Life Insurance Policy Administration Systems Market

Global Market Study on Life Insurance Policy Administration Systems: Increase in the Number of Life Insurance Policies to Fuel Adoption

Global Life Insurance Policy Administration System Market: The Need to Remain Up-To-Date with Technological Advancements is Fueling the Growth of the Market

A life insurance policy administration system provides the end-to-end lifecycle management of group life, individual as well as pension products. It helps organizations can maintain a record of the policies issued by them, calculate policy costs, as well as design new policies. Thus, it is a software that helps insurers manage life and annuity insurance policies. A life insurance policy administration system has the ability to improve the flexibility and administration of different insurance policies. Moreover, a life insurance policy administration system can be implemented either as a part of an integrated insurance suite or as a standalone solution.

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Companies

Company Profiles

  • Oracle Corporation
  • Accenture plc
  • InsPro Technologies LLC
  • Concentrix Corporation
  • DXC Technology Company
  • Infosys Limited
  • SAP SE
  • Capgemini SE
  • Mphasis Wyde
  • EXL
  • Sapiens International Corporation
  • Majesco
  • Andesa Services
  • FAST Technology
  • Others.

The features of life insurance policy administration system to maximize the ability to respond to changes in the business is likely to boost the adoption of these systems

Increase in the outsourcing of policy administration functions, rapidly changing market conditions, and the need to remain up-to-date with the technology are some of the major factors fueling the growth of the life insurance policy administration system market. However, rapid upgradations of products and increasing competition are identified to be among the major factors restraining the growth of the life insurance policy administration system market at a global level, especially in some of the developing economies.

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The global life insurance policy administration system market is categorized on the basis of deployment type, component, policy administration category, end-user, module, and region

On the basis of deployment type, the life insurance policy administration system market is segmented into SaaS and on-premise. The revenue contribution from the SaaS segment is expected to expand at a CAGR of 13.0% during the forecast period.

On the basis of component, the life insurance policy administration system market is segmented as software and services. The services segment is further bifurcated into managed services and professional services. The services segment is expected to have a market share of 35.9% in 2018 to 39.1% in 2026.

On the basis of policy administration, the life insurance policy administration system market is segmented into policy lifecycle, underwriting, contract changes, claim settlement, user experience, and others. The revenue contribution from the user experience segment is expected to expand at a CAGR of 13.7% during the forecast period.

On the basis of end-user, the global life insurance policy administration system market is segmented into insurance companies, banks, and others. The insurance companies segment in life insurance policy administration system is expected expand at a CAGR of 12.5% during the forecast period.

On the basis of module, the global life insurance policy administration system market is segmented into customer relationship management, product development, training & development, business intelligence, and others. The business intelligence segment is expected to grow from US$ 560.9 Mn in 2018 to US$ 1,579.7 Mn in 2026 owing to high CAGR associated with it.

life insurance policy administration systems market

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North America and Europe are expected to hold key market positions in the coming years

Among the key regional markets, the Europe life insurance policy administration system market is projected to exhibit relatively higher growth in the global market and register a CAGR of over 15.5% during the forecast period. Revenue from the life insurance policy administration system market in Europe and North America is expected to collectively account for over 46.7% of the global life insurance policy administration system market revenue in 2018.

Key competitors in the life insurance policy administration system market are DXC Technology Company, Oracle Corporation, Capgemini SE, Accenture Plc, Concentrix Corporation, Infosys Limited, Mphasis Wyde, SAP SE, InsPro Technologies LLC, EXL Service Holdings, Inc., Majesco, and Sapiens International Corporation.

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Key Segments Covered

Key Segments Covered

  • Deployment type
    • SaaS
    • On-premise
  • Component type
    • Software
    • Services
      • Managed services
      • Professional services
  • Policy Administration Category
    • Policy Lifecycle
    • Underwriting
    • Contract changes
    • Claim Settlement
    • User experience
    • Others
  • End-user
    • Insurance companies
    • Banks
    • Others
  • Module
    • CRM
    • Product Development
    • Training & Development
    • Business Intelligence
    • Others

Key Regions Covered

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • BENELUX
    • Rest of Europe
  • SEA and Other Asia Pacific
    • India
    • Australia & New Zealand
    • ASEAN
    • Rest of SEA & other APAC
  • China
  • Japan
  • Middle East & Africa
    • North Africa
    • South Africa
    • GCC
    • Turkey
    • Rest of Middle East & Africa

Key Companies

  • Accenture Plc
  • Concentrix Corporation
  • Oracle Corporation
  • DXC Technology Company
  • InsPro Technologies LLC
  • EXL Service Holdings, Inc.
  • FAST Technology
  • Infosys Limited
  • Sapiens International Corporation
  • Majesco
  • Mphasis Wyde
  • Capgemini
  • Andesa Services

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