Life Insurance Policy Administration Systems Software Market By Type (Cloud Based and Web-Based), By Application (Large Enterprises and SMEs), Industry Trends, Estimation & Forecast, 2020-2026

Global Life Insurance Policy Administration Systems Software market is estimated to reach $4,160.2 million by 2026 with a CAGR of 13.7% from 2020 to 2026.
  • Market Overview

    Life Insurance Policy Administration Systems software allow financial institutions and insurance enterprises to develop and manage annuity and life insurance policies. The software solutions are deployed to keep track of calculations regarding policy costs, relevant client document records, and improve organizational efficiency.

    Market Dynamics

    The rising solution need for insurers to manage policy products and design new policies and technological advancement in software capabilities for quick response to market changes are the primary factors driving the market growth. The software solutions are designed to achieve transparency in the distribution and management of policies catering to a vast global client base. The policy administration software allows for a higher degree of flexibility and modifications to the insurance policy offerings as a measure of response to the ever-evolving market scenarios. The software is also used as a tool to design and implement new policies that cater to the immediate changing needs of a diverse client base. The rise in the numbers of life, annuity, pension, and health policies that are being provided to customers has also increased the need for adoption of intelligent systems that would automatically track and manage several policy requirements, bolstering the rate of product integration and growth of the market. The software solutions have the capability of organizing a library of pre-defined insurance packages earmarked for a specific group of individuals, which further helps insurance institutions to acquire a wide range of clients for prosperity in financial revenues.

    However, high costs of software incorporation and risks of cybersecurity threats might hamper the market growth. The additional expenditure and spending on the adoption of cybersecurity measures and related hardware equipment might also act as barriers to the growth prospects of the market. The gradual growth in software demand from financial institutions in emerging economies would provide lucrative opportunities for the market in the coming years. The increasing incorporation of automated solutions in insurance firms of developing countries for optimized excellence would offer crucial vendors with new possibilities of product application and business expansion over the forecast period.

    Market Segmentation

    The global Life Insurance Policy Administration Systems Software market is mainly classified based on Type and Application. Type is segmented into Cloud Based and Web Based. By Application, the market is divided into Large Enterprises and SMEs.

    The Cloud Based segment by Type holds a considerable share in terms of overall market value owing to the increased degree of work flexibility and accessibility provided by cloud-based services. The policy administration software on cloud-based platforms also encourages cost-effective operations and elimination of high-end hardware procurement, which would boost the segment growth prospects during the forecast period.

    The Large Enterprises segment by Application is leading with regards to the overall market value owing to the availability of consistent funding and investments that make it possible for the organizations to adopt advanced digital solutions for operational excellence.

    Regional Analysis

    Based on geography, the global Life Insurance Policy Administration Systems Software market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

    Asia-Pacific is a leading region and holds a substantial share of overall market value owing to high product adoption among several large- and medium-scale financial enterprises and insurance organizations operating in the area.

    Competitive landscape

    The Life Insurance Policy Administration Systems Software market is relatively fragmented, with several global and regional vendors operating in the evolving market scenario with expansive software capabilities and an extensive network of solution incorporation.

    Key players operating in the Life Insurance Policy Administration Systems Software industry include iPipeline, Oracle Corporation, DXC Technology Company, Instanda, ExlService Holdings, Inc., Infosys Limited, EquiSoft, Inc., Vlocity, Inc., Accenture plc, and AXE Group Pty Ltd.

    The launch of new software solutions that cater to the upgraded needs of insurance establishments and expansion of business opportunities through tactical acquisitions and strategic partnerships are the primarily followed business strategies of the top players looking to capture substantial market share during the forecast period.

    Life Insurance Policy Administration Systems Software Market Key Segments:

    By Type
    • Cloud Based
    • Web Based

    By Application
    • Large Enterprises
    • SMEs

    Key Global Life Insurance Policy Administration Systems Software Industry Players
    • iPipeline
    • Oracle Corporation
    • DXC Technology Company
    • Instanda
    • ExlService Holdings, Inc.
    • Infosys Limited
    • EquiSoft, Inc.
    • Vlocity, Inc.
    • Accenture plc
    • AXE Group Pty Ltd

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  • Table of Content

    1. Market Introduction
    1.1. Executive Summary
    1.2. Market Definition
    1.3. Market Scope

    2. Research Methodology
    2.1. Primary Research
    2.2. Research Methodology
    2.3. Assumptions & Exclusions
    2.4. Secondary data sources

    3. Life Insurance Policy Administration Systems Software Market Overview
    3.1. Report Segmentation & Scope
    3.2. Key Market Trend
    3.3. Drivers
    3.3.1. Rising solution need for insurers to manage policy products and design new policies
    3.3.2. Technological advancement in software capabilities for quick response to market changes
    3.4. Restraints
    3.4.1. High costs of software incorporation and risks of cybersecurity threats
    3.5. Opportunity
    3.5.1. Gradual growth in software demand from financial institutions in emerging economies
    3.6. Porter’s Five Forces Analysis
    3.6.1. Porter’s Five Forces Analysis
    3.7. Market Share Analysis

    4. Type Overview
    4.1. Introduction
    4.1.1. Market Size & Forecast
    4.2. Cloud Based
    4.2.1. Market Size & Forecast
    4.3. Web Based
    4.3.1. Market Size & Forecast

    5. Application Overview
    5.1. Introduction
    5.1.1. Market Size & Forecast
    5.2. Large Enterprises
    5.2.1. Market Size & Forecast
    5.3. SMEs
    5.3.1. Market Size & Forecast

    6. Life Insurance Policy Administration Systems Software Market Regional Overview
    6.1. Introduction
    6.1.1. Market Size & Forecast
    6.2. North America Life Insurance Policy Administration Systems Software Market
    6.2.1. North America Market Size & Forecast, By Country
    6.2.2. North America Market Size & Forecast, By Type
    6.2.3. North America Market Size & Forecast, By Application
    6.2.4. U.S.
    6.2.4.1. Market Size and Forecast
    6.2.5. Canada
    6.2.5.1. Market Size and Forecast
    6.2.6. Mexico
    6.2.6.1. Market Size and Forecast
    6.3. Europe Life Insurance Policy Administration Systems Software Market
    6.3.1. Europe Market Size & Forecast, By Country
    6.3.2. Europe Market Size & Forecast, By Type
    6.3.3. Europe Market Size & Forecast, By Application
    6.3.4. Germany
    6.3.4.1. Market Size and Forecast
    6.3.5. France
    6.3.5.1. Market Size and Forecast
    6.3.6. UK
    6.3.6.1. Market Size and Forecast
    6.3.7. Italy
    6.3.7.1. Market Size and Forecast
    6.3.8. Russia
    6.3.8.1. Market Size and Forecast
    6.3.9. Rest of Europe
    6.3.9.1. Market Size and Forecast
    6.4. Asia-Pacific Life Insurance Policy Administration Systems Software Market
    6.4.1. Asia-Pacific Market Size & Forecast, By Country
    6.4.2. Asia-Pacific Market Size & Forecast, By Type
    6.4.3. Asia-Pacific Market Size & Forecast, By Application
    6.4.4. Japan
    6.4.4.1. Market Size and Forecast
    6.4.5. China
    6.4.5.1. Market Size and Forecast
    6.4.6. Australia
    6.4.6.1. Market Size and Forecast
    6.4.7. India
    6.4.7.1. Market Size and Forecast
    6.4.8. South Korea
    6.4.8.1. Market Size and Forecast
    6.4.9. Rest of Asia-Pacific
    6.4.9.1. Market Size and Forecast
    6.5. South America Life Insurance Policy Administration Systems Software Market
    6.5.1. South America Market Size & Forecast, By Country
    6.5.2. South America Market Size & Forecast, By Type
    6.5.3. South America Market Size & Forecast, By Application
    6.5.4. Brazil
    6.5.4.1. Market Size and Forecast
    6.5.5. Argentina
    6.5.5.1. Market Size and Forecast
    6.5.6. Rest of South America
    6.5.6.1. Market Size and Forecast
    6.6. Middle East & Africa Life Insurance Policy Administration Systems Software Market
    6.6.1. Middle East & Africa Market Size & Forecast, By Country
    6.6.2. Middle East & Africa Market Size & Forecast, By Type
    6.6.3. Middle East & Africa Market Size & Forecast, By Application
    6.6.4. GCC Countries
    6.6.4.1. Market Size and Forecast
    6.6.5. Egypt
    6.6.5.1. Market Size and Forecast
    6.6.6. South Africa
    6.6.6.1. Market Size and Forecast
    6.6.7. Rest of Middle East & Africa
    6.6.7.1. Market Size and Forecast

    7. Company Profile
    7.1. iPipeline
    7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
    7.1.2. iPipeline Product Category, Application, and Specification
    7.1.3. iPipeline Financial Performance (2015-2019)
    7.1.4. Main Business/Business Overview
    7.2. Oracle Corporation
    7.3. DXC Technology Company
    7.4. Instanda
    7.5. ExlService Holdings, Inc.
    7.6. Infosys Limited
    7.7. EquiSoft, Inc.
    7.8. Vlocity, Inc.
    7.9. Accenture plc
    7.10. AXE Group Pty Ltd

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What Report Provides?

• Full in-depth analysis of the parent Industry
• Important changes in market and its dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional growth potential

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