The underwriting software market was valued at $5.7 billion in 2023, and is projected to reach $15.9 billion by 2032, growing at a CAGR of 12.5% from 2024 to 2032.
Underwriting software is a digital solution designed to streamline and enhance the underwriting process in industries like insurance, banking, and finance. It automates the evaluation of risks, helping underwriters assess applications and determine eligibility for various products, such as loans or insurance policies. By leveraging data analytics, machine learning, and pre-set algorithms, underwriting software can quickly analyze large amounts of information, provide real-time risk assessments, and improve decision-making accuracy.
The growth of the global underwriting software market is driven by surge in demand for automation in the underwriting process to reduce manual errors and speed up decision-making. A 2022 report by the World Economic Forum revealed that companies using automation in underwriting processes experience up to a 40% reduction in processing time. Moreover, the ongoing digital transformation in the financial and insurance sectors is pushing companies to adopt more sophisticated tools, including underwriting software, to stay competitive and meet market demands.
Furthermore, increase in availability of cloud-based underwriting software allows for easier implementation, scalability, and accessibility, encouraging organizations to shift from legacy systems to more flexible, modern platforms. The ability to reduce operational costs while maintaining accuracy and efficiency in underwriting further acts as a key driving force of the global market. In addition, rise of Insurtech and fintech startups, which rely heavily on digital solutions, is propelling the demand for underwriting software. However, high implementation cost required to adopt and integrate underwriting software restraints the market growth.
Moreover, dearth of skilled workforce to deploy and utilize underwriting software acts as the key deterrent factor of the market. On the contrary, the integration of advanced data analytics, AI, and ML in underwriting software allows for more accurate risk evaluation and predictive modeling. This is expected to enhance decision-making and drive the adoption of such technology in the coming future.
The underwriting software market is segmented into functionality, deployment mode, end user, and region. On the basis of deployment, the market is divided into on-premise and cloud. Depending on functionality, it is divided into automated underwriting systems (AUS), rating engines, and decision support systems. By end user, it is segregated into insurance companies, insurance brokers & agencies, reinsurers, and managing general agent (MGA). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of functionality, the automated underwriting system segment accounted for the largest share in 2023, and is anticipated to continue this trend in the coming future.
Depending on end user, the insurance companies segment was the major shareholder in 2023.
Region wise, North America acquired the largest share, in terms of revenue, in 2023; however, Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032.
Underwriting software is a digital solution designed to streamline and enhance the underwriting process in industries like insurance, banking, and finance. It automates the evaluation of risks, helping underwriters assess applications and determine eligibility for various products, such as loans or insurance policies. By leveraging data analytics, machine learning, and pre-set algorithms, underwriting software can quickly analyze large amounts of information, provide real-time risk assessments, and improve decision-making accuracy.
The growth of the global underwriting software market is driven by surge in demand for automation in the underwriting process to reduce manual errors and speed up decision-making. A 2022 report by the World Economic Forum revealed that companies using automation in underwriting processes experience up to a 40% reduction in processing time. Moreover, the ongoing digital transformation in the financial and insurance sectors is pushing companies to adopt more sophisticated tools, including underwriting software, to stay competitive and meet market demands.
Furthermore, increase in availability of cloud-based underwriting software allows for easier implementation, scalability, and accessibility, encouraging organizations to shift from legacy systems to more flexible, modern platforms. The ability to reduce operational costs while maintaining accuracy and efficiency in underwriting further acts as a key driving force of the global market. In addition, rise of Insurtech and fintech startups, which rely heavily on digital solutions, is propelling the demand for underwriting software. However, high implementation cost required to adopt and integrate underwriting software restraints the market growth.
Moreover, dearth of skilled workforce to deploy and utilize underwriting software acts as the key deterrent factor of the market. On the contrary, the integration of advanced data analytics, AI, and ML in underwriting software allows for more accurate risk evaluation and predictive modeling. This is expected to enhance decision-making and drive the adoption of such technology in the coming future.
The underwriting software market is segmented into functionality, deployment mode, end user, and region. On the basis of deployment, the market is divided into on-premise and cloud. Depending on functionality, it is divided into automated underwriting systems (AUS), rating engines, and decision support systems. By end user, it is segregated into insurance companies, insurance brokers & agencies, reinsurers, and managing general agent (MGA). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By deployment mode, the cloud segment held the highest market share in 2023 and is projected to maintain its lead position from 2024 to 2032.On the basis of functionality, the automated underwriting system segment accounted for the largest share in 2023, and is anticipated to continue this trend in the coming future.
Depending on end user, the insurance companies segment was the major shareholder in 2023.
Region wise, North America acquired the largest share, in terms of revenue, in 2023; however, Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032.
Competition Analysis
Competitive analysis and profiles of the major players in the global underwriting software market include Insurity LLC., Applied Systems Inc., Ebix Inc, Guidewire Software, Duck Creek Technologies, Accenture, Sapiens International, FINEOS, Verisk Analytics, Inc., OneShield. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Functionality
- Underwriting Systems (AUS)
- Rating Engines
- Decision Support Systems
By Delpoyment Mode
- On-premise
- Cloud
By End User
- Insurance Companies
- Insurance Brokers and Agencies
- Reinsurers
- MGA (Managing General Agent)
By Region
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Insurity LLC.
- Applied Systems Inc.
- Ebix Inc
- Guidewire Software
- Duck Creek Technologies
- Accenture
- Sapiens International
- FINEOS
- Verisk Analytics, Inc.
- OneShield
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: UNDERWRITING SOFTWARE MARKET, BY FUNCTIONALITY
CHAPTER 5: UNDERWRITING SOFTWARE MARKET, BY DELPOYMENT MODE
CHAPTER 6: UNDERWRITING SOFTWARE MARKET, BY END USER
CHAPTER 7: UNDERWRITING SOFTWARE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Insurity LLC.
- Applied Systems Inc.
- Ebix Inc
- Guidewire Software
- Duck Creek Technologies
- Accenture
- Sapiens International
- FINEOS
- Verisk Analytics, Inc.
- OneShield
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 215 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 5.7 billion |
| Forecasted Market Value ( USD | $ 15.9 billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
