Administration Systems 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.
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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?
Life insurance policy administration systems (LIPAS) are computer-based systems that help life insurance companies manage their policies and customers. LIPAS typically include features such as customer account management, policy issuance, claims processing, and financial reporting.
Some of the key players operating in the life insurance policy administration systems market are Accenture, Andesa Services, Concentrix, CSC (CyberLife), CSC (Wealth Management Accelerator), EXL, FAST Technology, Infosys McCamish, InsPro Technologies, Majesco, MDI, Mphasis Wyde, Oracle, Sapiens and Vitech Systems Group, Instanda, Andesa.
The life insurance policy administration systems market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Life Insurance Policy Administration Systems 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 Policy Administration Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Life Insurance Policy Administration Systems 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 Policy Administration Systems 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 Policy Administration Systems Market Size & Forecast, 2020-2028
4.5.1 Life Insurance Policy Administration Systems Market Size and Y-o-Y Growth
4.5.2 Life Insurance Policy Administration Systems Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 Insurance Company
6.2.2 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Life Insurance Policy Administration Systems 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 Policy Administration Systems 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
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 Market Size Forecast by Applications
9.10.1 Insurance Company
9.10.2 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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
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 Market Size Forecast by Applications
10.10.1 Insurance Company
10.10.2 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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
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 Market Size Forecast by Applications
11.10.1 Insurance Company
11.10.2 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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
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 Market Size Forecast by Applications
12.10.1 Insurance Company
12.10.2 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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
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) Market Size Forecast by Applications
13.10.1 Insurance Company
13.10.2 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 Life Insurance Policy Administration Systems Market: Competitive Dashboard
14.2 Global Life Insurance Policy Administration Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 Andesa Services
14.3.3 Concentrix
14.3.4 CSC (CyberLife)
14.3.5 CSC (Wealth Management Accelerator)
14.3.6 EXL
14.3.7 FAST Technology
14.3.8 Infosys McCamish
14.3.9 InsPro Technologies
14.3.10 Majesco
14.3.11 MDI
14.3.12 Mphasis Wyde
14.3.13 Oracle
14.3.14 Sapiens and Vitech Systems Group
14.3.15 Instanda
14.3.16 Andesa
