IMARC Group, a leading market research company, has recently releases report titled, “ Insurance Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “, The study provides a detailed analysis of the industry, including the global insurance software market report , share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advances in the market.
Report Highlights:
How big is the insurance software market?
| Report Attributes | Details |
| Market Size in 2022 | US$3.5 Billion |
| Market forecast in 2028 | US$5.1 Billion |
| Growth rate (2023 to 2028) | CAGR of 6.1% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is insurance software?
Insurance software are used to manage business operations, such as issuing policies, managing teams, tracking claims, underwriting, complying with laws, and updating procedure information. They comprise agency management, mobile apps for agents and representatives, workflow automation, claim management, and policy management. Insurance software assist agents, agencies, brokers, and carriers in saving time and money by streamlining their processes. These services also aid in collecting, accessing, and organizing policyholder contracts, agreements, and private documents. In addition, insurance software aids in managing, monitoring, regulating, and coordinating various business processes, such as human resources (HR), marketing, lead management, and sales. Insurance is therefore utilized for automating policy and rule execution while eliminating human errors. As a result, these services find widespread applications in payments management, monitoring fraudulent activities, programming the claim document process, and integrating policy administration.
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What are the growth prospects and trends in the insurance software industry?
The escalating demand for these services to automate programs that assist companies in collating large databases of insurers for various business actions and the increasing usage of mobile apps for databases, special access, and global positioning system (GPS) tracking are primarily driving the insurance software market . Besides this, solution providers are investing in research and development (R&D) activities to offer benefits with artificial intelligence (AI) technology to boost the efficiency of the process and provide more reliable methods in claim processing and policy management, which is further augmenting the market growth. Moreover, the growing popularity of insurance software to collect information about claims, including event codes, payment components, outstanding share reserves, and relevant dates of claim activities, is also catalyzing the global market. Apart from this, the rising need for these services to examine and compute unit and amount insured, system risk, and reinsurance surrender, is anticipated to propel the insurance software market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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