Insurance Software Market Growth, Demand and Challenges of the Key Industry Players 2023-28

Author: Elena Anderson, Marketing Manager |

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Global Insurance Software Market Research Report:

The latest report by IMARC, titled “ InsuranceSoftwareMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028

”theglobalinsurancesoftwaremarketsizereachedUS$3.5Billionin2022.

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,suchashumanresources(HR),leadmanagement,marketing,andsales.

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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$ 5.1 Billion by 2028, expanding at a CAGR of 6.1% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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MarketSummary: TypeInsights:

•LifeInsurance

•AccidentandHealthInsurance

•PropertyandCasualtyInsurance

•Others

DeploymentModeInsights:

•Cloud-based

•On-premises

EndUserInsights:

•Brokers

•Agencies

•InsuranceCompanies

RegionalInsights:

•NorthAmerica

•UnitedStates

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•Canada

•AsiaPacific

•China

•Japan

•India

•SouthKorea

•Australia

•Indonesia

•Others

•Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

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CompetitiveLandscapewithKeyPlayers:

• AccenturePlc

• ActurisLtd.

• AxxisSystemsSA

• BuckhillLtd.

• EISSoftwareLimited

• GuidewireSoftwareInc.

• MitchellInternationalInc.

• OracleCorporation

• SalesforceInc.

• SAPSE

• SapiensInternationalCorporation

• SolartisTechnologyServicesPvtLtd.

• VertaforeInc(RoperTechnologiesInc.)

ViewFullReportwithTOC&ListofFigure:https://www.imarcgroup.com/insurance-software-market

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