Life Insurance Policy Administration Systems Market 2022
With an influx of healthy organic flows, the asset management vertical is bound to simulate in the forecast period. One of the ongoing trends would be of a paradigm shift, i.e. shifting of assets to passives (from actives). Fixed income is also expected to also witness a turnaround in the forecast period. This would be the behaviour of asset management vertical in the near future.
According to a recent market report published by Persistence Market research titled, “Life insurance policy administration system Market-Global Industry Analysis 2013–2017 and Forecast 2018–2026,” the life insurance policy administration system market was valued at US$ 4,482.0 Mn in 2017, and is expected to register a CAGR of 12.0% from 2018 to 2026.
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The need to remain up-to-date and its feature to maximize the ability to respond to changes in the business are among the major factors driving the life insurance policy administration system market.
A life insurance policy administration system is a system that provides end-to-end lifecycle management of individual, group life and pension products. Thus, it is a software that helps insurers manage life and annuity insurance policies. With the help of a life insurance policy administration system, organizations can maintain a record of the policies issued by them to clients, calculate policy costs, as well as design new policies. A life insurance policy administration system can improve the flexibility and administration of different insurance policies. Moreover, it can be implemented as a part of an integrated insurance suite or as a standalone solution.
Key Players:
The report has profiled some of the Important players prevalent in the global like – Oracle Corporation, Accenture Plc, InsPro Technologies LLC, Concentrix Corporation, DXC Technology Company, Infosys Limited, SAP SE, Capgemini SE, Mphasis Wyde, EXL Service Holdings, Inc., Sapiens International Corporation, Majesco and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Life Insurance Policy Administration Systems.
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The life insurance policy administration system market is categorized on the basis of deployment type, component, policy administration category, end-user, module, and region.
the life insurance policy administration system market is segmented into SaaS and on-premise. The revenue contribution from the SaaS segment in the life insurance policy administration system market is expected to expand at a CAGR of 13.0% during the forecast period.
Based on component, the life insurance policy administration system market is segmented into software and services. The services segment is further divided into professional services and managed services. The services segment in the life insurance policy administration system market is estimated to register a CAGR of 13.2% during the forecast period.
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 in life the insurance policy administration system market 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 is expected to dominate the life insurance policy administration system market and enjoy a market share of 68.0% in 2018 and 70.3% in 2026.
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 in the life insurance policy administration system market is expected to grow from US$ 560.9 Mn in 2018 to US$ 1,579.7 Mn in 2026 owing to the high CAGR associated with it.
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Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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