What is Insurance Agency Software?
Insurance agency software is a management system that supports the day-to-day operations of insurance agencies for faster and smarter growth in the insurance sector. With customer relationship management features and software as a service (SaaS) is highly beneficial for the various sector including banking, automotive & transportation, business & enterprises, consumer electronics and other. In the current scenario, insurance agency software is also being integrated with social media and artificial intelligence, and IoT which is fueling the growth of the market. The United States insurance agency software market was estimated to be around USD 1,022 million in 2019 which is expected to witness a healthy CAGR of 6.88% during the forecast period to reach an estimated value of USD 1,524 Million by 2025.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Agency Computer Systems Inc. (United States), Damco Group (United States), NowCerts, LLC. (United States), ZYWAVE (United States), VRC Insurance Systems (United States), BindHQ (United States), AgencyBloc (United States), Applied Systems (United States), Jenesis Software (United States), Vertafore, Inc. (United States), HawkSoft, Inc. (United States), EZLynx (United States), Agency Rating Systems, Inc. (United States) and Sapiens International (Israel) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Web Based Model and Cloud-based Model) , by application (Claims Management, Commission Management, Contact Management, Document Management, Insurance Rating, Policy Management, Quote Management and Others) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Insurance Agency Software market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Insurance Agency Software market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Agency Computer Systems Inc. (United States), Damco Group (United States), NowCerts, LLC. (United States), ZYWAVE (United States), VRC Insurance Systems (United States), BindHQ (United States), AgencyBloc (United States), Applied Systems (United States), Jenesis Software (United States), Vertafore, Inc. (United States), HawkSoft, Inc. (United States), EZLynx (United States), Agency Rating Systems, Inc. (United States) and Sapiens International (Israel).
Market Overview:
In November 2020, Zywave announced the acquisition of Insurance Technologies Corporation (ITC), which is one of the leading providers of marketing, rating, and management software and services to the insurance industry. Together with Zywave’s existing portfolio of solutions, the acquisition solidifies Zywave’s position as the leading provider of solutions for carriers and independent insurance agencies to help them drive business efficiency and accelerate growth.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law.
The Digital Revolution of Insurance focuses on the technology, consumer demand, new competition, and changing market dynamics that are revolutionizing the insurance industry. The increased pace of innovation and change has challenged traditional insurance practices and created a new age of insurance defined by greater connectivity and automation. Technology and innovation are creating unprecedented opportunity to generate greater operational efficiencies and drive growth through new products, services, and customer experience
Influencing Trend:
High Adoption due to Enhancement in The Digital Access
Market Growth Drivers:
The Rising Awareness and Information Regarding The Importance Of Insurance and An Increase In The Demand For Insurance Companies And Their Services
Challenges:
The Concerns Related to the Cyber Threats and Attacks
Restraints:
Lack of Product Awareness in Developing Economies and High Cost of Software
Opportunities:
The Advancements In Technologies Such as Internet Of Тhіngѕ (ІоT), Mасhіnе Learning, Rоbоtісѕ, And Artificial Intelligence (АІ)
Key highlights of the Global Insurance Agency Software market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Insurance Agency Software market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Insurance Agency Software market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Insurance Agency Software Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Insurance Agency Software market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Insurance Agency Software market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Insurance Agency Software Providers, Insurance Agency Software Service/Solution Providers, Government Bodies, Cloud Services Providers, System Integrators and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.