Global Actuarial Software for Insurance Pricing Market Growth (Status and Outlook) 2026-2032

The global Actuarial Software for Insurance Pricing market size is predicted to grow from US$ 891 million in 2025 to US$ 1400 million in 2032; it is expected to grow at a CAGR of 6.8% from 2026 to 2032.

Actuarial software for insurance pricing refers to specialized computer programs that are used by actuaries in the insurance industry to analyze data, assess risk, and determine appropriate pricing for insurance products. These software tools help actuaries make informed decisions about setting premiums, calculating reserves, and managing overall financial risk for insurance companies. By utilizing actuarial software, insurance companies can more accurately predict future claims and losses, leading to more competitive pricing and improved profitability. This technology plays a crucial role in the insurance industry by enabling companies to make data-driven decisions that ultimately benefit both the insurer and the policyholder.

The actuarial software industry for insurance pricing is undergoing a profound transformation, driven by technological innovation, regulatory demands, and evolving market dynamics. A key trend is the explosive growth of AI and machine learning integration, with platforms like Akur8’s solution reducing modeling time by 10x while boosting predictive power by 10% and loss ratio improvement by 2–4%. Insurers are increasingly deploying transparent AI algorithms (e.g., SAS’s dynamic actuarial modeling) to automate complex tasks like risk segmentation and fraud detection, while maintaining auditability—a critical requirement for regulatory compliance. Big data and IoT-driven personalization are reshaping pricing models. Telematics devices and smart sensors generate real-time behavioral data (e.g., driver habits, equipment performance), enabling usage-based insurance (UBI) and predictive maintenance.

Cloud-native SaaS solutions are disrupting legacy systems, offering scalability and cost efficiency. Akur8’s partnership with Duck Creek Technologies allows insurers to deploy AI-powered rates in minutes via cloud APIs, eliminating manual handovers and operational risks. By 2025, cloud-based platforms are projected to dominate 61% of deployments, particularly in emerging markets like Asia-Pacific, where cost-effective scalability is prioritized.

Regulatory adaptation remains a cornerstone, with Solvency II and similar frameworks driving demand for compliance-centric tools. Addactis’s Solvency II solution automates stress testing and regulatory reporting, ensuring alignment with evolving capital adequacy standards.

Despite these advancements, challenges persist, including data privacy concerns (e.g., GDPR compliance in EU markets) and skill gaps in emerging economies. However, the industry’s trajectory is clear: by 2030, AI-driven actuarial software is expected to capture 45% of the global market, with hybrid models (combining traditional GLMs and deep learning) becoming the norm . As insurers navigate a landscape marked by climate uncertainty and hyper-personalization, actuarial software will remain a linchpin in balancing profitability, compliance, and customer-centric innovation.

LPI (LP Information)' newest research report, the “Actuarial Software for Insurance Pricing Industry Forecast” looks at past sales and reviews total world Actuarial Software for Insurance Pricing sales in 2025, providing a comprehensive analysis by region and market sector of projected Actuarial Software for Insurance Pricing sales for 2026 through 2032. With Actuarial Software for Insurance Pricing sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Actuarial Software for Insurance Pricing industry.

This Insight Report provides a comprehensive analysis of the global Actuarial Software for Insurance Pricing landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyses the strategies of leading global companies with a focus on Actuarial Software for Insurance Pricing portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Actuarial Software for Insurance Pricing market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Actuarial Software for Insurance Pricing and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Actuarial Software for Insurance Pricing.

This report presents a comprehensive overview, market shares, and growth opportunities of Actuarial Software for Insurance Pricing market by product type, application, key players and key regions and countries.

Segmentation by Type:
On-premises
Cloud Based

Segmentation by Application:
Property and Casualty Insurance
Life Insurance
Health Insurance
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Akur8
Addactis
Hyperexponential
AXIS
WTW RiskAgility
SAS
Stoch Analytics
FIS Prophet
Aon
WNS
Milliman
PolySystems
Insureware
RNA Analytics
Montoux
Slope Software

Please note: The report will take approximately 2 business days to prepare and deliver. Show more