The global insurance software market size reached US$ 3.8 billion in 2023. The market is projected to reach US$ 6.3 billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2023-2032. The increasing need to automate software programs, the rising demand for mobile apps in insurance businesses, and the growing employment of insurance software to collect information about claims represent some of the key factors driving the market.
Insurance software is used to manage insurance business operations, such as underwriting, issuing policies, managing teams, tracking claims, complying with laws, and updating policy information. It comprises insurance agency management, insurance workflow automation management, claim management, mobile apps for agents and representatives, and insurance policy management software. It assists brokers, agents, agencies, and carriers in saving time and money by streamlining their processes. It also aids in accessing, collecting and organizing policyholder agreements, contracts, and private documents. Besides this, it helps organize, monitor, regulate, and coordinate numerous business processes, such as lead management, human resource (HR), marketing, and sales. Insurance is consequently employed for automating policy and rule execution while eliminating human errors. It currently finds applications in programming the claim document process, payments management, monitoring fraudulent activities, and integrating policy administration.
Insurance software is used to manage insurance business operations, such as underwriting, issuing policies, managing teams, tracking claims, complying with laws, and updating policy information. It comprises insurance agency management, insurance workflow automation management, claim management, mobile apps for agents and representatives, and insurance policy management software. It assists brokers, agents, agencies, and carriers in saving time and money by streamlining their processes. It also aids in accessing, collecting and organizing policyholder agreements, contracts, and private documents. Besides this, it helps organize, monitor, regulate, and coordinate numerous business processes, such as lead management, human resource (HR), marketing, and sales. Insurance is consequently employed for automating policy and rule execution while eliminating human errors. It currently finds applications in programming the claim document process, payments management, monitoring fraudulent activities, and integrating policy administration.
Insurance Software Market Trends
At present, the increasing demand for insurance software to automate software programs that help companies collate large databases of insurers for various business actions is contributing to the growth of the market. Besides this, there is a rise in the demand for mobile apps in insurance businesses to create custom software for their agents and representatives. The growing utilization of these apps for database and special access and global positioning system (GPS) tracking is also offering a positive market outlook. In addition, solution providers are investing in research and development (R&D) activities to offer insurance solutions with artificial intelligence (AI) technology to boost the efficiency of the insurance process and provide more reliable solutions in claim processing and policy management. They are also focusing on various marketing strategies to expand their customer base. Moreover, the rising employment of insurance software to collect information about claims, such as outstanding claim reserves, event codes, payment components, and relevant dates of claim activities, is propelling the growth of the market. Apart from this, the growing demand for insurance software to examine and compute insurance risk parameters, such as unit and amount insured, system risk, and reinsurance surrender, is positively influencing the market. Additionally, the increasing demand for tech-driven insurance management software to monitor and manage all the current and previous procedures of agencies is bolstering the growth of the market.Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global insurance software market, along with forecasts at the global, regional, and country level from 2023-2032. The report has categorized the market based on type, deployment mode, and end user.Type Insights:
- Life Insurance
- Accident and Health Insurance
- Property and Casualty Insurance
- Others
Deployment Mode Insights:
- Cloud-based
- On-premises
End User Insights:
- Brokers
- Agencies
- Insurance Companies
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
- Competitive Landscape
Key Questions Answered in This Report:
- How has the global insurance software market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global insurance software market?
- What are the key regional markets?
- Which countries represent the most attractive insurance software markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global insurance software market?
- Who are the key players/companies in the global insurance software market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Insurance Software Market
6 Market Breakup by Type
7 Market Breakup by Deployment Mode
8 Market Breakup by End User
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Accenture Plc
- Acturis Ltd.
- Axxis Systems SA
- Buckhill Ltd.
- EIS Software Limited
- Guidewire Software Inc.
- Mitchell International Inc.
- Oracle Corporation
- Salesforce Inc.
- SAP SE
- Sapiens International Corporation
- Solartis Technology Services Pvt Ltd.
- Vertafore Inc (Roper Technologies Inc.)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 3.8 Billion |
| Forecasted Market Value ( USD | $ 6.3 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
