What is P&C Insurance Software Market Scope?
P&C insurance software is used by insurance agents and brokers to promote, sell, and administer insurance policies. P&C insurance software provides a full suite of digital insurance programs and solutions. Empower customers with easy to use, easy to manage, scalable software that touches every facet of P&C insurance — policy, rating, billing, claims, data analytics, and more. The growing property & casualty industry worldwide and the rising adoption of automated software tools to reduce turnaround time are the key drivers fueling the growth of the market.
The P&C Insurance Software market study is being classified by Type (Cloud-Based and On-Premise) and major geographies with country level break-up.
Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global P&C Insurance Software market throughout the predicted period.
Majesto (United States), Tigerlab (Malaysia), Insurance Systems (Canada), Broker Buddha (United States), Croscon (United States), Zywave (United States), Duck Creek Technologies (United States), Encircle (Canada), Pegasystems (United States), OneShield (United States), Agency Software (United States), PCMS (United Kingdom) and Intuitive Web Solutions (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are ClarionDoor (United States), Quadient (France), ELEMENT Insurance (Germany), CodeObjects (United States), Damco Solutions (United States), Prise (United States) and RentalGuardian (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global P&C Insurance Software market by Type, Application and Region.
On the basis of geography, the market of P&C Insurance Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
On 4 Aug 2020, Majesco, a global leader of cloud insurance software platforms, announced Texas Farm Bureau Insurance expanded the lines of business on Majesco Policy for P&C with Farm Liability, converting from their legacy home-grown system. This follows their upgrade to Majesco CloudInsurer announced in December 2019 and demonstrates their agility and speed to market for new lines of business.
On 27 Sept 2018, insurtech company Broker Buddha announced the launch of a new quoting platform in partnership with Towerstone Inc., a Dallas-based commercial insurance wholesaler specializing in energy, construction, environmental, property and excess casualty.
Influencing Market Trend
- Increased Application of Artificial Intelligence (AI) in P&C Insurance Software
Market Drivers
- The Growing Property & Casualty Industry Worldwide
- The Rising Adoption of Automated Software Tools to Reduce Turnaround Time
- The Increasing Demand for Software to Eliminate Manual Tasks and offer personalized experiences to Customers
Opportunities
- The Growing Deployment of Cloud-based Solution is Expected to Open Lucrative Opportunities for the Market
Restraints
- Security Threats may hamper the Growth of the Market
Challenges
- Increased Competition in the P&C Insurance Industry
Key Target Audience
P&C Insurance Software Companies, Potential Investors, Regulatory & Government Bodies, End Users, Research & Consulting Firms and Others
Customization available in this Study:
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