About Life Insurance Rating Systems
Life Insurance Rating Systems software aids in the management of insurance agencies. These systems combine CRM and marketing automation software to assist agents in bettering their interactions with customers, clients, and prospects. These systems also contain back-office functionality like automated processes and commission processing to make agent job easier. This solutions can be implemented or deployed across all the domains or branches of insurance agency. It can be used as a stand-alone solution or as the foundation for a comprehensive insurance suite. North America is currently, the largest market of the Life Insurance Rating systems.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.44% |
The Global Life Insurance Rating Systems market was showing an Oligopoly due to the presence of already established players. However to gain market share in the upcoming year manufacturers have shifted their preferences towards up progression advanced product launches, designing, scheduling, developing, branding, and escalating current features. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Life Insurance Rating Systems market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Vertafore, Inc. (United States), HawkSoft (United States), Applied Systems, Inc. (United States), Sapiens International (Israel), Agency Matrix (United States), InsuredHQ (New Zealand), Buckhill Ltd. (United Kingdom), Insurance Technologies Corporation (United States), EZLynx (United States) and AgencyBloc, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Zywave, Inc. (United States), XDimensional Technologies (United States) and Nest Innovative Solutions Private Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Life Insurance Rating Systems market by , Application (Claims Management, Risk Management and Others) and Region.
On the basis of geography, the market of Life Insurance Rating Systems has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organisation Size , the sub-segment i.e. SMEs will boost the Life Insurance Rating Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Services will boost the Life Insurance Rating Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment , the sub-segment i.e. Cloud Based will boost the Life Insurance Rating Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of Artificial Intelligence and Machine Learning
Market Growth Drivers:
Increasing Adoption of Digital Tools for Financial Applications and Rising Penetration of Insurance Companies especially in Tier 2 and Tier 3 Cities
Challenges:
Lack of Skilled Professionals in Developing Countries
Restraints:
High Risks Associated with Insurance Business
Opportunities:
Cloud Based Solutions will Rise in Popularity
Market Leaders and their expansionary development strategies
In October 2022, Resolution Life and Blackstone (NYSE: BX) today announced a strategic partnership to support the continued growth of Resolution Life, a leading global life and annuity insurance consolidation business. This partnership solidifies Resolution Life’s position as a leader in the multi-trillion-dollar global life and annuity consolidation market by combining Resolution Life’s global liability management platforms and Blackstone’s insurance asset management capabilities.
In February 2024, Life Insurance Corporation of India (LIC) has announced the launch of unit-linked, regular premium, individual life insurance plan Index Plus. The plan offers life insurance cover-cum-savings throughout the term of the policy, LIC said in a statement.
Key Target Audience
Life Insurance Rating Systems Developers and Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.