The global insurance software market was valued at around USD 6 billion in 2015 and is expected to surpass USD 7 billion by 2020, says Technavio.
Technavio has announced its latest market research report on the global insurance software market to its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Microsoft, Oracle, Salesforce, and SAP.
According to Ishmeet Kaur, a lead analyst for enterprise application research at Technavio, “The shift from traditional services to modern, real-time, and virtual processes is increasing the adoption of RPA in the insurance market. RPA effectively links systems and relevant data, solving the issue of integrating existing legacy platforms and software in the insurance industry.”
Risk protection agreement (RPA) is a software that coordinates the activities among the existing applications, and it facilitates the complex workflow in insurance companies. This solution improves the processes that involve generating a quote, underwriting, and issuing the policy. RPA will transform businesses and help them offer better customer services, reduce the cost of underwriting, time-to-market for new products and services, and automated insurance claims.
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High demand for travel insurance
The increase in tourism and business travel will boost the demand for travel insurances in the market. This type of insurance covers the expense of a trip cancellation due to medical emergencies or unexpected events during both domestic and international travel and pays for damage of rented equipment. The government and regulatory bodies in various countries are mandating travel insurance, which will result in the growth of the insurance software market.
Increasing demand for cyber insurance
The vendors in the market are launching policies that offer a combination of property, liability cover, and theft insurance that protect companies from various cyber threats. Cyber insurance is in the form of services-only product, services with breach response coverage, and services along with breach response including liability. It is estimated that the cyber insurance market will generate revenues of around USD 85 billion by 2020.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Insurance Software Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Insurance IT Spending Market in the US 2016-2020
- Global Mobile Phone Insurance Market 2016-2020
- Global Insurance Brokerage Market 2016-2020
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