Allied Market Research recently published a report, titled, “P&C Insurance Software Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. As per the report, the global P&C insurance software industry accounted for $11.6 billion in 2021 and is expected to reach $28.5 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
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Major determinants of the market growth
Rise in digital transformation among industries and surge in penetration of internet & mobile devices have boosted the growth of the global P&C insurance software market. Moreover, increase in need for finance among businesses and people to insure property supplemented the market growth. However, strict rules imposed by banks and financial institutions for offering housing finance hinder the market growth. On the contrary, increase in the prices of real estate properties in developing economies and the growth of metropolitan cities are expected to open new opportunities in the future.
The software segment dominated the market
By component, the software segment held the largest share in 2021, accounting for nearly three-fifths of the global P&C insurance software market, due to technological advancement and strategies such as cloud technology to provide the insurance services like sales, policy administration, and claims management. However, the service segment is estimated to register the highest CAGR of 10.9% during the forecast period, owing to rise in adoption of the insurer’s needs to manage the entire claim lifecycle by reducing costs, increasing productivity, and by providing various P&C insurance software services.
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The claims segment held the largest share
By application, the claims segment dominated the market in terms of revenue in 2021, accounting for nearly two-fifths of the global P&C insurance software market as it helps insurers to manage and evaluate insurance claims such as litigation, negotiation, settlement communications, relevant policy information, and claim assessments. However, the operations segment is projected to showcase the highest CAGR of 11.6% during the forecast period, due to increased demand for P&C insurance software in sales and distribution management.
North America held the lion’s share
By region, the global P&C insurance software market across North America dominated in 2021, accounting for nearly two-fifths of the market, due to rise in demand for P&C Insurance Software solutions in the North American region and increase in adoption of digital lending platforms among banking and financial services for improving financing services. However, the market across Asia-Pacific is expected to register the highest CAGR of 11.5% during the forecast period, due to increase in awareness related to the significant advantage of P&C insurance software among the population.
The P&C insurance software industry has witnessed significant growth in recent years, thanks to the increasing demand for automated tools and solutions to reduce turnaround time and enhance the overall efficiency of the insurance industry. The market is being driven by factors such as the growing property and casualty industry worldwide, rising demand for digital insurance programs and solutions, and increasing emphasis on compliance and government regulations.
In addition, the industry has seen significant growth in the area of insurance analytics solutions, particularly in highly regulated regions like North America and Europe. These solutions help insurers to comply with regulatory requirements, assess risk more accurately, and make more informed decisions about their business.
Overall, the P&C insurance software industry is poised for continued growth in the coming years, as insurers continue to seek out new ways to improve their operations, reduce costs, and enhance the customer experience.
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the P&C Insurance Software Market Forecast, current trends, estimations, and dynamics of the p&c insurance software market analysis from 2021 to 2031 to identify the prevailing p&c insurance software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and P&C Insurance Software Market Opportunity.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the p&c insurance software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global p&c insurance software market trends, key players, market segments, application areas, and market growth strategies.
P&C Insurance Software Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 28.5 billion |
| Growth Rate | CAGR of 9.6% |
| Forecast period | 2021 – 2031 |
| Report Pages | 320 |
| Component | SoftwareService |
| Deployment Model | On PremiseCloud |
| Application | ClaimsUnderwritingOperationsOthers |
| By Region | North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)Asia-Pacific (China, Japan, South Korea, India, Australia, Rest Of LAMEA)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | Agency Software,Inc., ClarionDoor, Duck Creek Technologies, Guidewire Software, Inc., InsuredMine, PCMS Software, Pegasystems Inc., Quick Silver Systems, Inc., WTW, Zywave, Inc. |
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