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2022

P&C Insurance Software Market

P&C Insurance Software Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Deployment Model, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031

BI : IT in BFSI

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Author's: Md Shadaab Khan| Mehul Thakkar | Onkar Sumant
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P&C Insurance Software Market Research, 2031

The global P&C Insurance Software Market Size was valued at $11.6 billion in 2021, and is projected to reach $28.5 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.

P&C Insurance Software Market Insights

P&C insurance software industry is used by insurance agents and brokers to promote, sell, and administer insurance policies. This insurance policy includes features such as claims management, marketing automation, and underwriting management. In addition, it provides a full suite of digital insurance programs and solutions. Furthermore, the growing property & casualty industry worldwide and the rising adoption of automated software tools to reduce turnaround time are the key drivers fueling the growth of the market. Furthermore, the insurance industry’s rising emphasis on compliance and government regulations has encouraged the development of insurance analytics solutions, particularly in highly regulated regions like North America and Europe.

An increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world are boosting the growth of the global P&C insurance software market size. In addition, surge in need for finance among businesses and individuals to insure property positively impacts the P&C Insurance Software Market Growth. However, enforcement of strong rules by banks and financial institutions for providing housing finance hampers the growth of the P&C insurance software market. On the contrary, the rise in prices of real estate properties in developing countries and the acceleration of metropolitan cities across the globe is expected to offer remunerative opportunities for expansion of the P&C Insurance software market during the forecast period.

The p&c insurance software market is segmented into Component, Deployment Model and Application.

Segment Review

The P&C Insurance software market is segmented on the basis of component, deployment model, application, and region. By component, the market is bifurcated into software and service. By deployment model, the market is segmented into on-premise and cloud. Based on application the market is divided into claims, underwriting, operations, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the P&C Insurance software market analysis are Agency Software Inc., ClarionDoor, Duck Creek Technologies, Guidewire Software, Inc., InsuredMine, PCMS Software, Pegasystems Inc., Quick Silver Systems, Inc., WTW, and Zywave, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

In terms of component, the software segment holds the largest share of the P&C insurance software market, owing to the innovation of new technologies and strategies, such as cloud technology to deliver the insurance services, such as sales, policy administration, and claims management is expected to drive the segment growth. However, the services segment is expected to grow at the highest rate during the forecast period, owing to feature that enables users to check insurance policy status, manage renewals, and make payments easily.

Region wise, the P&C insurance software market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the increase in the adoption of digital lending platforms among banking and financial services to improve financial services is considered a critical factor for the growth of the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the rise in awareness associated with the significant advantage of P&C insurance software such as online self-service platforms, cloud storage, and automation to improve efficiency and reduce the need for support and sales staff.

The report focuses on growth prospects, restraints, and trends of the global P&C insurance software market. The study provides Porter’s five forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global P&C Insurance software market share.

COVID-19 Impact Analysis

The P&C insurance software market has witnessed a significant growth in the past few years. However, due to the outbreak of the COVID-19 pandemic, the market witnessed a sudden decline in 2020. This is attributed to the implementation of lockdowns by governments in the majority of the countries and the shutdown of businesses across the globe. Moreover, most individuals across India have been changing their home construction plans due to the outburst of COVID-19 pandemic. For instance, according to a report published by the Economic Time in August 2021, nearly 87% of Indians have postponed their home purchasing plan for the next 12 months. This factor has created a huge requirement for funds among people to purchase house property, which has negatively impacted the demand for the P&C insurance software market after the COVID-19 outbreak.

Moreover, to sustain in the competitive market, P&C insurance software companies have shifted toward digitalization to provide online services. It will further aid customers to compare prices with other competitors and select the right options to carry out financing processes through online medium. The occurrence of the COVID-19 also has a long-term impact on people’s live and economies, therefore, P&C insurance software companies are working to address immediate challenges by providing digitalized product lines in the market. Therefore, these factors are impacting significantly the P&C insurance software market overview in the wake of COVID-19 pandemic.

Top Impacting Factors

Increase in Digital Transforming Among Industries

Cloud computing solutions have aided in the transformation of digital banking, benefiting both front-end and back-end operational models. Since the pandemic has stuck, many enterprises across different domains are actively transforming their businesses online. The utilization of digital transformation across organizational activities and businesses, competencies, and processes is increasing the adaptation of digital transformation during the forecast period. Digital transformation assists industries to improve the customer experience, enhancing operational activities, optimizing the workforce, and transforming the services and products of the organization which is expected to enhance the growth of the P&C insurance software market opportunity in the upcoming years.

Furthermore, cloud solutions enable open banking, broadening the range of options available to consumers across traditional and non-traditional financial services. Moreover, banks and financial institutions are increasingly turning to digital technologies to store data and support applied analytics, to meet their capacity and speed requirements. Therefore, the increase in digital transformation among industries is expected to drive the growth of the P&C insurance software market during the forecast period.

