Insurance Software Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Insurance Software Market covers analysis by Deployment Type (Cloud, On-premises); Enterprise Size (Small and Medium-Size Enterprises, Large Enterprises) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00011012
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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MARKET INTRODUCTION

Insurance software is the software that helps insurance agencies to manage their business more efficiently and effectively. Insurance software helps agencies to maintain and track relationships with clients, monitor the sales performance, and improve marketing and sales efforts of the agency. Moreover, by using this software the agency can store a large amount of data and providing a better quality of service to customers which increases the demand for the insurance software market across the globe.

MARKET DYNAMICS

Insurance software helps agents to enhance relationships with customers, clients, and prospects; additionally, these tools automate the workflows and help to reduce agent efforts. Thereby increasing adoption of the software which propels the growth of the insurance software market. However, privacy and security concerns and an increase in cyber threats may hamper the growth of the market. Furthermore, increasing awareness about the importance of insurance in the around the world is resulting in the rising adoption of insurance services which is expected to drive the growth of the insurance software market.

MARKET SCOPE

The "Global Insurance Software Market Analysis to 2028" is a specialized and in-depth study of the insurance software industry with a special focus on the global market trend analysis. The report aims to provide an overview insurance software market with detailed market segmentation by deployment type, enterprise size, and geography. The global insurance software market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Insurance software market players and offers key trends and opportunities in the insurance software market.

MARKET SEGMENTATION

The global insurance software market is segmented on the basis of deployment type, enterprise size. On the basis of deployment type the market is segmented as cloud, on-premises. On the basis of enterprise size the market is segmented as small and medium-size enterprises, large enterprises.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Insurance software market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The insurance software market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting insurance software market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the insurance software market in these regions.

World Geography

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MARKET PLAYERS


The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Insurance software market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The insurance software market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting insurance software market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the insurance software market in these regions.

MARKET PLAYERS

The reports cover key developments in the insurance software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Insurance software market are anticipated to lucrative growth opportunities in the future with the rising demand for insurance software in the global market. Below mentioned is the list of few companies engaged in the insurance software market.

The report also includes the profiles of key insurance software companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.


  •  Agency Matrix, LLC
  •  AgencyBloc
  •  Applied Systems, Inc.
  •  EZLynx
  •  HawkSoft, Inc.
  •  Insurance Systems Inc. (ISI)
  •  Jenesis Software
  •  Sapiens International
  •  Vertafore, Inc.
  •  Zywave


The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

TABLE OF CONTENTS

1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Insurance Software Market - By Deployment Type
1.3.2 Insurance Software Market - By Enterprise Size
1.3.3 Insurance Software Market - By Region
1.3.3.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. INSURANCE SOFTWARE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS

5. INSURANCE SOFTWARE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS

6. INSURANCE SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6.1. INSURANCE SOFTWARE - GLOBAL MARKET OVERVIEW
6.2. INSURANCE SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. INSURANCE SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT TYPE
7.1. OVERVIEW
7.2. DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
7.3. CLOUD
7.3.1. Overview
7.3.2. Cloud Market Forecast and Analysis
7.4. ON-PREMISES
7.4.1. Overview
7.4.2. On-premises Market Forecast and Analysis
8. INSURANCE SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
8.1. OVERVIEW
8.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
8.3. SMALL AND MEDIUM-SIZE ENTERPRISES
8.3.1. Overview
8.3.2. Small and Medium-Size Enterprises Market Forecast and Analysis
8.4. LARGE ENTERPRISES
8.4.1. Overview
8.4.2. Large Enterprises Market Forecast and Analysis

