Global Commercial Insurance Software Market Size By Type (Cloud-based, On-Premise), By Application (Large enterprises, SMEs), By Geographic Scope And Forecast

Commercial Insurance Software Market Size And Forecast

Commercial Insurance Software Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.

Rise in adoption of insurance services in developing countries and by companies in order to enhance their productivity is expected to drive the insurance software market. The Global Commercial Insurance Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Commercial Insurance Software Market Definition

Commercial insurance software is designed to assist insurance firms and brokers in handling their regular operations. On the administrative side, these programs help to keep track of details about policies and claims, control the staff and more. This software also has a client side, which allows clients to sign in and do stuff like reviewing their policy records, filling out forms and making electronic payments. Commercial insurance software can offer insurance companies numerous advantages over more manual methods such as pen and paper or spreadsheets. It offers enhanced operational efficiency by automating tedious billing or reporting processes, and also saves a ton of time for business. It also enhances data security by offering the capabilities for encryption and user authentication.

Global Commercial Insurance Software Market Overview

Rise in adoption of insurance services in developing countries and by companies in order to enhance their productivity is expected to drive the insurance software market. The solution providers are offering commercial insurance solutions with artificial intelligence technology to boost efficiency of the insurance process and provide more reliable solutions in claim processing and policy management, which in turn is expected to boost the Commercial Insurance Software Market.

Moreover, investors are collaborating with insurance technology companies to consolidate their position in the market and provide advanced solutions in the insurance industry. This is expected to offer significant opportunities to solution providers of insurance software.

However, lack of awareness and skilled workforce to utilize insurance software are key factors that restrain the Commercial Insurance Software Market. Technological advancements in commercial insurance software are driving the threat to security and privacy owing to increased cyber-attacks. This, in turn, is also expected to hamper the Commercial Insurance Software Market.

Global Commercial Insurance Software Market Segmentation Analysis

The Global Commercial Insurance Software Market Is Segmented on the basis of Type, Application, and Geography.

Commercial Insurance Software Market, By Type

• Cloud-based
• On-Premise

Based on type, the market can be classified into Cloud-based and On-Premise. Commercial Insurance software is a user-friendly and automated software program that helps companies collate a large database of insurers for further business actions. Insurance software enhances the efficiency of the insurance process with database connectivity and policy within the system. It also helps enhance the productivity of the new business, underwriting, claim processing, sales and distribution management, customer services, and predictive analysis process.

Commercial Insurance Software Market, By Application

• Large enterprises
• SMEs

Based on Application, the market can be classified into Large enterprises and SMEs. The large enterprise segment is expected to grow at the highest CAGR during the forecast period. The use of insurance software in large enterprises is comparatively higher as compared to that of small and medium-sized enterprises. Software providers are offering various software modules according to customer requirements in life insurance, accident & health insurance, and property & casualty insurance. Insurance companies are unable cover the untapped market of insurance by using traditional insurance methods. Increased adoption of commercial insurance software by insurance companies helps to tap the large customer base of untapped markets.

Commercial Insurance Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the global Commercial Insurance Software market can be categorized into North America, Asia Pacific, Middle East & Africa, South America, and Europe. North America held a prominent share of the global Commercial Insurance Software Market due to an increase in the adoption of online platforms by insurance companies to increase their customer base. An increase in demand for insurance software among insurance companies, brokers, and agencies across North America is likely to offer significant opportunities to major players. The insurance software market in Asia Pacific and Europe is expected to expand at a rapid pace during the forecast period due to increasing investment by major players to provide solutions across these regions and also due to the increasing adoption of digital insurance platforms by companies in Asia Pacific and Europe.

Key Players

The “Global Commercial Insurance Software Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Oracle, Zywave, SAP, EIS Group, DXC Technology, Adaptik, AGO Insurance Software, Guidewire Software, OneShield, and Open GI. 

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Report Scope

Top Trending Reports

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.