About Insurance Agency Software
Insurance agency software is a management system that supports the day-to-day operations of insurance agencies for faster and smarter growth in the insurance sector. With customer relationship management features and software as a service (SaaS) is highly beneficial for the various sector including banking, automotive & transportation, business & enterprises, consumer electronics and other. In the current scenario, insurance agency software is also being integrated with social media and artificial intelligence, and IoT which is fueling the growth of the market. The United States insurance agency software market was estimated to be around USD 1,022 million in 2019 which is expected to witness a healthy CAGR of 6.88% during the forecast period to reach an estimated value of USD 1,524 Million by 2025.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 7.0% |
The Digital Revolution of Insurance focuses on the technology, consumer demand, new competition, and changing market dynamics that are revolutionizing the insurance industry. The increased pace of innovation and change has challenged traditional insurance practices and created a new age of insurance defined by greater connectivity and automation. Technology and innovation are creating unprecedented opportunity to generate greater operational efficiencies and drive growth through new products, services, and customer experience Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Insurance Agency Software 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.
Agency Computer Systems Inc. (United States), Damco Group (United States), NowCerts, LLC. (United States), ZYWAVE (United States), VRC Insurance Systems (United States), BindHQ (United States), AgencyBloc (United States), Applied Systems (United States), Jenesis Software (United States), Vertafore, Inc. (United States), HawkSoft, Inc. (United States), EZLynx (United States), Agency Rating Systems, Inc. (United States) and Sapiens International (Israel) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are AllClients (United States), Impowersoft (United States), Insurance Systems Inc. (Canada), Buckhill Ltd. (United Kingdom) and InsuredHQ (New Zealand).
Segmentation Overview
AMA Research has segmented the market of Global Insurance Agency Software market by Type (Web Based Model and Cloud-based Model), Application (Claims Management, Commission Management, Contact Management, Document Management, Insurance Rating, Policy Management, Quote Management and Others) and Region.
On the basis of Type, Cloud-based Model are dominating the market in the year 2023 where as Web Based Model stood as second largest market share.
On the basis of application, Contact Management segment is dominating the market in the year 2023 where as Document Management segment stood as second largest market .On the basis of geography, the market of Insurance Agency 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Insurance, the sub-segment i.e. P&C will boost the Insurance Agency Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Subscription Based will boost the Insurance Agency Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. MGAs will boost the Insurance Agency Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption due to Enhancement in The Digital Access
Market Growth Drivers:
The Rising Awareness and Information Regarding The Importance Of Insurance and An Increase In The Demand For Insurance Companies And Their Services
Challenges:
The Concerns Related to the Cyber Threats and Attacks
Restraints:
Lack of Product Awareness in Developing Economies and High Cost of Software
Opportunities:
The Advancements In Technologies Such as Internet Of Тhіngѕ (ІоT), Mасhіnе Learning, Rоbоtісѕ, And Artificial Intelligence (АІ)
Market Leaders and their expansionary development strategies
In November 2020, Zywave announced the acquisition of Insurance Technologies Corporation (ITC), which is one of the leading providers of marketing, rating, and management software and services to the insurance industry. Together with Zywave’s existing portfolio of solutions, the acquisition solidifies Zywave’s position as the leading provider of solutions for carriers and independent insurance agencies to help them drive business efficiency and accelerate growth.
In January 2021, Applied Systems announced that it has entered into a definitive agreement to acquire EZLynx, a pioneer in real-time comparative rating and one of the fastest-growing agency management systems in the U.S. This complementary acquisition will expand Applied’s portfolio of agency management and rating technologies to drive automation for agencies large to small while also increasing connectivity across the distribution channel to create greater value for all stakeholders.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law.
Analyst View
In FY 2020, the consumers facing employment issues along with potential loss in income, and general market volatility which is hampering the new purchase of life insurance policies across the world. However, once the pandemic across the world becomes neutral fully and the consumer behavior begins to normalize, the effect of a pandemic may bring new opportunities for market vendors by highlighting new products related to consumer’s lives. Moreover, reduced sales along with unpredictable consumer behavior across the insurance technology sector can challenge the ability to predict investment opportunities.
Key Target Audience
Insurance Agency Software Providers, Insurance Agency Software Service/Solution Providers, Government Bodies, Cloud Services Providers, System Integrators and Others
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.