- +1-315-215-1633
- sales@thebrainyinsights.com
The global insurance agency software market was valued at USD 3 billion in 2023 and grew at a CAGR of 7% from 2024 to 2033. The market is expected to reach USD 5.90 billion by 2033. The growing complexity of risks and insurance will drive the growth of the global insurance agency software market.
Insurance agency software is also known as agency management software. It streamlines all the operations of insurance companies or agencies which in turn increases their efficiency, productivity, compliance and claim settlements. Insurance agency software offers a centralized platform which enhances operational efficiency of all the tasks of insurance agencies from customer onboarding to claim settlement processes. It integrates systems like customer relationship management (CRM), financial operations, claims processing and other policy management functions into one central platform with access controls. It compartmentalizes different components while streamlining the whole process. The software also automates several other smaller tasks such as tracking premiums, generating invoices, sending communications etc. the data collected, stored and processed with insurance agency software enables agencies to gather valuable insights which are then converted into actionable recommendations and strategies to improve business. the insights enable data-driven and informed decision making. The software also streamlines compliance management which is often complex and evolving. The software reduces the need for human intervention and errors that arise from them. the software is scalable and customizable. It can be upgraded to accommodate new and expanding business needs without significant infrastructural expenditure. It improves customer satisfaction and overall business efficiency.
Get an overview of this study by requesting a free sample
The growing complexity of insurance given the nature of evolving risks – data theft, phishing, ransomware, spyware and viruses are a few examples of cyberattacks that plaque the modern economies of the globe. Similarly, the growing climate threat has increased the risk of floods, droughts, crop loss, cyclones and tornadoes that lead to loss of life, property and damage to the ecology. these new threats and risks have increased the demand for insurance policies that protect individuals from the said risks. These risks are complex in nature with varying degree of destruction given their volatile nature which leads to complex assessment of risk and premium pricing. This calls for easier methods and technologies that streamline complex assessment, monitoring and claim settlements. Insurance agency software allows that. Furthermore, the automation and digitization of sectors to improve operational efficiency also calls for change in the insurance sector, thereby contributing to the increasing demand for insurance agency software. The rising customer expectations also facilitates the growing adoption of insurance agency software. Therefore, the growing complexity of risks, automation and digitization of the industry and rising customer expectations will propel the demand for insurance agency software.
High costs of insurance agency software – insurance agency software streamlines and centralizes several processes to increase business efficiency and customer satisfaction. The implementation of insurance agency software offers long term savings. however, initial purchase, installation, implantation and integration are expensive. The licence purchase and regular renewal is expensive. The existing hardware and infrastructure need to modified to make it compatible with the software, which incurs additional costs. the customization of software to include features aligned with the business needs further adds costs. the need to hire personnel to keep the software operational or address any difficulties in the future also adds to the costs. therefore, the high initial investment costs will hamper the market’s growth.
Stringent regulatory framework – the insurance sector is strictly regulated to protect the interest of all stakeholders with mechanisms, processes, systems and institutions in place to regulate and monitor the industry. the guidelines mandate insurance agencies to store updated documentation along with undertaking other compliance measures. the failure of which attracts legal scrutiny, punitive actions and licence cancellation. The industry is also subject to data privacy laws which are different in different nations. Insurance agency software enables agencies to simply the compliance and ensure adherence to these guidelines and regulations. Therefore, the stringent regulatory framework facilitates greater adoption of insurance agency software.
The regions analysed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global insurance agency software market, with a 37% market revenue share in 2023.
North America has a well-established insurance industry with several insurance agencies offering diverse range of products to the diverse demographic. additionally, the population of the region is well-aware and educated on insurance coverage and its benefits facilitating the way for increased adoption of insurance agency software. The presence of companies driving innovation in technologies lead to enhanced insurance agency software. The favourable regulatory framework also supports the growth of the regional market.
North America Region Insurance Agency Software Market Share in 2023 - 37%
www.thebrainyinsights.com
Check the geographical analysis of this market by requesting a free sample
The deployment type segment is divided into cloud-based and on-premises. The cloud-based dominated the market, with a market share of around 64% in 2023. Cloud-based deployment does not require significant hardware and infrastructural investments, which reduces costs for companies, contributing to its greater adoption in the market. cloud-based services and software can be scaled up and down as and when required according to the needs of the business. this flexibility is facilitated by subscription-based models that also reduce financial burden. Furthermore, upgrades and updates are easier and hassle-free without any need for hardware or infrastructural modifications. The remote-accessibility features with access control also contribute to the segment’s growth. cloud-based deployment does not need in-house maintenance which also reduces costs and saves time. It also offers advanced safety features which ensures data protection for customers, thereby increasing trust and confidence in insurance agencies.
The end user segment is divided into small business, medium-sized business, and large business. The large business segment dominated the market, with a market share of around 49% in 2023. Insurance agency software is ideal for business handling large volume of transactions, thousands of customers and worldwide geographic presence. These businesses also have the necessary capital to invest in insurance agency software. The companies also offer diverse range of products which increases the complexity of the business requiring automated processes and systems to streamline processes. Streamlined processes increase customer satisfaction and enhance brand reputation. Large businesses operated across geographies and are subject to different regulations. Insurance agency software simplifies compliance for these companies. Furthermore, large companies can customise the software according to the needs of business in a particular region without significant investments or modifications in the existing hardware and infrastructure. large businesses prefer insurance agency software because of the data privacy and security they offer.
The application segment is divided into claims management, commission management, contract management, document management, insurance rating, quote management, policy management and others. The policy management segment dominated the market, with a market share of around 35% in 2023. Policy management takes into account all the components, stages, and aspects of policy from the beginning till the end. It includes gathering data to assess the premium and tenure to claims settlement. It also includes managing updates and renewals of policies. Streamlining all the aspects of the insurance policies centralizes the processes making it easier for the insurer and insure to navigate the insurance cycle. It also improves operational efficiency and increases customer satisfaction by improving settlement claim speeds and fast-tracking other aspects. Reduced human intervention reduces bias and errors which increase precision and accuracy for the agencies. Streamlining and centralizing also enables data analysis for better decision making. It also makes it easier to address concerns and compliance. It can be customized and scaled according to the needs and requirements of the business.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 3 Billion |
| Market size value in 2033 | USD 5.90 Billion |
| CAGR (2024 to 2033) | 7% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analysed at the country level. |
| Segments | Deployment Type, End User and Application |
As per The Brainy Insights, the size of the global insurance agency software market was valued at USD 3 billion in 2023 to USD 5.90 billion by 2033.
Global insurance agency software market is growing at a CAGR of 7% during the forecast period 2024-2033.
The market's growth will be influenced by the growing complexity of insurance given the nature of evolving risks.
High costs of insurance agency software could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global insurance agency software market based on below mentioned segments:
Global Insurance Agency Software Market by Deployment Type:
Global Insurance Agency Software Market by End User:
Global Insurance Agency Software Market by Application:
Global Insurance Agency Software Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.
The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.
Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.
Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
Free Customization
Fortune 500 Clients
Free Yearly Update On Purchase Of Multi/Corporate License
Companies Served Till Date
