Insurance Agency Software Market, By Type (Cloud-Based, and On-Premise), By Application (Small Business, Medium-sized Business, and Large Business), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029

Report Code: PMI251419 | Publish Date: July 2023 | No. of Pages: 175

Global Insurance Agency Software Market Overview

Through a digital insurance platform, insurance companies, brokers, and agencies can manage operational and organizational duties more efficiently and effectively. Insurance software is a user-friendly and automated software tool that assists businesses in compiling vast databases of insurers in preparation for future business activities. With database connectivity and policy within the system, insurance software improves the efficiency of the insurance process. It also aids the new business, underwriting, claim processing, sales and distribution management, customer service, and predictive analytic processes in increasing productivity. In life insurance, accident and health insurance, and property and casualty insurance, software suppliers offer various software modules based on customer needs. Using typical insurance practises, insurance companies are unable to cover the untapped market of insurance. Insurance Agency Software adoption has increased by a factor of two. An insurance agency management system, or AMS, is a SaaS (Software as a Service) application that can assist agencies enhance their business processes and run more efficiently. It keeps track of insurance policy details, boosts agent productivity, and gives you immediate access to client information. Not only that, but it also aids in the management of client claims and the handling of commissions for agents. It automates a number of tasks, allowing the agency to operate more quickly and efficiently. A growing number of insurance agencies are looking for a more efficient approach to automate everyday processes and manage their book of business. They also use tech-based apps to manage their daily operations.

Global Insurance Agency Software Market Drivers & Restraints

Increase in the adoption of insurance services in developing nations will drive the growth of the Market

The insurance software industry is likely to be driven by an increase in the adoption of insurance services in developing nations and by businesses seeking to improve their efficiency.

The solution provider is offering artificial intelligence-based insurance solutions to improve the efficiency of the insurance process and give more reliable claim processing and policy management solutions, which is projected to grow the insurance software industry.

Investors are cooperating with insurance technology businesses to strengthen their market position and supply new insurance solutions. This is projected to present considerable potential for insurance software solution vendors.

The insurance software market is hampered by a lack of awareness and a competent staff who can use insurance software.

Increased cyber-attacks are driving the threat to security and privacy posed by technological improvements in insurance software. As a result, the insurance software market is projected to suffer.

Global Insurance Agency Software Market Segmentations & Regional Insights

                                      

 

                                              Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.

The Global Insurance Agency Software Market report segments the market on the basis of type, application, and region.

On the basis of Type, the Global Insurance Agency Software Market is segmented into cloud-based and on-premise. Based on Application, the target market is segmented into Small Business, Medium-sized Business, and Large Business.

Regional Insights:

 

                                                                                                       Source: Prophecy Market Insights

                                        

On region the Global Insurance Agency Software Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Due to a growth in the usage of online platforms by insurance companies to expand their customer base, North America represented a significant proportion of the worldwide insurance software market.

Increased demand for insurance software among insurance companies, brokers, and agencies across North America is projected to present major players with considerable prospects.

The insurance software market in Asia Pacific and Europe is predicted to grow rapidly during the forecast period, owing to increased investment by major players to deliver solutions across these areas, as well as increased adoption of digital insurance platforms by businesses in these countries.

Report Scope:

Attribute

Details

Base year for estimation

2020

Forecast period

2020 – 2030

Market representation

Revenue in USD Million & CAGR from 2020 – 2029

Market Segmentation

By Type- Cloud-Based and On-Premise

By Application– Small Business, Medium-sized Business, and Large Business

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Insurance Agency Software Market report based on Type, Application and region.

 

Global Insurance Agency Software Market, By Region:

North America

U.S.

Canada

Europe

Germany

UK

France

Russia

Italy

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

GCC

Israel

South Africa

Rest of Middle East & Africa

Global Insurance Agency Software Market Competitive Landscape & Key Players

Key players in the global insurance agency software market include, Applied Systems, Vertafore Inc, HawkSoft Inc., QQ Solutions, Sapiens/Maximum Processing, Xdimensional Tech, Agency Matrix, Jenesis Software, Insurance Systems, and Zhilian Software. Microsoft Corporation is a software, personal computers and services, and consumer Electronics Company that manufactures, develops, licences, markets, and sells its products. Its products include anything from video games to mobile phones. The corporation is headquartered in New York City and has offices in over 190 countries. The Microsoft Azure Services Platform was launched in 2008, and it was the company's first foray into cloud computing. Azure is a set of integrated cloud services that IT professionals and developers utilise to manage, build, and deploy insurance-related applications globally.

Global Insurance Agency Software Market Company Profile

Applied Systems

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

Vertafore Inc

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

HawkSoft Inc.

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

QQ Solutions

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

Sapiens/Maximum Processing

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

Xdimensional Tech

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

Agency Matrix

Company Overview

Product Portfolio

Key Highlights

Financial Performance

Business Strategies

 

FAQs

Global Insurance Agency Software Market is segmented based on type, application and region.

Increase in the adoption of insurance services in developing nations is major factor driving the market.

During the forecast period, North America is expected to dominate the market.

Key players in the global insurance agency software market include, Applied Systems, Vertafore Inc, HawkSoft Inc., QQ Solutions, Sapiens/Maximum Processing, Xdimensional Tech, Agency Matrix, Jenesis Software, Insurance Systems, and Zhilian Software.