P&C Insurance Software Market Expected to Reach $28.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “P&C Insurance Software Market," The p&c insurance software market was valued at $11.6 billion in 2021, and is estimated to reach $28.5 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.

The adoption of P&C Insurance software has increased in recent years owing to the need of modern business enterprises to reduce the burden on on-premises data center equipment and reduce the management burden. Moreover, insurance brokers and agents utilize property and casualty insurance software, which includes capabilities like underwriting management, marketing automation, and claims administration, to market, sell, and administer insurance policies. This empowers customers with easy-to-use, easy-to-manage, scalable software that touches every facet of P&C insurance policy, rating, billing, claims, data analytics, and more. Furthermore, there is an increasing demand for software to eliminate manual tasks and offer personalized experiences to customers.

An increase in digital transformation among industries and rising penetration of internet & mobile devices across the world are boosting the global P&C Insurance software market growth. In addition, the growing need for finance among businesses and individuals to insure property positively impacts the growth of the P&C insurance software market. However, enforcement of strong rules by banks and financial institutions for providing housing finance is hampering the P&C insurance software market growth. 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 trends during the forecast period.

Depending on the deployment model, the on-premise segment holds the largest the P&C insurance software market share. This is attributed due to the custom monitoring needs of various businesses operating in a variety of business sectors. However, the cloud segment is expected to grow at the highest rate during the forecast period, due to its easier deplorability and higher scalability, which is expected to boost its demand in the coming years.

Region wise, the P&C insurance software industry was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing the rise in awareness among SMEs and large businesses toward P&C insurance software services propelling the growth of the market in the region. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the rise in awareness and additional savings by individuals to purchase their own real-estate properties, propelling the adoption of P&C insurance software.

Key players operating in the P&C insurance software industry faced the negative impact of the COVID-19 outbreak, which resulted in a reduction in their revenue. In addition, the key players of P&C insurance software market tackled the pandemic situation by implementing several strategies depending on country guidelines. For instance, in March 2022, Tranzpay, LLC, an Orange County California based company which provides a digital payment platform geared to the insurance industry, partnered with InsuredMine, a platform that specializes in sales and marketing automation for insurance agencies. Moreover, before COVID-19, home finance companies were on ramp to changing their strategies to increase modes of engagement with customers. Furthermore, with the occurrence of COVID-19, the 'stay at home strategy accelerated the use of digitalized services and has become a standard & primary source of communication in every industry. The impact on insurance products varies according to the coverage they offer health products will likely bear a direct impact. While P&C products covering business interruptions as a result of lockdowns, or industries like travel and hospitality facing economic recession induced by the pandemic will witness different degrees of impact.

Key Findings of the Study

• By deployment model, the on-premise segment accounted for the largest P&C insurance software market forecast in 2021.
• Region wise, North America generated highest revenue in 2021.
• Depending on enterprise size, large enterprise generated the highest revenue in 2021.

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 P&C insurance software industry.