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Life Insurance Policy Administration Systems Market Segmented By SaaS, On-premise Deployment type with Software and Managed services, Professional services Components with Policy Lifecycle, Underwriting, Contract changes, Claim Settlement, User experience
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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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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Get a Customized VersionOn 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.
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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