Market Overview:
The global life insurance rating systems 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 cloud-based and on-premise life insurance rating systems across different applications such as term life insurance, whole life insurance, group life insurance, and others. Additionally, the growing awareness about the benefits of using these systems is also contributing to the growth of this market. North America dominates this market followed by Europe and Asia Pacific.
Product Definition:
Life insurance rating systems are used to determine the rates that life insurance companies charge for their policies. The most common system is the alphabetical system, which rates policies from A++ to D. The higher the rating, the lower the premiums. Other systems use numbers or stars to rate policies.
Cloud-Based:
Cloud-based is a term used to define software or services that are hosted on the cloud. The major driving factor for the growth of this market is cost reduction. Life insurance companies have been facing huge costs in maintaining their IT infrastructure and servers, which has led them to look for an alternative that can potentially reduce these costs and provide flexibility at the same time. Cloud-based solutions have emerged as an ideal solution for such insurers, thereby driving market growth over the forecast period.
On-Premise:
On-premise is a term used for software and data that are stored on the end user's computer. The information can be changed or modified by the user as per their requirements.
Application Insights:
Term life insurance was the largest application segment in 2016, with a share of over 60.0% in the global market. The segment is expected to witness significant growth during the forecast period owing to increasing demand for term life insurance policies from individuals and families across various regions of the world. Whole life insurance is also expected to witness considerable growth during this period due to its higher premium rates as compared to Term Life Insurance and Group Life Insurance products offered by different insurers.
The group life insurance application segment is estimatedto grow at a rapid pace over the next eight years owingto rising awareness about protecting family inheritance through suchinsurance policies, especially among high-income groups aroundthe globe. Increasing number of terrorist attacksinvolving death tolls ranging between 30-50 people at once has led towidely accepted norms that state that every male member above 18 years old should have a burial fundof USD 10,000USD 20,000 ready for emergencies situations like these.
Regional Analysis:
North America dominated the global life insurance rating systems market in 2017. The growth of this region can be attributed to the presence of a large number of players, high demand for term and whole life policies, favorable regulatory scenario and increasing awareness about various financial products.
The Asia Pacific is expected to witness significant growth over the forecast period owing to factors such as growing population, rising disposable income especially in developing countries such as India and China among others. Furthermore, an increase in investments for employee benefits is also anticipated to drive regional growth over the next eight years. In addition, emerging economies are focusing on providing quality education facilities which will further boost investments for employee benefits programs thereby driving product sales across industries including insurance industry. These aforementioned factors are likely to contribute towards regional market development during the forecast period from 2018 till 2030 (estimated).
Growth Factors:
- Increasing demand for life insurance products due to rising awareness about the benefits of life insurance and increasing disposable income of consumers.
- Rapid growth in the number of aging population who are in need of life insurance coverage for protection against financial risks associated with old age.
- Proliferation of new distribution channels for selling life insurance products, such as online platforms and mobile apps, which is making it easier for consumers to purchase life insurance policies.
- Growing preference among consumers for simplified and transparent product offerings, which is prompting insurers to develop innovative rating systems that provide easy-to-understand information about their products.
- Increased focus by insurers on using big data analytics and machine learning algorithms to develop predictive models that can help them price their products more accurately and identify potential high-value customers
Scope Of The Report
Report Attributes
Report Details
Report Title
Life Insurance Rating Systems Market Research Report
By Type
Cloud-Based, On-Premise
By Application
Term Life Insurance, Whole Life Insurance, Group Life Insurance, Others
By Companies
Vertafore, Applied Systems, EZLynx, ACS, Sapiens/Maximum Processing, Agency Matrix, ITC, HawkSoft, QQ Solutions, Buckhill, InsuredHQ
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
167
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global Life Insurance Rating Systems Market Report Segments:
The global Life Insurance Rating Systems market is segmented on the basis of:
Types
Cloud-Based, On-Premise
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 Life Insurance, Whole Life Insurance, Group Life Insurance, 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:
- Vertafore
- Applied Systems
- EZLynx
- ACS
- Sapiens/Maximum Processing
- Agency Matrix
- ITC
- HawkSoft
- QQ Solutions
- Buckhill
- InsuredHQ
Highlights of The Life Insurance Rating 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:
- Cloud-Based
- On-Premise
- By Application:
- Term Life Insurance
- Whole Life Insurance
- Group Life Insurance
- 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 Rating 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.
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?
Life insurance rating systems are a way to compare different life insurance policies and choose the best one for you. They use a variety of factors, including premiums, death benefits, and exclusions.
Some of the major players in the life insurance rating systems market are Vertafore, Applied Systems, EZLynx, ACS, Sapiens/Maximum Processing, Agency Matrix, ITC, HawkSoft, QQ Solutions, Buckhill, InsuredHQ.
The life insurance rating systems 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 Rating 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 Rating Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Life Insurance Rating 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 Rating 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 Rating Systems Market Size & Forecast, 2020-2028
4.5.1 Life Insurance Rating Systems Market Size and Y-o-Y Growth
4.5.2 Life Insurance Rating 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 Cloud-Based
5.2.2 On-Premise
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 Term Life Insurance
6.2.2 Whole Life Insurance
6.2.3 Group Life Insurance
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Life Insurance Rating 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 Rating 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 Cloud-Based
9.6.2 On-Premise
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 Term Life Insurance
9.10.2 Whole Life Insurance
9.10.3 Group Life Insurance
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 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 Cloud-Based
10.6.2 On-Premise
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 Term Life Insurance
10.10.2 Whole Life Insurance
10.10.3 Group Life Insurance
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 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 Cloud-Based
11.6.2 On-Premise
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 Term Life Insurance
11.10.2 Whole Life Insurance
11.10.3 Group Life Insurance
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 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 Cloud-Based
12.6.2 On-Premise
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 Term Life Insurance
12.10.2 Whole Life Insurance
12.10.3 Group Life Insurance
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) 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 Cloud-Based
13.6.2 On-Premise
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 Term Life Insurance
13.10.2 Whole Life Insurance
13.10.3 Group Life Insurance
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 Life Insurance Rating Systems Market: Competitive Dashboard
14.2 Global Life Insurance Rating Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Vertafore
14.3.2 Applied Systems
14.3.3 EZLynx
14.3.4 ACS
14.3.5 Sapiens/Maximum Processing
14.3.6 Agency Matrix
14.3.7 ITC
14.3.8 HawkSoft
14.3.9 QQ Solutions
14.3.10 Buckhill
14.3.11 InsuredHQ
