About Life Insurance Policy Administration Systems
Life Insurance Policy Administration Systems is used to execute a number of core policy processes including rating, quoting, binding, issuing, endorsements, and renewals. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using these systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Life insurance policy administration systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.2% |
This is a fragmented market by market-leading players and those are highly focusing on the production technologies, improving efficiency and service life. There are numerous growth opportunities are in the market, and to capture these markets various new market players are entering this market by highly investing in new technologies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Life Insurance Policy Administration 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.
Accenture (Ireland), Andesa Services, Inc. (United States), Concentrix (United States), EXL (United States), FAST Technology (United States), Infosys McCamish (United States), InsPro Technologies (United States), Majesco (United States), Mphasis Wyde (France) and Oracle (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 Instanda (United Kingdom) and Andesa (United States).
Segmentation Overview
AMA Research has segmented the market of Global Life Insurance Policy Administration Systems market by Type (Software and Services (Managed Services, Professional Services)) and Region.
On the basis of geography, the market of Life Insurance Policy Administration Systems 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). If we see Market by Policy Administration, the sub-segment i.e. Policy Lifecycle will boost the Life Insurance Policy Administration Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. SaaS will boost the Life Insurance Policy Administration Systems 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. Insurance Companies will boost the Life Insurance Policy Administration Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technology Advancement in Life Insurance Policy Administration System
Market Growth Drivers:
Increase in the Outsourcing of Policy Administration Functions and Rapidly Changing Market Conditions
Challenges:
Increasing Competition
Restraints:
Rapid Upgradations of System and A Requirement of Skilled Professionals
Opportunities:
Growing Spending of Organisations on Policy Administration Systems and Emerging Advancements in Administration Systems in the Form of Automation
Market Leaders and their expansionary development strategies
In October 2023, InsureMO, a leading cloud-native insurance middleware platform provider, and Mendix, a global leader in enterprise low-code solutions, today announced a strategic partnership to help insurance companies accelerate their digital transformation initiatives.
In October 2023, Appian announced the availability of the Connected Underwriting Life Workbench to help insurers unify workflows and data in an automated, end-to-end process. The solution makes underwriters' lives easier by giving them a single interface to evaluate and classify risk, handle exceptions, and make case decisions.
Key Target Audience
Life Insurance Policy Administration SystemsProvides, Life Insurance Policy Administration Systems Industry Association, Research and Development Institutes, Venture Capitalists and Private Equity Firms, New Entrants/Investors, 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.