Market Overview:
The global remote life insurance rating platforms market is expected to grow at a CAGR of 10.8% 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 platforms across different regions. Additionally, the growing need for automation and digitization in the life insurance industry is also contributing to the growth of this market. On the basis of type, the global remote life insurance rating platforms market can be segmented into cloud-based and on-premise.
Product Definition:
A remote life insurance rating platform is a web-based system that allows an insurance company to rate and underwrite life insurance policies for customers who live in different states than the company. The platform allows the company to input customer information, including age, health history, and occupation, and then generate a quote for a policy. The importance of having a remote life insurance rating platform is that it enables companies to offer coverage to more customers by allowing them to underwrite policies regardless of their location.
Cloud-Based:
Cloud-based services are becoming more popular among the insurance industry. The growth of this segment is attributed to various factors such as low cost, high reliability, and better user experience. Cloud-based solutions offer a wide range of benefits to users including faster deployment of applications and easy data recovery.
On-Premise:
On-premise software is a type of cloud computing software that is installed and used on the end user's own equipment. The most common example of on-premise software would be an insurance company using life insurance applications to sell its policies. On-premise solutions are more secure than their counterparts as they store all critical data in house, which cannot be accessed by any third party or hackers. This also eliminates the risk of personal information being misused or stolen by any means.
Application Insights:
The whole life insurance segment led the global remote life insurance rating platforms market in 2017. This is attributed to its ability to offer higher cash surrender values (CSVs) and lower premium payments than other types of policies. Whole life policies also have a longer term of validity, which makes them suitable for long-term savings and investments.
Term life insurance is expected to be the fastest-growing application segment over the forecast period owing to its low cost as well as easy availability across all age groups and income levels. Term policyholders only need annual premium updates, while whole or universal Life Insurance policyholders would require both annual premium updates as well as occasional claims settlement updates from their insurers if any such cases exist at all in reality or hypothetically speaking terms regarding CSVs, etc.
Regional Analysis:
North America held the largest revenue share of over 35% in 2017. The growth is attributed to the presence of a large number of companies offering various forms and products of life insurance. In North America, term and whole life policies are most popular due to their tax-favoring features. Term policies pay out upon death while whole life policies pay out only after a certain period elapses.
Asia Pacific is expected to register significant growth over the forecast period owing to increasing demand for financial services in emerging economies such as India, China, Indonesia, Malaysia and Thailand among others.
Growth Factors:
- Increasing demand for online life insurance policies
- Rising awareness about the benefits of remote life insurance rating platforms
- Proliferation of internet and mobile devices
- Growing need for cost-effective and efficient life insurance solutions
- Emergence of new players in the market
Scope Of The Report
Report Attributes
Report Details
Report Title
Remote Life Insurance Rating Platforms Market Research Report
By Type
Cloud-Based, On-Premise
By Application
Term Life Insurance, Whole Life Insurance, Group Life Insurance, Others
By Companies
Vertafore, EZLynx, ACS, Applied Systems, Agency Matrix, ITC, Buckhill, InsuredHQ, HawkSoft
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
221
Number of Tables & Figures
155
Customization Available
Yes, the report can be customized as per your need.
Global Remote Life Insurance Rating Platforms Market Report Segments:
The global Remote Life Insurance Rating Platforms 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
- EZLynx
- ACS
- Applied Systems
- Agency Matrix
- ITC
- Buckhill
- InsuredHQ
- HawkSoft
Highlights of The Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms 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?
Remote life insurance rating platforms are websites or apps that allow users to rate and review life insurance policies. These platforms can help consumers compare different policies and make informed decisions about which policy is best for them.
Some of the major companies in the remote life insurance rating platforms market are Vertafore, EZLynx, ACS, Applied Systems, Agency Matrix, ITC, Buckhill, InsuredHQ, HawkSoft.
The remote life insurance rating platforms market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms Market Size & Forecast, 2020-2028
4.5.1 Remote Life Insurance Rating Platforms Market Size and Y-o-Y Growth
4.5.2 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms 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 Remote Life Insurance Rating Platforms Market: Competitive Dashboard
14.2 Global Remote Life Insurance Rating Platforms Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Vertafore
14.3.2 EZLynx
14.3.3 ACS
14.3.4 Applied Systems
14.3.5 Agency Matrix
14.3.6 ITC
14.3.7 Buckhill
14.3.8 InsuredHQ
14.3.9 HawkSoft
