PUBLISHER: IMARC | PRODUCT CODE: 1422969
PUBLISHER: IMARC | PRODUCT CODE: 1422969
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
Abstract
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.
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.
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 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Insurance Software Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Life Insurance
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Accident and Health Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Property and Casualty Insurance
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Deployment Mode
- 7.1 Cloud-based
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 On-premises
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by End User
- 8.1 Brokers
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Agencies
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Insurance Companies
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
- 10.1 Overview
- 10.2 Drivers
- 10.3 Restraints
- 10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Accenture Plc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Acturis Ltd.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Axxis Systems SA
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Buckhill Ltd.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 EIS Software Limited
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Guidewire Software Inc.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Mitchell International Inc
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Oracle Corporation
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Salesforce Inc.
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 SAP SE
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Sapiens International Corporation
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 Solartis Technology Services Pvt. Ltd
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.13 Vertafore Inc (Roper Technologies Inc.)
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.1 Accenture Plc
List of Figures
- Figure 1: Global: Insurance Software Market: Major Drivers and Challenges
- Figure 2: Global: Insurance Software Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Insurance Software Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Insurance Software Market: Breakup by Type (in %), 2023
- Figure 5: Global: Insurance Software Market: Breakup by Deployment Mode (in %), 2023
- Figure 6: Global: Insurance Software Market: Breakup by End User (in %), 2023
- Figure 7: Global: Insurance Software Market: Breakup by Region (in %), 2023
- Figure 8: Global: Insurance Software (Life Insurance) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Insurance Software (Life Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Insurance Software (Accident and Health Insurance) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Insurance Software (Accident and Health Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Insurance Software (Property and Casualty Insurance) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Insurance Software (Property and Casualty Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Insurance Software (Other Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Insurance Software (Other Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Insurance Software (Cloud-based) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Insurance Software (Cloud-based) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Insurance Software (On-premises) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Insurance Software (On-premises) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Insurance Software (Brokers) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Insurance Software (Brokers) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Insurance Software (Agencies) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Insurance Software (Agencies) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Insurance Software (Insurance Companies) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Insurance Software (Insurance Companies) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: North America: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: North America: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: United States: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: United States: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Canada: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Canada: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Asia-Pacific: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Asia-Pacific: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: China: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: China: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Japan: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Japan: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: India: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: India: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: South Korea: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: South Korea: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Australia: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Australia: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Indonesia: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Indonesia: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Others: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Others: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Europe: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Europe: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Germany: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Germany: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: France: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: France: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: United Kingdom: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: United Kingdom: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Italy: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Italy: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Spain: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Spain: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Russia: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Russia: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Others: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Others: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Latin America: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Latin America: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Brazil: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Brazil: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Mexico: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Mexico: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Others: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Others: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Middle East and Africa: Insurance Software Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Middle East and Africa: Insurance Software Market: Breakup by Country (in %), 2023
- Figure 74: Middle East and Africa: Insurance Software Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Global: Insurance Software Industry: Drivers, Restraints, and Opportunities
- Figure 76: Global: Insurance Software Industry: Value Chain Analysis
- Figure 77: Global: Insurance Software Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Insurance Software Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Insurance Software Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Insurance Software Market Forecast: Breakup by Deployment Mode (in Million US$), 2024-2032
- Table 4: Global: Insurance Software Market Forecast: Breakup by End User (in Million US$), 2024-2032
- Table 5: Global: Insurance Software Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Insurance Software Market: Competitive Structure
- Table 7: Global: Insurance Software Market: Key Players
