Life Insurance Software Market Size, Share, Growth, and Industry Analysis, By Type (On-Premise, Cloud-Based and Others), By Application (Term Life, Annuity, Whole Life, Group Life, Unit-linked and Others), Regional Forecast By 2031

Updated On: 08 April 2024

Life Insurance Software Market Report Overview

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The global life insurance software market size was USD 6567 million in 2021, as per our research, the market is projected to touch USD 11,475.5 million in 2031, exhibiting a CAGR of 5.7% during the forecast period. 

 The global COVID-19 pandemic has been unprecedented and staggering, with the life insurance software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Software for life insurance helps agents and brokers by automating numerous tasks, such as issuing policies, collecting premiums, and many more. With the use of a self-service internet portal, these solutions enable clients to access information of their policies and submit claims. This market is expanding dramatically due to the life insurance industry's quick development. Large Economic Development and Multiple Economies, along with the Rapid Expansion of the Middle-Class Populations, are the main drivers of this expansion.The insurer may enhance and grow all facets of life, pension, and health insurance thanks to the life insurance software that was created with a keen interest in information technology and years of industry experience. Due to its adaptability and customisation, scalability, and openness in the handling of customer data, the global life insurance software market is anticipated to grow throughout the course of the estimated period.

COVID-19 Impact: The COVID-19 Underlying Condition Upgraded the Market Growth

The majority of nations saw severe COVID-19 effects in 2020. In order to contain COVID-19, this compelled governments to enact lockdowns, which led to a reduction in the region's banking and financial institution operations in the first few months of 2020. Online platforms, including insurance software, are anticipated to grow as a result of the adoption of digital borrowing and lending funds. As a result, the majority of low-income groups are working to develop insurance and small and medium-sized enterprises (SMBs) among their clients. This increases the need for insurance software in the area, which will fuel the life insurance software market growth throughout the course of the forecast period.

LATEST TRENDS

"Integration of Wearables in the Consumer Engagement Metrics to Boost Market Growth"

For life insurers, the use of sensor-based wearables is altering consumer interaction strategies and procedures. These wearables make it easier to track customers' eating, exercise, and lifestyle behaviours in real-time. Insurance companies have numerous options to enhance their offerings and make wise business decisions thanks to real-time consumer data. They can also recommend or develop modified plans to meet customers' lifestyles and maximise insurance company revenues by reducing risks based on the most recent data.Only when wearable characteristics are linked into online insurance software are they usable. The data gathered can be used by the insurance software to perform analysis not just for a single person but also on a large scale to revamp the product portfolio and claim and payment clauses. Therefore, throughout the projected period, the aforementioned factors are anticipated to drive the expansion of the life insurance software market under consideration.

Life Insurance Software Market Segmentation

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• By Type

Based on type the market is classified as on-premise, cloud-based and others.

• By Application

Based on application the market is classified as term life, annuity, whole life, group life, unit-linked  and others.

DRIVING FACTORS

"Growing Adoptions of Insurance to Decipher the Market Share"

The markets in industrialised nations are now fully matured. This is a result of consumers' growing knowledge of and early adoption of insurance. Furthermore, industrialized countries have strict laws governing the purchase of insurance, whether it be for life and health, property and casualty, or specialised coverage like marine and aviation.

"The Digital Transformation to Inflate Market Share"

The demand for updated customer-facing software has rapidly increased as a result of the digital revolution of the insurance industry. The demand for software is rising quickly in response to the rising insurance demand in developing nations. The conventional insurance practises have not changed. In developed countries, insurers are shifting all of their insurance policies, both new and old, to digital platforms. As a result, we anticipate that the life insurance software market's significance and growth will significantly increase throughout the projection period.

RESTRAINING FACTORS

"The Changing Skill Requirements Pose a Major Challenge to Restrain the Market Growth"

Utilizing blockchain technology in insurance software can improve the speed and security of documentation. Customers are reassured that their credentials and sensitive information are safe thanks to this. However, in order to comprehend and utilise such high-tech breakthroughs, the appropriate abilities are needed. Due to the market's shift towards a customer-centric approach, vendors can make the software user-friendly. Additionally, if customers can comprehend the process, their faith in the company grows. Customers must therefore be able to read and understand the data for it to be of any use to them. Finding a trained workforce to deploy digital technologies is a difficulty for the sector. Hence, such factors are expected to hamper the growth of the global life insurance software market share during the forecast period.

Life Insurance Software Market Regional Insights

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"North American region to Lead the Market With Presence of Major Players and Digitalization"

During the projected period, North America is anticipated to contribute more than a quarter of the growth of the global market. The greatest insurance market in the world in terms of gross written premium volume has historically been North America. In the insurance sector, various technology-driven innovations are anticipated to be adopted because of a consistent revenue stream. It is anticipated that this will increase demand for life insurance software. The highly industrialized economies of various nations and the widespread use of the internet for financial and data transfers inside or between businesses are additional major drivers of industry expansion in North America. In order to stay competitive in the market, businesses in North America are boosting their spending on cutting-edge solutions due to the region's strong reliance on the internet, wireless technology, and cloud-based services. Furthermore, end-user industries are highly embracing technology like AI and the IoT.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Salesforce (U.S.A)
• Microsoft (U.S.A)
• SAP (Germany)
• Vertafore (U.S.A)
• IBM (U.S.A)
• Applied Systems Inc. (U.K)
• Oracle (U.S.A)
• Sapiens International Corporation (Israel)
• Adobe (U.S.A)
• Accenture (Ireland)
• Ebix (U.S.A)
• ACI (U.S.A)
• Sinosoft (China)
• Hyland Software (U.S.A)
• Aptitude Software (U.K)
• EIS Group (U.S.A)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.