Market Overview:
The global underwriting and rating software market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based and web-based underwriting and rating software solutions by large enterprises and SMEs. North America is expected to lead the global market in terms of revenue, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Underwriting is the process of assessing and managing risk. Rating software helps to rate risks by providing underwriters with a quantitative measure of risk. This software is important because it allows underwriters to make informed decisions about what risks they are willing to insure and what premiums they need to charge in order to cover those risks.
Cloud Based:
Cloud based software is a type of software service that provides shared computer hardware and software resources to multiple users over the internet. The most common use of cloud-based services in the insurance industry is for processing underwriting & rating applications. Cloud based underwriting & rating services are used by insurance companies, banks, and other financial institutions for various applications such as property/casualty insurance, life/health/medical assurance or bond underwriters among others.
Web Based:
The global web-based and it's usage in underwriting & rating software market size was valued at USD 0.00 million in 2016. The increasing adoption of web-based solutions by the insurance industry is expected to be a key factor driving growth over the forecast period.
Insurance companies are increasingly adopting these solutions as they offer numerous benefits such as ease of use, reduced costs, and high flexibility for insurers to customize products and services on various levels.
Application Insights:
The large enterprises segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The growth of this segment can be attributed to factors such as increasing penetration of digital transformation in large enterprises, growing need for risk management and rising demand from SMEs. Rating software has become an integral part of underwriting process at large enterprise level which involves multiple departments such as sales, marketing & product development, risk management & pricing etc. Large enterprises are adopting modern technologies that enhance productivity and efficiency which includes cloud based or on premise UT&R software.
SMEs are considered to be a promising market segment owing to their limited resources with respect to capital, expertise and time available for undertaking risks associated with them.
Regional Analysis:
North America dominated the global market in 2017. The growth can be attributed to the presence of a large number of insurance companies in this region. Moreover, these companies are continuously investing in R&D activities for developing advanced underwriting and rating software solutions. Asia Pacific is expected to witness significant growth over the forecast period owing to increasing penetration of internet services and mobile phones coupled with rising adoption of cloud computing technologies. Furthermore, growing demand for property/casualty insurance policies due to rapid urbanization and growing population is anticipated to drive regional market growth over the forecast period.
The Latin American region is expected witness considerable growth during the forecast period owing to increasing digitization across economies such as Brazil, Mexico, Argentina etc., which has led into an increase in online shopping activities resulting into higher product claims by various associations such as COVID-19 (Cancer Patient Fundation) or Asociacion Civil de Trabajadores del Estado (State Employees Association).
Growth Factors:
- Increasing demand for risk management and insurance services
- Rising need for automation in the underwriting process
- Growing popularity of big data and analytics in the insurance industry
- Proliferation of cloud-based solutions
- Emergence of new players in the market
Scope Of The Report
Report Attributes
Report Details
Report Title
Underwriting & Rating Software Market Research Report
By Type
Cloud Based, Web Based
By Application
Large Enterprises, SMEs
By Companies
Applied Epic, Oracle Insurance, Applied Rater, QQWebRater, PolicyCenter, Ifoundry, OneShield, Duck Creek, Bridge Rating, Instec
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
212
Number of Tables & Figures
149
Customization Available
Yes, the report can be customized as per your need.
Global Underwriting & Rating Software Market Report Segments:
The global Underwriting & Rating Software market is segmented on the basis of:
Types
Cloud Based, Web Based
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
Large Enterprises, SMEs
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:
- Applied Epic
- Oracle Insurance
- Applied Rater
- QQWebRater
- PolicyCenter
- Ifoundry
- OneShield
- Duck Creek
- Bridge Rating
- Instec
Highlights of The Underwriting & Rating 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
- Web Based
- By Application:
- Large Enterprises
- SMEs
- 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 Underwriting & Rating 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.
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- 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?
Underwriting & Rating Software is a software application that helps insurance companies rate and underwrite risks. It provides insurers with a comprehensive risk assessment tool, which can help them identify potential risks and make informed decisions about how to price and underwrite those risks.
Some of the major companies in the underwriting & rating software market are Applied Epic, Oracle Insurance, Applied Rater, QQWebRater, PolicyCenter, Ifoundry, OneShield, Duck Creek, Bridge Rating, Instec.
The underwriting & rating software market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Underwriting & Rating 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 Underwriting & Rating Software Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Underwriting & Rating 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 Underwriting & Rating 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 Underwriting & Rating Software Market Size & Forecast, 2018-2028 4.5.1 Underwriting & Rating Software Market Size and Y-o-Y Growth 4.5.2 Underwriting & Rating Software Market Absolute $ Opportunity
Chapter 5 Global Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 Web Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Applications
6.2.1 Large Enterprises
6.2.2 SMEs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Underwriting & Rating 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 Underwriting & Rating 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 Underwriting & Rating Software Analysis and Forecast
9.1 Introduction
9.2 North America Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 Web Based
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 Underwriting & Rating Software Market Size Forecast by Applications
9.10.1 Large Enterprises
9.10.2 SMEs
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 Underwriting & Rating Software Analysis and Forecast
10.1 Introduction
10.2 Europe Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 Web Based
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 Underwriting & Rating Software Market Size Forecast by Applications
10.10.1 Large Enterprises
10.10.2 SMEs
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 Underwriting & Rating Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 Web Based
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 Underwriting & Rating Software Market Size Forecast by Applications
11.10.1 Large Enterprises
11.10.2 SMEs
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 Underwriting & Rating Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Underwriting & Rating 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 Underwriting & Rating Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 Web Based
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 Underwriting & Rating Software Market Size Forecast by Applications
12.10.1 Large Enterprises
12.10.2 SMEs
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) Underwriting & Rating Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Underwriting & Rating 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) Underwriting & Rating Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 Web Based
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) Underwriting & Rating Software Market Size Forecast by Applications
13.10.1 Large Enterprises
13.10.2 SMEs
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 Underwriting & Rating Software Market: Competitive Dashboard
14.2 Global Underwriting & Rating Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Applied Epic
14.3.2 Oracle Insurance
14.3.3 Applied Rater
14.3.4 QQWebRater
14.3.5 PolicyCenter
14.3.6 Ifoundry
14.3.7 OneShield
14.3.8 Duck Creek
14.3.9 Bridge Rating
14.3.10 Instec