Rising Penetration of Internet & Mobile Devices Across the World

The spread of internet access across the globe has resulted in a surge in the online segment which has facilitated a robust growth prospect for the P&C insurance. In the twenty-first century, smartphones often have become an indispensable part of many people's lives. As a result, the increase in use of devices such as smartphones and tablets, as well as access to the internet services through 4G, 5G, and other technologies, has generated a new wave of technology proliferation worldwide. Moreover, banking firms and financial institutions are turning to cloud software to streamline routine business operations and gain access to data from any. Therefore, factors such as rise in penetration of the internet and mobile devices across the world are expected to drive the growth of the P&C insurance software market, which, in turn, contributes toward the market growth.

According to Insider intelligence article in April 2022, the internet will have 4.55 billion users worldwide this year, up 2.6% over 2021. This amounts to 57.4% of the general population (including all ages). Internet use will grow the fastest in the Middle East and Africa, at 4.0% this year, where there is the most room for growth. In 2022, just 29.8% of the region's population will be online, compared with 89.2% in North America.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the P&C Insurance Software Market Forecast, current trends, estimations, and dynamics of the p&c insurance software market analysis from 2021 to 2031 to identify the prevailing p&c insurance software market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and P&C Insurance Software Market Opportunity.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the p&c insurance software market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global p&c insurance software market trends, key players, market segments, application areas, and market growth strategies.

P&C Insurance Software Market Report Highlights

Aspects Details
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Market Size By 2031

USD 28.5 billion

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Growth Rate

CAGR of 9.6%

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Forecast period

2021 - 2031

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Report Pages

320

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By Component
  • Software
  • Service
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By Deployment Model
  • On Premise
  • Cloud
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By Application
  • Claims
  • Underwriting
  • Operations
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)
  • Asia-Pacific  (China, Japan, South Korea, India, Australia, Rest Of LAMEA)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

ClarionDoor, PCMS Software, WTW, Agency Software,Inc., InsuredMine, Duck Creek Technologies, Guidewire Software, Inc., Pegasystems Inc., Zywave, Inc., Quick Silver Systems, Inc.

Analyst Review

Furthermore, cloud computing, as one of the most important and rapidly evolving technologies, has enabled a slew of other disruptive technologies, including big data, artificial intelligence, the internet of things (IoT), and others. Many core banking processes have been transformed as a result of it. Moreover, financial institutions are actively exploring cloud computing applications as a result of an increase in banking services such as payment gateways, online transactions, digital wallets, and omnichannel customer service, among others. Therefore, the surge in demand for public cloud in BFSI domain is expected to boost the growth of the market in the upcoming period.

Key providers of the P&C insurance software market such as ClarionDoor, Duck-Creek Technologies, and Guidewire Software, Inc. account for a significant share in the market. With the larger requirement from the corporate culture, various brands are adopting strategic product launches and partnerships to automate and simplify data management. For instance, in May 2021, ClarionDoor has announced that Universal Fire and Casualty Insurance Company (UFCIC), a Michigan-based property and casualty (P&C) insurer, has gone live with ClarionDoor's rating and quoting for three new commercial insurance products.

Furthermore, in January 2022, Duck Creek Technologies announced a partnership with Akur8, a leading provider of software-as-a-service (SaaS) insurance core systems, to provide property and casualty insurance carriers with a fully integrated SaaS platform that will streamline and empower insurers' rate-making process from data to production.

In addition, with the increasing demand for getting instant insurance solutions to the problem with all the resourceful insights companies such as Guidewire Software, Inc. has performed strategic product launches to help the end users. For instance, in May 2022, Guidewire announced Elysian, the latest in a series of market-defining cloud releases. With Integration Gateway, Elysian innovations enable insurers to swiftly integrate third-party apps, including insurtech solutions, develop lines of business quickly, and increase distribution with a new Embedded Insurance Solution for travel.

Author Name(s) : Md Shadaab Khan| Mehul Thakkar | Onkar Sumant
Frequently Asked Questions?

An increase in digital transformation among industries and rise in penetration of internet & mobile devices across the world are boosting the growth of the global P&C insurance software market.

Region wise, the P&C insurance software market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the increase in the adoption of digital lending platforms among banking and financial services to improve financial services is considered a critical factor for the growth of the market.

The global P&C Insurance software market size was valued at $11.56 billion in 2021 and is projected to reach $28.48 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.

The key players profiled in the P&C Insurance software market analysis are Agency Software Inc., ClarionDoor, Duck Creek Technologies, Guidewire Software, Inc., InsuredMine, PCMS Software, Pegasystems Inc., Quick Silver Systems, Inc., WTW, and Zywave, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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P&C Insurance Software Market

Global Opportunity Analysis and Industry Forecast, 2021-2031