Global Insurance Software Market to Reach US$ 6.3 Billion by 2032, Propelled by Expanding Automation in Insurance Sector

April 05, 2023 | BFSI

According to the latest report by IMARC Group, titled “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,” the global insurance software market size reached US$ 3.8 Billion in 2023. Insurance software refers to a set of digital tools, applications, and platforms that are designed to automate and streamline various processes related to insurance. It is used by insurance companies, agents, brokers, and other stakeholders to manage their operations, policy administration, claims processing, underwriting, and risk management activities. The software typically includes modules for customer relationship management, policy management, claims management, and billing and payments. It also incorporates analytics, artificial intelligence (AI), and machine learning (ML) capabilities to increase efficiency and improve decision-making, risk assessment, fraud detection, and customer engagement. Besides this, it helps organize, monitor, regulate, and coordinate various business processes, such as human resources (HR), lead management, marketing, and sales. 

Global Insurance Software Market Trends:

The rising need for digitalization and automation in the insurance sector to streamline business processes, enhance operational efficiency, reduce costs, and simplify customer interactions is primarily driving the market growth. Besides this, the escalating demand for mobile apps in insurance businesses to create customized software for their agents and representatives, enabling database access and global positioning system (GPS) tracking, is creating a positive outlook for the market. Moreover, the widespread product utilization for collecting information about various claims, such as outstanding claim reserves, event codes, payment components, and relevant dates of claim activities, is acting as another significant growth-inducing factor. In line with this, the rising use of insurance software to assess and calculate insurance risk parameters, such as unit and amount insured, system risk, and reinsurance surrender, is presenting remunerative growth opportunities for the market. Additionally, the escalating deployment of insurance software solutions that offer enhanced security features, such as data encryption, authentication, and authorization, to counter the increasing threat of cyber-attacks is impelling the market growth. Furthermore, extensive investments in research and development (R&D) activities to offer novel product variants integrated with artificial intelligence (AI) technology and advanced analytics that enhance insurance processes and provide more reliable claims processing and policy management solutions are contributing to the market growth. Looking forward, the market value is projected to reach US$ 6.3 Billion by 2032, expanding at a CAGR of 5.7% during 2024-2032. 

Market Summary:

  • Based on the type, the market is classified into life insurance, accident and health insurance, property and casualty insurance, and others. Among these, accident and health insurance hold the largest market share.
  • On the basis of the deployment mode, the market has been bifurcated into cloud-based and on-premises. Between these, on-premises deployment accounts for the largest share.
  • Based on the end user, the market is segregated into brokers, agencies, and insurance companies. At present, insurance companies are the biggest end users.
  • On a regional basis, the market has been segmented into 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 Middle East and Africa. Currently, North America represents the biggest market for insurance software.
  • The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

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
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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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise. 

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Global Insurance Software Market to Reach US$ 6.3 Billion by 2032, Propelled by Expanding Automation in Insurance Sector
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