Global Insurance Agency Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Insurance Agency Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Insurance Agency Software is an agency management system for the insurance company, which supports the day-to-day operations of insurance agencies with back-office automation and customer relationship management features.

Market Overview:

The latest research study on the global Insurance Agency Software market finds that the global Insurance Agency Software market reached a value of USD 2927.13 million in 2022. It’s expected that the market will achieve USD 5121.42 million by 2028, exhibiting a CAGR of 9.77% during the forecast period.

Limitations

The aging population is intensifying, but the type of pension insurance is single. The main contradiction in the insurance industry has been transformed into the contradiction between the increasing insurance demand of the public and the inadequate matching of insurance services. At the same time, pensions have long been limited by the narrow investment channels and market-oriented operation, resulting in low investment returns that cannot meet the long-term investment objectives of the stable income of pension funds, which also limits the development of the industry to some extent.

Opportunities

At present, with the improvement of social risk awareness, residents pay more and more attention to their own and family's risk protection. Among the causes of death in the social population, diseases and accidents are the leading causes of death. Among the causes of death from the disease, the mortality rate caused by malignant tumors, stroke sequelae and acute myocardial infarction is the highest. This shows that diseases, especially major diseases, are an important cause of threats to the lives of residents. There are many factors that cause major diseases. In addition to living habits and living environment, age is one of the important factors that cannot be ignored. The incidence of diseases represented by 25 major diseases is increasing with the increase in the age of the residents. It has increased significantly since the age of 40, and the incidence of diseases has increased more rapidly after the age of 50. Corresponding to the incidence, the mortality rate of major diseases increased rapidly in the middle-aged and old age, especially in the 50-70 years old, the ratio was as high as 60%. In the future, as the population ages, the overall incidence of major diseases will increase, and the corresponding demand for severe illness and accident insurance will have a lot of room for growth. As a financial product that can balance risk protection and value-added services, insurance products play an irreplaceable role in social production and life.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects

Company Overview:

Vertafore, Inc., Applied Systems, Inc., and Sapiens International Corporation NV were the top 3 players in the Insurance Agency Software market in 2022, taking up a market share of 48.6% together.

Vertafore, Inc.

Vertafore, Inc. develops and delivers cloud-based software and services for the global insurance industry.

Applied Systems, Inc.

Applied Systems, Inc. provides software solutions and services for the insurance industry. The company provides Epic, an agency and brokerage management system for insurance agencies to optimize business for growth and to build client relationships.

Segmentation Overview:

Among different product types, Cloud-Based segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Large Business segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Insurance Agency Software market covered in Chapter 3:

VRC Insurance Systems, Inc.
XDimensional Technologies, Inc.
National General Holdings Corp.
Vertafore, Inc.
Zywave, Inc.
TechCanary Corporation
ImpowerSoft
OneShield, Inc.
Insurance Technologies Corporation
Callidus Software Inc.
Vlocity, Inc.
AgencyBloc, Inc.
EZLynx
Applied Systems, Inc.
Sapiens International Corporation NV
Computer Solutions & Software International, LLC

In Chapter 4 and Chapter 14.2, on the basis of types, the Insurance Agency Software market from 2018 to 2029 is primarily split into:

Cloud-Based
On-Premise

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Insurance Agency Software market from 2018 to 2029 covers:

Small Business
Medium-sized Business
Large Business

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)