Property Insurance Rating Solutions Market Scope
Property insurance rating solutions allow users automatically calculate insurance ratings based on property types and risks. The growing digital transformation of the insurance sector and the need to calculate specific ratings for different buildings will accelerate the growth of the market. More insurers are modernizing their technology stacks, which has created a huge demand for the integration of advanced technologies like AI in insurance rating solutions. The solution is integrated with insurance agency management software to ease the calculation of premiums and underwriting & rating rules.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Applied Systems (United States), Oracle Corporation (United States), Verisk Analytics, Inc. (Unties States), EZLynx (United States), QuoteRush (United States), Vertafore (United States), TurboRater (United States), AQS L.L.C. (United States), EZ-RATER Systems (United States), Instec (United States) and CGI Inc. (Canada) |
CAGR | % |
The key players are targeting mergers & acquisitions to strengthen portfolio or expand in new offerings. Key vendors are also focusing on the development of innovative solutions and integrating advanced technologies like artificial intelligence to meet consumer demand. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Property Insurance Rating Solutions market throughout the predicted period.
Applied Systems (United States), Oracle Corporation (United States), Verisk Analytics, Inc. (Unties States), EZLynx (United States), QuoteRush (United States), Vertafore (United States), TurboRater (United States), AQS L.L.C. (United States), EZ-RATER Systems (United States), Instec (United States) and CGI Inc. (Canada) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Property Insurance Rating Solutions market by Type and Region with country level break-up.
On the basis of geography, the market of Property Insurance Rating Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In March 2021, Applied Systems acquired EZLynx to expand its portfolio and provide technologically advanced solutions to insurers and independent agents. EZLynx is a leading provider of rating solutions that allow users to generate quotations. The acquisition will bring EZLynx’s rating solutions portfolio and allow it to serve insurance agencies with greater productivity and simplicity.
Property Insurance Rating Solutions Market Dynamics:
Attributes | Details |
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Trends Influencing Market | - Emerging Trend of Artificial Intelligence in the Insurance Rating Solutions for Data Analytics and Create Insurance Rating
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Key Restraints | - High Cost Associated With Software Upgradation and Proper Internet Connectivity Issue May Create Hurdles
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Challenges | - Some Types of Desktop-based Solutions Don’t Support Cross-Platform That Slow Down the Adoption
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Market Opportunities | - High Growth of Property Insurance Industry in the United States Can Create Significant Opportunities for the Market
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Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Property Insurance Rating Solutions Providers, Venture Capitalists and Private Equity Firms, End-Users and Others