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Insurance Agency Software Market to Reach $6.7 Billion, Globally, by 2032 at 7.8% CAGR: Allied Market Research
Increased awareness and information about the importance and benefits of insurance in these countries has led to higher adoption of these services, which, in turn is fueling the global insurance agency software market growth.
WILMINGTON, Del., Aug. 6, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Insurance Agency Software Market by Deployment Mode (Cloud-Based and On-Premises), Enterprise Size (Large Enterprise and SMEs), and Application (Claims Management, Commission Management, Contract Management, Document Management, Insurance Rating, Quote Management and Policy Management): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the insurance agency software market was valued at $3.4 billion in 2023, and is estimated to reach $6.7 billion by 2032, growing at a CAGR of 7.8% from 2024 to 2032.
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132 – Tables
60 – Charts
150 – Pages
Prime determinants of growth
The global insurance agency software market is experiencing significant growth due to rise in demand for accurate premium calculations, enhanced customer experience, and streamlined underwriting processes. Regulatory and compliance requirements are driving the adoption of advanced rating software, while the digital transformation in the insurance sector, along with AI and ML integration, offers lucrative opportunities for market growth. However, high implementation costs and the complexity of integrating new systems with existing IT infrastructure pose challenges. Despite these hurdles, the growing adoption of cloud-based solutions and a focus on customization and scalability are expected to drive the market growth during the forecast period.
Report coverage & details:
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Report Coverage |
Details |
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Forecast Period |
2024–2032 |
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Base Year |
2023 |
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Market Size in 2023 |
$3.4 billion |
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Market Size in 2032 |
$6.7 billion |
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CAGR |
7.8 % |
|
No. of Pages in Report |
200 |
|
Segments Covered |
Deployment Mode, Enterprise Size, Application, and Region. |
|
Drivers |
|
|
Opportunities |
|
|
Restraint |
|
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The cloud segment held the highest share of the Insurance agency software market in 2023.
Based on deployment mode, the cloud segment held the highest market share in 2023, accounting for around three-fifth of the global Insurance agency software market revenue and is likely to retain its dominance during the forecast period. Insurance Cloud computing makes it simple for insurance businesses to undergo digital change, which is driving revenue growth of this segment. One of the most significant services that insurance companies can gain from cloud computing is analytics. Use of analytics improves the effectiveness of procedures such as underwriting, risk assessment, fraud discovery, and customer happiness evaluation.
The large enterprise segment held the highest share of the insurance agency software market in 2023.
Based on enterprise size, the large enterprise segment held the highest market share in 2023, accounting for more than half of the global Insurance agency software market revenue and is likely to retain its dominance during the forecast period. This can be attributed to the fact that large enterprises typically deal with a vast array of insurance products, necessitating robust systems that can handle high volumes of transactions, extensive customer data, and intricate policy management. Insurance agency software tailored for large businesses often includes advanced features like multi-user access, extensive database capabilities, and integrated analytics, which are critical for managing the diverse and complex operations of these enterprises. Moreover, large businesses are more likely to have the necessary financial resources to invest in premium software solutions that offer enhanced security, compliance with various regulations, and superior customer service functionalities. This investment capacity also extends to customization, allowing large businesses to tailor the software to their specific operational needs, which is a significant driver for this segment’s market share.
The policy management segment held the highest share in Insurance agency software market in 2023.
Based on application, the policy management segment held the highest market share in 2023, accounting for nearly two-fifth of the global Insurance agency software market revenue and is likely to retain its dominance during the forecast period. The proliferation of digital technologies has set new standards in customer experience, prompting insurance companies to invest in innovative solutions for policy management. These advancements facilitate the streamlining of complex policy processes, enabling faster processing, better compliance tracking, and more accurate risk assessments.
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North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for around two-fifth of the global Insurance agency software. Growing expenditures in R&D and technical improvements in the area are primarily responsible for the market’s revenue growth in North America. Strict regulations, growing consumer needs, technological focus, innovation, industrial stability, and affordability will all significantly contribute to the expansion of Insurance agency software in this area during the course of the projection period.
Players: –
- Applied Systems Inc.
- Vertafore, Inc.
- EZLynx
- HawkSoft
- Sapiens International Corporation
- QQ Solutions, Inc.
- Jenesis Software
- AgencyBloc, LLC
- Buckhill Ltd.
- XDimensional Technologies, Inc.
The report provides a detailed analysis of these key players in the global insurance agency software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Insurance Agency Software Market Key Segments:
By Deployment Mode
- Cloud-Based
- On-Premise
By Enterprise Size
- Large Enterprise
- SMEs
By Application
- Claims Management
- Commission Management
- Contract Management
- Document Management
- Insurance Rating
- Quote Management
- Policy Management
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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