Facts and Factors Market Research TEMPhas published a new report titled “Insurance Policy Administration Systems Software Market By Offerings (Standalone Software and Integrated Platform), By Deployment Mode (On-Premise and Cloud-Based), By Organization Size (Large Enterprises and Small & Medium-Sized Enterprises), and By End-User (Conventional Insurance Providers and Bancassurance Companies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”.
According to teh report, teh global Insurance Policy Administration Systems Software market was valued at approximately USD 8,143 million in 2018 and is expected to reach a value of around USD 11,022 million by 2025, at a CAGR of around 3.8% between 2019 and 2025.
Insurance Policy Administration Systems Software implements insurance functions comprising rating, issuing, endorsements, quoting, binding, and renewals. Earlier these systems were neither flexible nor customizable and were costly. Today, these modern core insurance systems for policy administration have proved to be efficient, cost-TEMPeffective, and flexible with the adoption of microservices architecture and cloud hoisting solutions.
Furthermore, teh insurance policy administration systems software services enable quick launching of insurance products, reduction in teh overhead costs, minimization of growth timeline, and creating customized solutions for fulfilling teh business objectives of teh insurers.
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dis Free report sample includes:
- A brief introduction to teh research report.
- Graphical introduction of teh regional analysis.
- Top players in teh market wif their revenue analysis.
- Selected illustrations of market insights and trends.
- Example pages from teh report.
- FnF research methodology
Large-scale acceptance of cloud services to steer the market growth
In the current era, cloud-based asset management services have gained huge popularity with growing technological expansion along with a high preference for AI & big data analytics by the firms for proficiently managing business operations. Moreover, shifting of business functions to the cloud is predicted to benefit the firms in case of the later possessing lesser resources and a lower budget. All these aforementioned factors are predicted to steer the expansion of the market over the forecast timeline.
Furthermore, teh growing utilization of teh digital business model in teh insurance sector to positively influence business expansion over teh forecast period. Teh digital revolution has greatly influenced teh business fraternity and insurance business is no exception to this. Moreover, teh digital revolution has enabled teh consumers to shift towards personalized insurance coverage encompassing usage-based, on-demand, and all-in-one insurance lifestyle items. This, in turn, is predicted to accentuate teh expansion of teh Insurance Policy Administration Systems Software market over teh forecast period. However, data security concerns & stringent laws governing teh use of teh product will hinder teh market growth over teh forecast period.
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Cloud-based segment to register highest CAGR over teh forecast period
Teh cloud-based segment is anticipated to record teh highest growth rate of over 5% during teh period from 2019 to 2025. Teh growth of teh segment is attributed to teh myriad advantages offered by cloud-based installation including cost-efficacy, scalability, high computing speed, and reduced spending on IT infrastructure facilities.
Large enterprises to dominate the organization size segment over the forecast period in terms of revenue
The growth of the large enterprises segment during the timespan from 2019 to 2025 is owing to the massive demand for Insurance Policy Administration Systems Software from giant firms.
Asia Pacific market to record the highest CAGR over the forecast timeline
The Insurance Policy Administration Systems Software market in the Asia Pacific is set to register the highest growth rate of over 4% during the period from 2019 to 2025. The regional market expansion over the forecast timespan is owing to the massive demand for the product in countries like China, India, Japan, and Australia.
Some of the key players in the market include Andesa Services, Damco Group, DXC Technology Company, Ebix Inc., EXL, FINEOS, FIS, InsPro Technologies, Oceanwide Canada Inc., OneShield Inc., Oracle, Pegasystems Inc., Sapiens International, Scorto, Inc., Solartis, and Target Group.
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This report segments teh Insurance Policy Administration Systems Software market as follows:
Global Insurance Policy Administration Systems Software Market: By Offerings Segment Analysis
- Standalone Software
- Integrated Platform
Global Insurance Policy Administration Systems Software Market: By Organization Size Segment Analysis
- Large Enterprises
- Small & Medium-Sized Enterprises
Global Insurance Policy Administration Systems Software Market: By Deployment Mode Segment Analysis
Global Insurance Policy Administration Systems Software Market: By End-User Segment Analysis
- Conventional Insurance Providers
- Bancassurance Companies
Global Insurance Policy Administration Systems Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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