Report updated on 11th September, 2021: Global Insurance Agency Software Market By Type (Cloud-Based, and On-Premise), By Application (Small Business, Medium-sized Business, and Large Business), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2030 (Includes Business Impact of COVID-19)
Trusted Business Insights has published a comprehensive market research report on, Global Insurance Agency Software Market by Deployment Type (Cloud-Based, On-Premise), ByEnd-User (Small Business, Medium-Sized Business, Large Business), By Applications (Claims Management, Commission Management, Contact Management, Document Management, Insurance Rating, Policy Management, Quote Management) and by Region -Global Forecast to 2030, which offers a holistic view of the global insurance agency software market through systematic segmentation that covers every aspect of the target market.
The insurance agency software market is projected to be US$ 1,791.1 Mn in 2020 to reach US$ 3,202.1 Mn by 2030 at a CAGR of 6.0%.
An insurance agency software automates multiple processes and simplifies the work of insurance agents, brokers and the company at every stage. This software enables maintaining records on a single database and provides service through a single platform, thereby reducing the burden of insurance agents from using various accounting programs, while effectively managing their client base and documents with minimum errors. Insurance agency software also provides high capacity, i.e. the system allows several users to work simultaneously, and provides online support to both employees in the head office and in the remote branches, which is facilitated by cloud-based CRM solutions. Another unique feature of insurance agency software is that agents/ companies can store and retrieve a large amount of client data for a longer duration, which might get lost while using several platforms. Insurance companies can easily store large client information while minimizing cost, and providing a better quality of service to customers.
Increasing penetration of insurance in developing countries such as India, China, Brazil, etc. is expected to drive the growth of the insurance agency software market. The rising uptake of insurance in emerging economies will provide a boost to the demand for insurance agency software. Increased awareness regarding the importance of insurance in these countries will result in rising adoption of insurance services, thereby fueling the growth of the market.
A shift in the focus of insurance companies from a product-based approach to customer-centric approach is estimated to augment the growth of the insurance agency software market further.
Global Insurance Agency software Market Revenue (US$ Mn), 2021 to 2030
However cyber threats and attacks are one of the major concerns for insurance companies. Sensitive customer-centric data, particularly personal, financial, or transactional data is a major target and at great risk from cyber hackers. Leakage of confidential customer data can lead to loss of customers and customer loyalty, while companies bearing major financial losses. Nonetheless, increasing penetration of the Internet of Things (IoT), machine learning, robotics, and artificial intelligence (AI) is expected to provide lucrative opportunities to players in the global insurance agency software market.
Global insurance agency software market is segmented on the basis of deployment types, end use and region. On the basis of deployment type, the market is segmented into cloud-based, on-premise. The cloud-based segment accounts for the majority share in the global insurance agency software market. Also, cloud-based is expected to register the highest growth rate over the forecast period. On the basis of end users, the market is segmented into a small business, medium-sized business and large business. Large business accounts for a majority share in the global insurance agency software market. The market is also segmented on the basis of applications into claims management, commission management, contact management, document management, insurance rating, policy management and quote management
Global Insurance Agency Software Market by Deployment Type, 2018
On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. North America accounts for the majority share in the global insurance agency software market as a result of digitalization and digital transformation of insurance software. APAC is expected to register the highest growth rate over the forecast period, due to increasing penetration of insurance in developing countries such as China, India etc. MEA is also expected to register stable growth over the forecast period.
The research report on the global insurance agency software market includes profiles of some of major companies such as Insurance Systems Inc., InsuredHQ., Buckhill Ltd, AgencyBloc, Inc., Agency Matrix, Allclients, Jenesis Software, Vertafore, Inc., Applied Systems, Inc., Insurance Technologies Corporation, Ezlynx, Hawksoft, Inc., Zywave, Inc., XDimensional Technologies, Inc, Sapiens International Corporation N.V., TechCanary Corporation, and Agency Computer Systems, Inc.
Key Market Segments:
By Type
- Life Insurance
- Accident and Health Insurance
- Property & Casualty Insurance
- Others
By Deployment
By Application
- Small Business
- Medium-sized Business
- Large Business
By End-user
- Brokers
- Agencies
- Insurance Companies
Key Market Players included in the report:
- Accenture Plc
- Adobe Inc.
- Agency Computer Systems Inc
- Agency Matrix
- AgencyBloc Inc.
- Allclients
- Allied Systems Inc.
- Applied Systems Inc.
- Axxis Systems SA
- Buckhill Ltd
- Dell Technologies Inc.
- Ezlynx
- Guidewire Software Inc.
- Hawksoft Inc.
- Insurance Technologies Corporation
- InsuredHQ.
- International Business Machines Corp.
- Jenesis Software
- Microsoft Corp.
- Mitchell International Inc.
- Oracle Corp.
- Salesforce.com Inc.
- SAP SE.
- Sapiens International Corporation N.V.
- Solera Holdings
- TechCanary Corporation
- Vertafore Inc.
- XDimensional Technologies Inc
- Zywave Inc.
- XDimensional Technologies
Below are the key development related to Insurance Agency Software Market in 2020 and 2021.
July 2021: Wauwatosas Zywave buys IBQ Systems to significantly expand insurance carrier inventory. Cloud-based insurance software provider Zywave Inc. has purchased Spokane, Washington-based IBQ Systems, a provider of comparative rating technology for personal insurance lines, according to a recent announcement. The deal is the latest move in Zywaves recent acquisition spree. IBQ Systems is the seventh company that Wauwatosa-based Zywave has acquired in the last two years. In acquiring IBQ Systems, Zywave is expanding its offerings for independent agents that sell personal insurance lines. It plans to combine IBQs technology with its existing TurboRater product — which came from its 2020 acquisition of Insurance Technologies Corp. — to bolster quoting and proposal offering capabilities within its sales cloud product.
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July 2021: Azentio Software acquires specialist Insurance technology firm Beyontec. Azentio Software ("Azentio" or the "Company"), a Singapore-headquartered software products business owned by Funds advised by Apax, is pleased to announce that it has signed a binding agreement to acquire Beyontec, a leading insurance technology company. The transaction is conditional on obtaining relevant regulatory approvals. Beyontec has more than 300 employees and over 65 customers across the US, Middle East, and Africa. The company provides a comprehensive range of digital solutions for the insurance industry, including a core multi-line insurance administration system, digital platform-based ecosystem solutions, and a comprehensive set of cloud-based accelerator tools. The acquisition expands Azentios customer base and product suite with the goal of becoming the preeminent banking, financial services, and insurance-led technology product company in high-growth markets. Azentio and Beyontec have significant synergies - allowing Azentio to offer an enhanced insurance product and end-to-end insurtech solutions for General, Health, Life, and Commercial insurance.
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July 2021: J.D. Power Acquires Leading Automotive Finance & Insurance Software Provider Superior Integrated Solutions/Darwin Automotive. Acquisition Expands J.D. Power Software and Data Offerings for Automotive Dealerships; Supports Continued Digital Transformation of Automotive Sales Process. J.D. Power, a global leader in data analytics and consumer intelligence, announced it has acquired Superior Integrated Solutions, Inc./Darwin Automotive, a leading provider of automotive finance & insurance (F&I) software used by automotive dealerships. The acquisition enhances the value J.D. Power can provide with its data, analytics, and software components to auto dealers, original equipment manufacturers (OEMs), third-parties and consumers as the industry continues to employ new technologies to improve the consumer experience.
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