9. INSURANCE SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Insurance Software Market Overview
9.1.2 North America Insurance Software Market Forecasts and Analysis
9.1.3 North America Insurance Software Market Forecasts and Analysis - By Deployment Type
9.1.4 North America Insurance Software Market Forecasts and Analysis - By Enterprise Size
9.1.5 North America Insurance Software Market Forecasts and Analysis - By Countries
9.1.5.1 United States Insurance Software Market
9.1.5.1.1 United States Insurance Software Market by Deployment Type
9.1.5.1.2 United States Insurance Software Market by Enterprise Size
9.1.5.2 Canada Insurance Software Market
9.1.5.2.1 Canada Insurance Software Market by Deployment Type
9.1.5.2.2 Canada Insurance Software Market by Enterprise Size
9.1.5.3 Mexico Insurance Software Market
9.1.5.3.1 Mexico Insurance Software Market by Deployment Type
9.1.5.3.2 Mexico Insurance Software Market by Enterprise Size
9.2. EUROPE
9.2.1 Europe Insurance Software Market Overview
9.2.2 Europe Insurance Software Market Forecasts and Analysis
9.2.3 Europe Insurance Software Market Forecasts and Analysis - By Deployment Type
9.2.4 Europe Insurance Software Market Forecasts and Analysis - By Enterprise Size
9.2.5 Europe Insurance Software Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Insurance Software Market
9.2.5.1.1 Germany Insurance Software Market by Deployment Type
9.2.5.1.2 Germany Insurance Software Market by Enterprise Size
9.2.5.2 France Insurance Software Market
9.2.5.2.1 France Insurance Software Market by Deployment Type
9.2.5.2.2 France Insurance Software Market by Enterprise Size
9.2.5.3 Italy Insurance Software Market
9.2.5.3.1 Italy Insurance Software Market by Deployment Type
9.2.5.3.2 Italy Insurance Software Market by Enterprise Size
9.2.5.4 United Kingdom Insurance Software Market
9.2.5.4.1 United Kingdom Insurance Software Market by Deployment Type
9.2.5.4.2 United Kingdom Insurance Software Market by Enterprise Size
9.2.5.5 Russia Insurance Software Market
9.2.5.5.1 Russia Insurance Software Market by Deployment Type
9.2.5.5.2 Russia Insurance Software Market by Enterprise Size
9.2.5.6 Rest of Europe Insurance Software Market
9.2.5.6.1 Rest of Europe Insurance Software Market by Deployment Type
9.2.5.6.2 Rest of Europe Insurance Software Market by Enterprise Size
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Insurance Software Market Overview
9.3.2 Asia-Pacific Insurance Software Market Forecasts and Analysis
9.3.3 Asia-Pacific Insurance Software Market Forecasts and Analysis - By Deployment Type
9.3.4 Asia-Pacific Insurance Software Market Forecasts and Analysis - By Enterprise Size
9.3.5 Asia-Pacific Insurance Software Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Insurance Software Market
9.3.5.1.1 Australia Insurance Software Market by Deployment Type
9.3.5.1.2 Australia Insurance Software Market by Enterprise Size
9.3.5.2 China Insurance Software Market
9.3.5.2.1 China Insurance Software Market by Deployment Type
9.3.5.2.2 China Insurance Software Market by Enterprise Size
9.3.5.3 India Insurance Software Market
9.3.5.3.1 India Insurance Software Market by Deployment Type
9.3.5.3.2 India Insurance Software Market by Enterprise Size
9.3.5.4 Japan Insurance Software Market
9.3.5.4.1 Japan Insurance Software Market by Deployment Type
9.3.5.4.2 Japan Insurance Software Market by Enterprise Size
9.3.5.5 South Korea Insurance Software Market
9.3.5.5.1 South Korea Insurance Software Market by Deployment Type
9.3.5.5.2 South Korea Insurance Software Market by Enterprise Size
9.3.5.6 Rest of Asia-Pacific Insurance Software Market
9.3.5.6.1 Rest of Asia-Pacific Insurance Software Market by Deployment Type
9.3.5.6.2 Rest of Asia-Pacific Insurance Software Market by Enterprise Size
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Insurance Software Market Overview
9.4.2 Middle East and Africa Insurance Software Market Forecasts and Analysis
9.4.3 Middle East and Africa Insurance Software Market Forecasts and Analysis - By Deployment Type
9.4.4 Middle East and Africa Insurance Software Market Forecasts and Analysis - By Enterprise Size
9.4.5 Middle East and Africa Insurance Software Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Insurance Software Market
9.4.5.1.1 South Africa Insurance Software Market by Deployment Type
9.4.5.1.2 South Africa Insurance Software Market by Enterprise Size
9.4.5.2 Saudi Arabia Insurance Software Market
9.4.5.2.1 Saudi Arabia Insurance Software Market by Deployment Type
9.4.5.2.2 Saudi Arabia Insurance Software Market by Enterprise Size
9.4.5.3 U.A.E Insurance Software Market
9.4.5.3.1 U.A.E Insurance Software Market by Deployment Type
9.4.5.3.2 U.A.E Insurance Software Market by Enterprise Size
9.4.5.4 Rest of Middle East and Africa Insurance Software Market
9.4.5.4.1 Rest of Middle East and Africa Insurance Software Market by Deployment Type
9.4.5.4.2 Rest of Middle East and Africa Insurance Software Market by Enterprise Size
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Insurance Software Market Overview
9.5.2 South and Central America Insurance Software Market Forecasts and Analysis
9.5.3 South and Central America Insurance Software Market Forecasts and Analysis - By Deployment Type
9.5.4 South and Central America Insurance Software Market Forecasts and Analysis - By Enterprise Size
9.5.5 South and Central America Insurance Software Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Insurance Software Market
9.5.5.1.1 Brazil Insurance Software Market by Deployment Type
9.5.5.1.2 Brazil Insurance Software Market by Enterprise Size
9.5.5.2 Argentina Insurance Software Market
9.5.5.2.1 Argentina Insurance Software Market by Deployment Type
9.5.5.2.2 Argentina Insurance Software Market by Enterprise Size
9.5.5.3 Rest of South and Central America Insurance Software Market
9.5.5.3.1 Rest of South and Central America Insurance Software Market by Deployment Type
9.5.5.3.2 Rest of South and Central America Insurance Software Market by Enterprise Size

10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

11. INSURANCE SOFTWARE MARKET, KEY COMPANY PROFILES
11.1. AGENCY MATRIX, LLC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AGENCYBLOC
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. APPLIED SYSTEMS, INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. EZLYNX
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HAWKSOFT, INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. INSURANCE SYSTEMS INC. (ISI)
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. JENESIS SOFTWARE
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SAPIENS INTERNATIONAL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. VERTAFORE, INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ZYWAVE
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments

12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies

1. Agency Matrix, LLC
2. AgencyBloc
3. Applied Systems, Inc.
4. EZLynx
5. HawkSoft, Inc.
6. Insurance Systems Inc. (ISI)
7.Jenesis Software
8. Sapiens International
9. Vertafore, Inc.
10. Zywave

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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