In the era of digital technology, insurance carriers are presented with the opportunity to differentiate themselves from other agile market players by providing enhanced customer experience. The insurance policy administration systems software provides complete control over core policy processes such as selling, billing and creation of insurance policies. The conventional insurance providers and bancassurance companies amongst others are adopting this software to leverage maximum insurance experience and technical proficiency. These lucrative benefits among others is contributing towards the growth of global insurance policy administration systems software market.
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The growing collaboration between traditional insurance providers and InsurTech firms showcases potential growth opportunity for the Insurance Policy Administration Systems Software Market. The traditional insurance providers are primarily aiming to enhance customer service capabilities along with keeping pace with consumer’s requirement of digital enhancements. Moreover, a reduction in the cost of processing claims through digitization of the process, provides revenue improvement opportunities to the end users. The major areas witnessing investments for automation in the insurance industry are product development, marketing, distribution, claims and pricing.
The technological advancements such as blockchain and big data are enabling both, established companies and InsurTech firms to comply with the changing demands of the consumers. Furthermore, a greater prevalence of integrated solutions is being observed in the global insurance policy administration systems software market. DXC Technology Company, offers an integrated solutions which combines insurance applications, infrastructure and business processes services. The technology, thus aids the insurance providers in their process of digital transformation. Hence, the increasing adoption of technology solutions for automation of the insurance industry is anticipated to further propel the growth of global insurance policy administration systems software market over the forecast period.
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In terms of revenue, the Insurance Policy Administration Systems Software Market stood at US$ 8,143.07 Mn in 2018 and is anticipated to reach US$ 12,120.74 Mn by 2027, expanding at a CAGR of 3.8% during the forecast period.
Key Findings of the Report:
- Integrated insurance policy administration systems software solutions is expected to retain highest market share over the forecast period, owing to growing need among traditional insurance providers to
- The growing urge among traditional insurance providers towards automation of their policy administration processes is supplementing the growth of global insurance policy administration systems software market
- Some of the major market participants in the global insurance policy administration systems software market are Oracle, FIS, DXC Technology Company and EXL.
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Global Insurance Policy Administration Systems Software Market
- By Offering
- Standalone Software
- Integrated Platform
- By Deployment Mode
- On Premise
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By End Users
- Conventional Insurance Providers
- Bancassurance Companies
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- The Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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