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Global Insurance Software Market 2016-2020

  • Executive summary
    • Highlights
    • Overview of numbers
      • Table Global insurance software market: Revenue by geography 2015-2020
  • Scope of the report
    • Market overview
      • Table Major countries considered in the market analysis
    • Major vendor offerings
      • Table Product offerings
  • Assumption
    • Market assumptions
      • Table Market assumptions
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
  • Market landscape
    • Market overview
    • Market developments
    • New regulatory framework
  • Industry overview
    • Insurance sector
      • Table Product offered
  • Product life cycle
    • Table Product life cycle 2015
    • Table Product life cycle 2020
  • Market size and forecast
    • Table Global insurance software market 2015-2020 ($ billions)
  • Market segmentation by deployment model
    • Deployment models
  • Geographical segmentation
    • Table Geographical segmentation of insurance software market 2015 and 2020 (%)
    • Insurance software market in Americas
      • Table Insurance software market in Americas 2015-2020 ($ billions)
    • Insurance software market in EMEA
      • Table Insurance software market in EMEA 2015-2020 ($ billions)
    • Insurance software market in APAC
      • Table Insurance software market in APAC 2015-2020 ($ billions)
  • Market drivers
    • Need to simplify the process
    • Increase in client demand and competitive environment
    • Rise in RPA in insurance industry
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Over-regulated insurance industry
    • Data security and privacy
    • Adherence to compliance in insurance industry
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • High demand for travel insurance
    • Increasing demand for cyber insurance
    • Emergence of SaaS-based insurance software
  • Impact of trends
  • Buying criteria
    • Table Buying criteria for insurance software
  • Five forces analysis
    • Table Five forces analysis
  • Vendor landscape
    • Competitive landscape
  • Key vendor profiles
    • Microsoft
    • Oracle
    • Salesforce
    • SAP
  • Other prominent vendors
    • Table Other prominent vendors
  • Appendix
    • List of abbreviation
  • Explore Technavio

Global Insurance Software Market 2016-2020

About Insurance Software

The global insurance industry is a potential market for technology providers. The increased expenditure on technology by the insurance sector has moved the focus on productivity and efficiency, and has brought in a wide range of challenges to insurers. The uncertainty in financial markets, changing consumer demands, and digitally savvy new competitors have emerged as new challenges to the insurance companies.

Technavio’s analysts forecast the global insurance software market to grow at a CAGR of 4.59% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global insurance software market for 2016-2020. To calculate the market size, the report considers the revenue generated by the sales of the insurance software worldwide.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Insurance Software Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Microsoft
  • Oracle
  • Salesforce
  • SAP
Other prominent vendors
  • Accenture
  • Acturis
  • Automated Workflow Private Limited (AWPL)
  • Buckhill
  • Computer Professionals Inc. (CPI)
  • Computer Sciences Corporation (CSC)
  • Dell
  • Ebix
  • EIS Group
  • Guidewire Software
  • Hyland Software
  • Insly
  • Insurity
  • Lexmark International
  • MedinyX
  • Pegasystems
  • Sapiens International Corporation
  • SAS
  • Solartis
  • Transactor
  • Vertafore
Market driver
  • Increase in client demand and competitive environment.
  • For a full, detailed list, view our report
Market challenge
  • Adherence to compliance in insurance industry.
  • For a full, detailed list, view our report
Market trend
  • Emergence of SaaS-based insurance software.
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Insurance Software Market 2016-2020

Technavio recognizes the following companies as the key players in the global insurance software market: Microsoft, Oracle, Salesforce, and SAP.

Other Prominent Vendors in the market are: Accenture, Acturis, Automated Workflow Private Limited (AWPL), Buckhill, Computer Professionals Inc. (CPI), Computer Sciences Corporation (CSC), Dell, Ebix, EIS Group, Guidewire Software, Hyland Software, Insly, Insurity, Lexmark International, MedinyX, Pegasystems, Sapiens International Corporation, SAS, Solartis, Transactor, and Vertafore.

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing demand for cyber insurance. Cyber-insurers have developed different products to address the needs of cyber-risk companies. Specialized cyber-risk insurances come in many forms, but property, theft, and liability insurance are experiencing high demand. Some insurance carriers offer liability-only products, while others offer a combination of property, liability cover, and theft. The coverages are expanded to include property and product when compared to earlier coverage where it was only limited to liability and breach response. This indicates that customer demand is increasing for cyber insurance. Insurers are offering cyber-risk enhancements to existing policies, such as management liability and business owners. The cyber insurance products take the form of a services-only product, services with breach response coverage, and services along with breach response including liability.”

According to the report, one driver in the market is need to simplify the process. The insurance claims process is tedious and requires repetitive work that is done manually. The insurance companies are looking for claims management solutions to help them identify bottlenecks and streamline the entire system. Only a suitable life insurance software can help solve these issues and improve the overall efficiency and effectiveness of business process applications. Hence, many insurance industry end-users such as insurers, brokers, and agents are increasingly using the insurance software because it supports end-to-end automation and optimization of the claims management process. Insurance software also increases straight-through-processing rates, reduces errors and redundancies, and cuts costs.

Further, the report states that one challenge in the market is adherence to compliance in insurance industry. The complexities of the regulatory environment certainly pose significant challenges for financial services companies and insurance companies as regulators continue to have strict compliance and risk management standards. These challenges are created at multiple levels of regulatory authority, including state, local, federal, and international. The smaller companies also struggle to optimize business models and infrastructures to address the growing regulatory scrutiny better. Further, the efforts are made by the International Association of Insurance Supervisors (IAIS) to develop Insurance Core Principles (ICPs), a common framework for the supervision of internationally active insurance groups (IAIGs).



Companies Mentioned

Microsoft, Oracle, Salesforce, SAP,Accenture, Acturis, Automated Workflow Private Limited (AWPL), Buckhill, Computer Professionals Inc. (CPI), Computer Sciences Corporation (CSC), Dell, Ebix, EIS Group, Guidewire Software, Hyland Software, Insly, Insurity, Lexmark International, MedinyX, Pegasystems, Sapiens International Corporation, SAS, Solartis, Transactor, Vertafore.

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