Big Boom In Insurance Agency Software Market to Exhibit a Moderate 6.0% CAGR Through 2028
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. The insurance agency software market is projected to be US$ 1,594.1 Mn in 2018 to reach US$ 2,849.9 Mn by 2028 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.
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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.
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.
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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.
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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.