Life Insurance Policy Administration Systems Market, Global Outlook and Forecast 2023-2030
Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using life insurance policy administration software systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration software systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration software systems can be implemented either as a standalone solution or as part of an integrated insurance suite.
This report aims to provide a comprehensive presentation of the global market for Life Insurance Policy Administration Systems, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Life Insurance Policy Administration Systems. This report contains market size and forecasts of Life Insurance Policy Administration Systems in global, including the following market information:
Global Life Insurance Policy Administration Systems Market Revenue, 2018-2023, 2024-2030, ($ millions)
Global top five companies in 2022 (%)
The global Life Insurance Policy Administration Systems market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The life insurance industry is witnessing shifting trends in the front-office, policy administration, and claims, the three core functions of the insurance value chain. Life insurance firms remain challenged by their inflexible legacy life insurance policy administration systems. Designing innovative products, faster time to market and leveraging modern technology for multi-channel distribution has become essential for life insurers. Hence insurers are looking for life insurance policy administration systems transformation to enhance their operational efficiency with a lower total cost of operations by consolidating their existing systems.
We surveyed the Life Insurance Policy Administration Systems companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Life Insurance Policy Administration Systems Market, by Type, 2018-2023, 2024-2030 ($ millions)
Global Life Insurance Policy Administration Systems Market Segment Percentages, by Type, 2022 (%)
Hardware
Software
Services
Global Life Insurance Policy Administration Systems Market, by Application, 2018-2023, 2024-2030 ($ millions)
Global Life Insurance Policy Administration Systems Market Segment Percentages, by Application, 2022 (%)
Insurance Company
Others
Global Life Insurance Policy Administration Systems Market, By Region and Country, 2018-2023, 2024-2030 ($ Millions)
Global Life Insurance Policy Administration Systems Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Life Insurance Policy Administration Systems revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies Life Insurance Policy Administration Systems revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
Accenture
Andesa Services
Concentrix
CSC (CyberLife)
CSC (Wealth Management Accelerator)
EXL
FAST Technology
Infosys McCamish
InsPro Technologies
Majesco
MDI
Mphasis Wyde
Oracle
Sapiens and Vitech Systems Group
Instanda
Andesa
Outline of Major Chapters:
Chapter 1: Introduces the definition of Life Insurance Policy Administration Systems, market overview.
Chapter 2: Global Life Insurance Policy Administration Systems market size in revenue.
Chapter 3: Detailed analysis of Life Insurance Policy Administration Systems company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Life Insurance Policy Administration Systems in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
