Global Insurance Agency Software Market Size By Deployment Type (Cloud-Based, On-Premise), By End-User (?m?ll Bu??n???, M?d?um-??z?d Bu??n???), By Application (?l??m? M?n?g?m?nt, ??mm?????n M?n?g?m?nt), By Geographic Scope And Forecast
Report ID: 86636|No. of Pages: 202
Global Insurance Agency Software Market Size By Deployment Type (Cloud-Based, On-Premise), By End-User (?m?ll Bu??n???, M?d?um-??z?d Bu??n???), By Application (?l??m? M?n?g?m?nt, ??mm?????n M?n?g?m?nt), By Geographic Scope And Forecast
Insurance Agency Software Market Size And Forecast
Insurance Agency Software Market size was valued at USD 3369.31 Million in 2024 and is projected to reach USD 5511.86 Million by 2031, growing at a CAGR of 7.00% during the forecast period 2024-2031.
The Insurance Agency Software Market is expected to show significant growth during the forecasted period owing to the increasing penetration of insurance in developing countries such as India, Brazil, and China. The Global Insurance Agency Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Insurance Agency Software Market Definition
The Insurance agency software self-regulates multiple processes and simplifies the work of insurance brokers, agents, and the company at every stage. This software helps in maintaining records on a single database and facilitates service through a single platform and hence reducing the burden of insurance agents from several accounting programs and effectively managing their client base and document with the least errors.
Insurance Agency Software facilitates high capacity. i.e. the system permits several users to work simultaneously and facilitates online support to both employees in the head office and also in the remote branches, this is enabled by cloud-based CRM solutions. Another important feature of insurance agency software help companies to store and retrieve a huge amount of client data for a longer duration, this software also provides large client information with minimizing the cost and facilitating a better quality of service to the customers.
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Global Insurance Agency Software Market Overview
Rising penetration of insurance in emerging countries like China, Brazil, India, etc is the primary factor driving the growth of this market furthermore, the increasing uptake of insurance in developing countries is expected to contribute to the growth of the Insurance Agency Software Market. Raising awareness with respect to insurance in these countries will result in increasing adoption of insurance services, shift of the insurance companies from a product-based approach to a consumer-centric approach is also fuelling the growth of this market.
However, the lack of a dearth workforce and the absence of standards and protocols are restricting the growth of this market, cyber threats and attacks are also one of the major factors hampering the growth of the Insurance Agency Software Market. Personal and financial data is at higher risk from cyber hackers as well as leakage of confidential data can also have a negative impact on the growth of this market. Nevertheless, improvements in technology and the rising penetration of the Internet Of Things (IoT), machine learning, and artificial intelligence can provide favorable growth opportunities during the forecasted period.
Global Insurance Agency Software Market: Segmentation Analysis
The Global Insurance Agency Software Market is Segmented on the basis of Deployment Type, End-User, Application, and Geography.
Insurance Agency Software Market, By Deployment Type
- Cloud-Based
- On-Premise
Based on Deployment Type, the market is bifurcated into Cloud-Based, On-Premise. The Cloud-Based segment is estimated to dominate the Insurance Agency Software Market, Cloud-Based deployment facilitates the organizations by reducing overall operational costs as it does not require investment in additional computing sources. Cost-effectiveness and improved efficiency also factor contribute to the growth of this market.
Insurance Agency Software Market, By End-User
- Small Business
- Medium-Sized Business
- Large Business
Based on End-User, the market is segmented into Small Business, Medium Sized Business, and Large Business. The Large Business is estimated to hold the largest share during the forecasted because of the rise in the data which is generated which is attributed to the widespread geographical presence and wide consumer base, the increasing demand for innovation management solutions is driving the growth of Large Business.
Insurance Agency Software Market, By Application
- Claims Management
- Commission Management
- Contract Management
- Document Management
- Insurance Rating
- Quote Management
- Policy Management
Based on Application, the market is segmented into Claims Management, Commission Management, Contract Management, Document Management, Insurance Rating, Quote Management, and Policy Management. Policy Management holds the largest share of this market as adequate policy management can eliminate risk in two ways as it makes policies more instant access to guide care staff, guiding care and protection decisions.
Insurance Agency Software Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on Geography, the Global Insurance Agency Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America held the largest share during the forecasted period due to digitalization and digital transformation of insurance software, strong government initiatives, and ongoing projects, Asia Pacific is estimated to dominate the market in the forecasted period because of increasing penetration of insurance in developing countries including India and China.
Key Players
The “Global Insurance Agency Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ?n?ur?n?? ???t?m? ?n?., ?n?ur?d?Q., ?u?kh?ll Ltd, ?g?n???l?? ?n?., ?g?n?? ??tr??, ?ll?l??nt?, ??n???? ??ftw?r?, V?rt?f?r? ?n?., ???l??d ???t?m? ?n?., ?n?ur?n?? ???hn?l?g??? ??r??r?t??n. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- November 2020 – Zywave which is an insurance technology provider announced the acquisition of Insurance Technology Corporation (ITC) which is a leading provider of management software and services to the insurance industry.
- April 2022 – illumifin completes its acquisition with LTGC, illumifin is a leading third-party insurance administration and technology and LTCG is one of the largest insurance service providers in North America.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| Unit | Value(USD Million) |
| Key Companies Profiled | ?n?ur?n?? ???t?m? ?n?., ?n?ur?d?Q., ?u?kh?ll Ltd, ?g?n???l?? ?n?., ?g?n?? ??tr??, ?ll?l??nt?, ??n???? ??ftw?r?, V?rt?f?r? ?n?., ???l??d ???t?m? ?n?., ?n?ur?n?? ???hn?l?g??? ??r??r?t??n |
| Segments Covered | By Deployment Type, By End-User, By Application, And By Geography |
| Customization Scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL INSURANCE AGENCY SOFTWARE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL INSURANCE AGENCY SOFTWARE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL INSURANCE AGENCY SOFTWARE MARKET, BY DEPLOYMENT TYPE
5.1 Overview
5.2 Cloud-Based
5.3 On-Premise
6 GLOBAL INSURANCE AGENCY SOFTWARE MARKET, BY END-USER
6.1 Overview
6.2 ?m?ll Bu??n???
6.3 M?d?um-??z?d Bu??n???
6.4 L?rg? Bu??n???
7 GLOBAL INSURANCE AGENCY SOFTWARE MARKET, BY APPLICATION
7.1 Overview
7.2 Claims Management
7.3 Commission Management
7.4 Contract Management
7.5 Document Management
7.6 Insurance Rating
7.7 Quote Management
7.8 Policy Management
8 GLOBAL INSURANCE AGENCY SOFTWARE MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL INSURANCE AGENCY SOFTWARE MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 ?n?ur?n?? ???t?m? ?n?.
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 ?n?ur?d?Q.
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 ?u?kh?ll Ltd
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 ?g?n???l?? ?n?.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 ?g?n?? ??tr?x
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 ?ll?l??nt?
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 ??n???? ??ftw?r?
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 V?rt?f?r? ?n?.
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 ???l??d ???t?m? ?n?.
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 ?n?ur?n?? ???hn?l?g??? ??r??r?t??n
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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