Global Insurance Software Market 2016-2020

  • ID: 4013356
  • Report
  • Region: Global
  • 59 pages
  • TechNavio
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FEATURED COMPANIES

  • Acturis
  • Ebix
  • Hyland Software
  • Lexmark International
  • Oracle
  • SAP,Accenture
  • MORE
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.

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

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 Drivers:
- Increase in client demand and competitive environment.
- For a full, detailed list, view the full report

Market challenges:
- Adherence to compliance in insurance industry.
- For a full, detailed list, view the full report

Market Trends:
- Emergence of SaaS-based insurance software.
- For a full, detailed list, view the full 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?

You can request one free hour of the analyst’s time when you purchase this market report. Details are provided within the report.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Acturis
  • Ebix
  • Hyland Software
  • Lexmark International
  • Oracle
  • SAP,Accenture
  • MORE
Part 01: Executive summary
  • Highlights
  • Overview of numbers
Part 02: Scope of the report
  • Market overview
  • Major vendor offerings
Part 03: Assumption
  • Market assumptions
Part 04: Market research methodology
  • Research methodology
  • Economic indicators
Part 05: Introduction
  • Key market highlights
Part 06: Market landscape
  • Market overview
  • Market developments
  • New regulatory framework
Part 07: Industry overview
  • Insurance sector
Part 08: Product life cycle
  • Product life cycle
Part 09: Market size and forecast
  • Market size and forecast
Part 10: Market segmentation by deployment model
  • Deployment models
Part 11: Geographical segmentation
  • Geographical segmentation
  • Insurance software market in Americas
  • Insurance software market in EMEA
  • Insurance software market in APAC
Part 12: Market drivers
  • Need to simplify the process
  • Increase in client demand and competitive environment
  • Rise in RPA in insurance industry
Part 13: Impact of drivers

Part 14: Market challenges
  • Over-regulated insurance industry
  • Data security and privacy
  • Adherence to compliance in insurance industry
Part 15: Impact of drivers and challenges

Part 16: Market trends
  • High demand for travel insurance
  • Increasing demand for cyber insurance
  • Emergence of SaaS-based insurance software
Part 17: Impact of trends
  • Impact of trends
Part 18: Buying criteria
  • Buying criteria
Part 19: Five forces analysis

Part 20: Vendor landscape
  • Competitive landscape
Part 21: Key vendor profiles
  • Microsoft
  • Oracle
  • Salesforce
  • SAP
Part 22: Other prominent vendors

Part 23: Appendix
  • List of abbreviation
Part 24: About the Author

List of Exhibits
Exhibit 01: Global insurance software market: Revenue by geography 2015-2020
Exhibit 02: Major countries considered in the market analysis
Exhibit 03: Product offerings
Exhibit 04: Market assumptions
Exhibit 05: Product offered
Exhibit 06: Product life cycle 2015
Exhibit 07: Product life cycle 2020
Exhibit 08: Global insurance software market 2015-2020 ($ billions)
Exhibit 09: Geographical segmentation of insurance software market 2015 and 2020 (%)
Exhibit 10: Insurance software market in Americas 2015-2020 ($ billions)
Exhibit 11: Insurance software market in EMEA 2015-2020 ($ billions)
Exhibit 12: Insurance software market in APAC 2015-2020 ($ billions)
Exhibit 13: Impact of drivers
Exhibit 14: Impact of drivers and challenges
Exhibit 15: Buying criteria for insurance software
Exhibit 16: Five forces analysis
Exhibit 17: Other prominent vendors
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Acturis
  • Ebix
  • Hyland Software
  • Lexmark International
  • Oracle
  • SAP,Accenture
  • MORE
Global Insurance Software Market 2016-2020

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 the 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).

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Note: Product cover images may vary from those shown
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  • 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.
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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