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Insurance Software Market by Type (Life Insurance, Accident and Health Insurance, Property and Casualty Insurance, and Others), Deployment Mode (Cloud-based, On-premises), End User (Brokers, Agencies, Insurance Companies), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6747
Year End
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Market Overview:
The global insurance software market size reached US$ 3.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032. 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.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023
|
|
Forecast Years
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2024-2032
|
|
Historical Years
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2018-2023
|
|
Market Size in 2023
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US$ 3.8 Billion |
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Market Forecast in 2032
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US$ 6.3 Billion |
| Market Growth Rate 2024-2032 | 5.7% |
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:
IMARC Group 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 2024-2032. Our 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
The report has provided a detailed breakup and analysis of the insurance software market based on the type. This includes life insurance, accident and health insurance, property and casualty insurance, and others. According to the report, accident and health insurance represented the largest segment.
Deployment Mode Insights:
- Cloud-based
- On-premises
A detailed breakup and analysis of the insurance software market based on the deployment mode has also been provided in the report. This includes cloud-based and on-premises. According to the report, on-premises accounted for the largest market share.
End User Insights:
- Brokers
- Agencies
- Insurance Companies
A detailed breakup and analysis of the insurance software market based on the end user has also been provided in the report. This includes brokers, agencies, and insurance companies. According to the report, insurance companies accounted for the largest market share.
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
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, North America was the largest market for insurance software. Some of factors driving the North America insurance software market included increasing adoption of online platforms by insurance companies, rising demand for insurance software among brokers and agencies, and the growing number of insurance companies across the region.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global insurance software market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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.), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Type, Deployment Mode, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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.), etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the insurance software market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global insurance software market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the insurance software industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
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- For further assistance, please connect with our analysts.
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