The Business Research Company’s report on the Insurance Agency Software Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the insurance agency software industry?
The rise in cyberattacks is expected to propel the insurance agency software market going forward. Cyberattacks are malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or data, often for financial, espionage, or destructive purposes. The rise in cyberattacks is due to increasing digitalization, growing reliance on cloud services, expansion of IoT devices, sophisticated hacking techniques, lucrative financial gains for cybercriminals, and inadequate cybersecurity measures in many organizations. Insurance agency software enhances cybersecurity by integrating advanced risk assessment, fraud detection, and compliance tools, enabling agencies to protect sensitive customer data and mitigate the rising threat of cyberattacks. For instance, in July 2024, according to Check Point Software Technologies Ltd., an Israel-based software company, the global cyberattacks increased by 30% year-over-year, with an average of 1,636 attacks per organization per week. Additionally, ransomware incidents involving public extortion rose by 13%, reaching approximately 1,200 cases. Therefore, the rise in cyberattacks is propelling the insurance agency software market.
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What is the estimated market size of the insurance agency software sector by 2029, based on current forecasts?
The insurance agency software market size has grown rapidly in recent years. It will grow from $3.82 billion in 2024 to $4.25 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to digital transformation in insurance, the rise in cloud adoption, the shift towards microinsurance solutions, the growing demand for real-time data analytics, and the increasing focus on hyper-personalization.
The insurance agency software market size is expected to see rapid growth in the next few years. It will grow to $6.43 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to rising no-code and low-code platforms, increasing demand for customer self-service, rising adoption of API-driven platforms, legacy system modernization, and a shift towards paperless operations. Major trends in the forecast period include growth in Insurtech investments, advanced predictive analytics, enhanced chatbot integration, integration of voice assistants, and expansion of usage-based insurance.
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Who are the top players in the insurance agency software market?
Major companies operating in the insurance agency software market are Guidewire Software, VERMEG Ltd Legal, Sapiens International, Vertafore Inc., Applied Systems Inc., Duck Creek Technologies, Zywave Inc., Dyad Tech, Bold Penguin, EZLynx, Insly LTD, HawkSoft, Insurance Technologies Corporation (ITC), ?n?ur?n?? ???t?m? ?n?., InsuredHQ Limited, United Systems and Software Inc., AgencyBloc LLC, Axxis Systems, IVANS Insurance Solutions, NowCerts, Buckhill Ltd., Jenesis Software
What are the major trends in the insurance agency software market?
Major companies operating in the insurance agency software market are focusing on developing innovative applications, such as embedded commercial insurance quoting applications, to streamline commercial insurance quoting by enabling real-time premium generation and enhancing digital customer engagement. An embedded commercial insurance quoting application is a digital tool integrated into an existing platform or service that allows businesses to receive real-time insurance quotes for their commercial needs. For instance, in October 2023, Applied Systems, Inc., a US-based insurance software solution company, launched Tarmika Insured, an embedded commercial insurance quoting application. This solution enables real-time premium generation by integrating a reduced application question set and direct carrier market connectivity, allowing agencies to offer instant, bindable quotes at the point of sale. Streamlining the quoting process through consumer-led and agent-led workflows enhances customer experience, improves agent productivity, and accelerates digital transformation in commercial insurance.
Which geography holds the highest insurance agency software market share?
North America was the largest region in the insurance agency software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance agency software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the insurance agency software market?
The insurance agency software market covered in this report is segmented –
1) By Type: Life Insurance, Auto Insurance, Accident And Health Insurance, Home Insurance, Property And Casualty Insurance, Travel Insurance, Other Types
2) By Deployment Type: Cloud Based, On-Premise
3) By Application: Claims Management, Commission Management, Contract Management, Document Management, Insurance Rating, Quote Management, Policy Management
4) By End User: Small Business, Medium-Sized Business, Large Business
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Endowment Life Insurance
2) By Auto Insurance: Liability Insurance, Collision Insurance, Comprehensive Insurance, Personal Injury Protection (PIP)
3) By Accident and Health Insurance: Personal Accident Insurance, Critical Illness Insurance, Disability Insurance, Health Insurance
4) By Home Insurance: Homeowners Insurance, Renters Insurance, Condo Insurance, Landlord Insurance
5) By Property and Casualty Insurance: Commercial Property Insurance, General Liability Insurance, Workers’ Compensation Insurance, Commercial Auto Insurance
6) By Travel Insurance: Trip Cancellation Insurance, Medical Travel Insurance, Baggage Loss Insurance, Emergency Evacuation Insurance
7) By Other Types: Pet Insurance, Agricultural Insurance, Marine Insurance, Aviation Insurance
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What defines the structure and scope of the insurance agency software market?
Insurance agency software is a digital solution designed to help insurance agencies manage policies, clients, claims, and administrative tasks efficiently. It streamlines operations by automating quoting, policy tracking, billing, document management, and customer communications. Insurance agency software enhances productivity, improves client relationships, and ensures compliance with industry regulations.
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