Insurance Agency Management Solutions Market Size, Share, Growth and Industry Analysis by Type (Cloud-Based, And, On-Premise), By Application (Small Business, Medium-Sized Business, And, Large Business), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Insurance Agency Management Solutions Market REPORT OVERVIEW

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The global insurance agency management solutions market size was USD 3039.6 million in 2022 and market is projected to touch USD 6188.5 million by 2031, at a CAGR of 8.2% during the forecast period.

Insurance agency management solutions can also be abbreviated as AMS. This tool or software is very useful in increasing the efficiency of any business process. It optimizes all the steps which are involved in managing an insurance policy. With increasing number of insurance policies being taken up, the demand for these solutions has also increased.

Insurance agency systems can simplify the work done by insurance agents, brokers and the company as a whole. There has been a transformation from product-based approach to customer-centric approach. Cloud-based computing, IOT, machine learning, and, artificial intelligence is also integrated into these softwares. This in turn has brought out many improvements. These act as the factors driving the insurance agency management solutions market growth.

COVID-19 Impact: Increase in Number of Insurance Policies Taken During Pandemic Increased Market Share

The pandemic of COVID-19 became the major reason for disruption in the normal life of people. It not only created a huge financial crisis among all the economies but posed a big threat to the health of people all over the world. Corona spread at a very rapid rate among people  

With an increase in the number of diseases the death rates also increased drastically. Hence people started to buy more insurance policies to reduce the risks of any diseases. Even, post pandemic the number of people purchasing insurance policy has increased. All of these factors have helped in the rapid growth of the market.

LATEST TRENDS

"Reduction in Workload of Insurance companies to Increase Market Growth"

Insurance companies are burdened with many insurance policies. Managing data from all the policies will become a very tedious job when it is not managed with the assistance of a proper management system. However, integrating insurance agency management solutions have been of great help in increasing the operational efficiency of several companies.

Several procedures are self-regulated with the help of management systems. These systems can simplify the work done by insurance agents, brokers and the company as a whole. Large volume of data can be recorded and accommodated on a single-database. With the use of a single data base, complications are significantly reduced. Only one platform is utilized in providing insurance services. These are identified as the latest trend in the market.

Insurance Agency Management Solutions Market SEGMENTATION

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• By Types:

The market can be divided on the basis of type into the following segments:

Cloud-Based, and, on-Premise. The cloud-based segment is anticipated to dominate the market during the forecast period.

• By Applications:

Based on application, the market share is bifurcated into the following segments:

Small business, medium-sized business, and, large business. The small business segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Growing Penetration of Insurance Policies in Developing Economies to Amplify Market Growth"

From the past few decades, it has been observed that the financial literacy of people has increased. The number of investments that are being made on insurance policies has seen a rise. As a result, the penetration of insurance management systems has increased in developing as well as developed nations.

With the use of such systems handling the client-base becomes an easy task. The insurance agents will not have the burden of dealing with multiple accounting programs through the incorporation of these systems. Another important shift that can be observed in many insurance companies is the transformation from product-based approach to customer-centric approach. This transformation has taken place only with the integration of insurance agency management solutions.

"High Capacity of Insurance Agency Softwares to Impede Market Growth"

Insurance agency softwares have very high capacity therefore they can allow numerous people to work together at the same time without any problem. Online support is also provided by these systems to both the customers and employees who work in remote and main branch offices. This factor is facilitating the growth of insurance agency management solutions market share.

Several technologies like cloud-based computing have also been used in making these systems highly advanced. Cloud-based CRM solutions have enabled easy online operations. These systems are affordable and do no cost too much. All of these factors have been beneficial to the market growth.

RESTRAINING FACTOR

"Cyber Threats and Attacks to Bring Down Market Share"

Anything that involves huge amount of confidential data, is always exposed to the risk of cyber threats, and attacks. Also, there are no set rules, regulations, and protocols that have been imposed to avoid such dangers.

Insurance agency softwares usually store personal finance data of customers and the breach of such information can lead to serious problems. The reliability of customers on these systems will decrease in such situations hampering the market growth.

Insurance Agency Management Solutions Market Regional Insights

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"North America to Dominate Market During Forecast Period"

North America is the largest market share holder during forecast period. Numerous technological developments are constantly taking place in this region. Many countries in this region are well-versed in technologies like cloud-based computing, IOT, machine learning, and, artificial intelligence. 

These technologies have been employed even in insurance management solutions to increase their operational efficiency. Prevalence of several diseases among the population in this region has increased the consumer base for insurance policies. With the increase in the number of insurance policies being purchased the adoption of insurance agency management solutions has also increased.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Vertafore (U.S.)
• Applied Systems (U.S.)
• EZLynx (U.S.)
• ACS (U.S.)
• ITC (India)
• Hawk Soft (U.S.)
• QQ Solutions (China)
• Sapiens/Maximum Processing (U.S.)
• Zywave (U.S.)
• Xdimensional Tech (U.S.)
• Agency Matrix (U.S.)
• Jenesis Software (U.S.)
• Agency Bloc (U.S.)
• AllClients (U.S.)
• Impowersoft (U.S.)
• Insurance Systems (Canada)
• Buckhill (U.S.)
• InsuredHQ (Australia)
• Zhilian Software (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations