Property and Casualty Insurance Software Market Report 2024

The property and casualty insurance software market size has grown rapidly in recent years. It will grow from $15.96 billion in 2023 to $18.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historic period can be attributed to the increasing demand for efficient and streamlined processes within insurance companies, widespread adoption of software solutions, digital transformation in the insurance industry, rising uptake of digital technologies for risk management and loss prevention.

The property and casualty insurance software market size is expected to see rapid growth in the next few years. It will grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. In the forecast period, growth can be attributed to increasing demand for digital solutions, enhanced efficiency in underwriting and risk management, the necessity for P&C insurance software that aids insurers in complying with evolving regulations and reporting requirements, and improving the customer experience. Additionally, IoT devices are increasingly utilized for claims administration and risk mitigation. Key trends anticipated in this period include technological advancements, widespread adoption of technology, integration of AI and machine learning, innovation in technology products, and expansion into new markets.

The property and casualty insurance software market is poised for growth driven by increasing demand for cloud-based solutions. Cloud-based solutions involve accessing applications, storage, services, or resources via the internet, offering scalability, flexibility, and cost-effectiveness in IT infrastructure. These solutions enhance efficiency, scalability, and data security in property and casualty insurance software by streamlining processes and enabling real-time data access. For example, Eurostat reported in December 2023 that 45.2% of EU enterprises utilized cloud computing services, with notable increases in usage for email hosting, file storage, office software, security applications, finance software, and enterprise database hosting since 2021. This trend underscores the growing demand for cloud-based solutions, which is driving growth in the property and casualty insurance software market.

Leading companies in this market are focusing on developing innovative technology platforms, such as property insurance valuation platforms, to enhance accuracy, streamline operations, and improve customer service. Property insurance valuation platforms use data analytics, algorithms, and market insights to provide precise and current property valuations for insurance purposes. For instance, Kroll LLC launched a property insurance valuation platform in April 2023, leveraging global proprietary data and real estate valuation expertise to deliver rapid, reliable valuations at scale. This platform includes advanced analytics and visualization tools to assist users in identifying insurable value gaps and making informed decisions.

In March 2023, Vista Equity Partners acquired Duck Creek Technologies for $2.6 billion to advance next-generation property and casualty insurance technology. Duck Creek Technologies, a US-based software company specializing in insurance software solutions, is positioned to drive innovation in the industry through this acquisition.

Major companies operating in the property and casualty insurance software market are DXC Technology Company, Pegasystems Inc., Ebix Inc., Kroll LLC, Guidewire Software Inc., MuleSoft LLC, Sapiens International Corporation, Damco Solutions Inc., Majesco Limited, Duck Creek Technologies, Zywave Inc., FINEOS Corporation Limited, Amzur Technologies Inc., Insuresoft Inc., VUE Software, Waterstreet Company, ClarionDoor LLC, InsuredMine, StoneRiver Inc., AGO Insurance Software, Sunlight Solutions, A-1 Enterprise Inc.

North America was the largest region in the property and casualty insurance software market in 2023. The regions covered in the property and casualty insurance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the property and casualty insurance software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Property and casualty (P&C) insurance software encompasses specialized technology solutions aimed at facilitating the management, underwriting, policy administration, claims processing, and overall operations of property and casualty insurance companies. These software solutions are crucial for automating and streamlining the diverse processes across the insurance lifecycle, from policy issuance to claims settlement.

The primary types of P&C insurance software include cloud-based and on-premise solutions. Cloud-based software is hosted on remote servers accessed via the internet, offering benefits such as scalability, flexibility, and reduced initial costs. Deployment models include subscription-based and ownership-based options, catering to various functionalities such as policy administration, claims management, risk assessment, analytics, and reporting. These solutions serve a wide range of applications, including small and medium enterprises (SMEs), large enterprises, insurance companies, and third-party administrators.

The property and casualty insurance software market research report is one of a series of new reports that provides property and casualty insurance software market statistics, including property and casualty insurance software industry global market size, regional shares, competitors with a property and casualty insurance software market share, detailed property and casualty insurance software market segments, market trends and opportunities, and any further data you may need to thrive in the property and casualty insurance software industry. This property and casualty insurance software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The property and casualty insurance software market includes revenues earned by entities by licenses, subscription fees, transaction fees, data services, analytics tools, or access to aggregated industry data insights. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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