According to the report, the 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-effective, and flexible with the adoption of microservices architecture and cloud hoisting solutions.
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Furthermore, the insurance policy administration systems software services enable quick launching of insurance products, reduction in the overhead costs, minimization of growth timeline, and creating customized solutions for fulfilling the business objectives of the insurers.
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, the growing utilization of the digital business model in the insurance sector to positively influence business expansion over the forecast period. The digital revolution has greatly influenced the business fraternity and insurance business is no exception to this. Moreover, the digital revolution has enabled the 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 the expansion of the Insurance Policy Administration Systems Software market over the forecast period. However, data security concerns & stringent laws governing the use of the product will hinder the market growth over the forecast period.
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Cloud-based segment to register highest CAGR over the forecast period
The cloud-based segment is anticipated to record the highest growth rate of over 5% during the period from 2019 to 2025. The growth of the segment is attributed to the 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.
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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.
Browse the full “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” Report at https://www.fnfresearch.com/insurance-policy-administration-systems-software-market-by-offerings-313
This report segments the 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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