Insurance Software Market - Introduction
- Insurance software helps insurance companies, brokers, and agencies to manage operational and organizational tasks more efficiently and effectively through a digital insurance platform
- Insurance software is a user-friendly and automated software program that helps companies collate large database of the insurers for further business actions. Insurance software enhances the efficiency of the insurance process with database connectivity and policy within the system.
- It also helps enhance productivity of the new business, underwriting, claim processing, sales and distribution management, customer services, and predictive analysis process.
- Software providers are offering various software modules according to customer requirements in life insurance, accident & health insurance, and property & casualty insurance
- Insurance companies are unable cover the untapped market of insurance by using traditional insurance methods. Increased adoption insurance software by insurance companies helps to tap the large customer base of untapped markets.
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Key Drivers of Insurance Software Market
- Rise in adoption of insurance services in developing countries and by companies in order to enhance their productivity is expected to drive the insurance software market
- The solution provider are offering insurance solutions with artificial intelligence technology to boost efficiency of the insurance process and provide more reliable solutions in claim processing and policy management, which in turn is expected to boost the insurance software market
- Investors are collaborating with insurance technology companies to consolidate their position in the market and provide advanced solutions in the insurance industry. This is expected to offer significant opportunities to solution providers of insurance software.
Rise in security and privacy issues owing to increased cyber threats and lack of skilled workforce to hinder the market
- Lack of awareness and skilled workforce to utilize insurance software are key factors that restrain the insurance software market
- Technological advancements in insurance software are driving the threat to security and privacy owing to increased cyber-attacks. This, in turn, is also expected to hamper the insurance software market.
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Impact of COVID 19 on Global Insurance Software Market
- Solution providing companies are expanding their customer base in developing countries to consolidate their position in the market due to increasing impact of COVID 19 on business expansion. Health insurance coverage has been increasing due to the growing threat of COVID 19 pandemic in North America and Europe.
- Companies are adopting digitalization in the insurance industry due to the lockdown measures and to provide user-friendly and more reliable platforms to manage their insurance plans. Furthermore, the ever-increasing threat of COVID-19 is projected to boost the demand for insurance software solutions during the forecast period.
North America to Hold Major Share of Global Insurance Software Market
- North America held a prominent share of the global insurance software market due to an increase in adoption of online platforms by insurance companies to increase their customer base
- Increase in demand for insurance software among insurance companies, brokers, and agencies across North America is likely to offer significant opportunities to major players
- The insurance software market in Asia Pacific and Europe is expected to expand at a rapid pace during the forecast period due to increasing investment by major players to provide solutions across these regions and also due to the increasing adoption of digital insurance platforms by companies in Asia Pacific and Europe
Key Players Operating in the Global Insurance Software Market
- Microsoft Corporation
Microsoft Corporation engages in the manufacture, development, licensing, marketing, and sale of software, personal computers & services, and consumer electronics. Its products range from video games to mobile devices. The company operates globally and has offices in more than 190 countries. In 2008, Microsoft Corporation entered the cloud computing business through the Microsoft Azure Services Platform. Azure is a collection of integrated cloud services which IT professionals and developers use to manage, develop, and deploy insurance based applications through their global network.
- Oracle Corporation
Oracle Corporation is a leading global information technology company, which provides applications, platforms, and IT infrastructure products and services. The company operates through three business segments: Cloud and Licensing, Hardware, and Services. Oracle Corporation provides products and services that address all aspects of corporate information technology (IT) environments—applications, platforms, communications, and infrastructure.
Other key players operating in the global insurance software market include Salesforce.com, Inc., Vertafore, Inc., Applied Systems, Inc., Adobe Inc., Allied Systems Inc., Mitchell International, Inc., Solera Holdings, and SAP SE.
Global Insurance Software Market: Research Scope
Global Insurance Software Market, by Type
- Life Insurance
- Accident and Health Insurance
- Property & Casualty Insurance
Global Insurance Software Market, by Deployment
- Cloud Based
Global Insurance Software Market, by End-user
- Insurance Companies
Global Insurance Software Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.