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:
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).
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.