Market Overview:
The global P&C insurance 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 cloud-based software and the growing need for automation in the insurance industry. The global P&C insurance software market is segmented on the basis of type, application, and region. On the basis of type, it is divided into cloud-based and on-premise software. Cloud-based software held a larger share of the global P&C insurance software market in 2017 owing to its advantages such as low cost, scalability, and easy deployment. However, on-premise software is expected to grow at a higher CAGR during the forecast period due to its advantages such as security and control over data. On the basis of application, it is divided into claims management, underwriting management, policy administration & billing management operations management), loss adjustment & fraud detection) others).
Product Definition:
P&C insurance software is used to manage and assess risk for property and casualty insurance companies. The software helps insurers identify risks, set rates, and underwrite policies.
Cloud-Based:
Cloud-based software is a type of software service that provides solutions to manage business operations through remote network access. The cloud-based platform offers insurance companies with an array of services such as claims processing, policy administration, and accounting functions. Cloud-based platforms are gaining popularity among the insurance industry owing to its cost effectiveness and time efficiency offered in delivering solutions for various business processes.
On-Premise:
On-premise software is a type of P&C insurance software that is installed and operated from the provider's server. The on-premise solution has been widely used by insurers to provide services such as billing, underwriting, claims processing, and fraud management.
Application Insights:
The market is segmented by application into claims, underwriting, operations, and others. The claims segment dominated the overall industry in terms of revenue share in 2017. This can be attributed to a large number of P&C insurers writing business across various industries owing to the high claim frequency for property damage and bodily injury caused by accidents or incidents. Furthermore, increasing awareness among consumers regarding their rights as well as duties when it comes to loss caused due to accidents or incidents is further expected to drive growth over the forecast period.
The underwriting segment is anticipated witness significant growth over the forecast period owing to factors such as an increase in commercial activities resulting in more risks for insurers; rapid urbanization leading towards increased demand for infrastructure development; technological advancements that have led towards an increase in coverages purchased especially during times of natural disasters such as earthquakes and floods; growing global population which leads towards increased demand for health & medical insurance products etc.
Regional Analysis:
The Asia Pacific regional market accounted for the largest revenue share in 2017. The growth is attributed to the increasing number of P&C insurance companies looking to digitalize their operations and enhance underwriting efficiency. Furthermore, a large number of policyholders and premium income are also expected to drive demand over the forecast period.
North America is anticipated to be one of the most lucrative regions during the forecast years owing to several favorable factors such as high-speed internet connectivity, cloud technology adoption, and rising awareness about cyber security threats among businesses operating in this region. Moreover, presence of major players with extensive experience in developing customized software solutions will continue driving demand over next seven years or so.
The European regional market held a significant share in terms of both revenue generation as well policy volumes transacted through these systems across all segments including commercial property &casualty (CPC), fleet & marine (F&M), life & health (LH) and property/ casualty (P&C).
Growth Factors:
- Increasing demand for automation in the insurance industry to manage growing volumes of data and to improve operational efficiency.
- The need for insurers to reduce costs and increase profits is driving the adoption of software solutions that can help streamline processes.
- Growing demand from small and medium-sized businesses (SMBs) for affordable, yet comprehensive, insurance software solutions.
- The increasing use of cloud-based delivery models for P&C insurance software is helping to speed up deployment times and reduce implementation costs.
Scope Of The Report
Report Attributes
Report Details
Report Title
P&C Insurance Software Market Research Report
By Type
Cloud-Based, On-Premise
By Application
Claims, Underwriting, Operations, Others
By Companies
Willis Tower Watson, Insurance Systems, PCMS, ClarionDoor, Quick Silver Systems, Pegasystems, Duck Creek Technologies, Agency Software, Sapiens, InsuredMine, Quadient, Guidewire Software, Zywave
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
250
Number of Tables & Figures
175
Customization Available
Yes, the report can be customized as per your need.
Global P&C Insurance Software Market Report Segments:
The global P&C Insurance Software 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
Claims, Underwriting, Operations, 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:
- Willis Tower Watson
- Insurance Systems
- PCMS
- ClarionDoor
- Quick Silver Systems
- Pegasystems
- Duck Creek Technologies
- Agency Software
- Sapiens
- InsuredMine
- Quadient
- Guidewire Software
- Zywave
Highlights of The P&C 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:
- Cloud-Based
- On-Premise
- By Application:
- Claims
- Underwriting
- Operations
- 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 P&C 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
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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?
P&C insurance software is a computer program that helps insurance companies manage their policies and claims. The software can help insurers identify policyholders who may be at risk for filing claims, monitor policyholder behavior to prevent fraud, and track the progress of pending claims.
Some of the major players in the p&c insurance software market are Willis Tower Watson, Insurance Systems, PCMS, ClarionDoor, Quick Silver Systems, Pegasystems, Duck Creek Technologies, Agency Software, Sapiens, InsuredMine, Quadient, Guidewire Software, Zywave.
The p&c insurance 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 P&C Insurance 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 P&C Insurance Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 P&C Insurance 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 P&C Insurance 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 P&C Insurance Software Market Size & Forecast, 2020-2028
4.5.1 P&C Insurance Software Market Size and Y-o-Y Growth
4.5.2 P&C Insurance Software 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 Claims
6.2.2 Underwriting
6.2.3 Operations
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global P&C Insurance 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 P&C Insurance 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 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 Claims
9.10.2 Underwriting
9.10.3 Operations
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 Claims
10.10.2 Underwriting
10.10.3 Operations
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 Claims
11.10.2 Underwriting
11.10.3 Operations
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 Claims
12.10.2 Underwriting
12.10.3 Operations
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 Claims
13.10.2 Underwriting
13.10.3 Operations
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 P&C Insurance Software Market: Competitive Dashboard
14.2 Global P&C Insurance Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Willis Tower Watson
14.3.2 Insurance Systems
14.3.3 PCMS
14.3.4 ClarionDoor
14.3.5 Quick Silver Systems
14.3.6 Pegasystems
14.3.7 Duck Creek Technologies
14.3.8 Agency Software
14.3.9 Sapiens
14.3.10 InsuredMine
14.3.11 Quadient
14.3.12 Guidewire Software
14.3.13 Zywave
