Life Insurance Policy Management System Market Regional Analysis and Industry Growth by Forecast to 2026

According to a recently published market report by Persistence Market Research titled " Life Insurance Policy Management Systems Market - Global Industry Analysis and Forecast by 2026," the life insurance policy management systems market is expected to register a CAGR of 12.0% by 2026 It's possible. The ability to stay up to date and maximize your ability to respond to business changes is one of the major factors driving the life insurance policy management system market.

The life insurance policy management system is a system that provides end-to-end lifecycle management for individual, group life and annuity products. So, it is software that helps insurers manage life and annuity insurance policies. With the help of a life insurance policy management system, organizations can maintain records of policies issued to customers, calculate insurance costs, and design new policies. Life insurance policy management system can improve the flexibility and management of various insurance policies. It can also be implemented as part of an integrated insurance suite or as a standalone solution.

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The life insurance policy management system market is segmented on the basis of deployment type, component, policy management category, end user, module, and region. . Based on deployment type, the life insurance policy management system market is segmented into SaaS and on-premise. The revenue contribution of the SaaS segment in the life insurance policy management system market is expected to expand at a CAGR of 13.0% during the forecast period.

Based on component, the life insurance policy management system market is segmented into software and services. The services segment is further divided into professional services and managed services. The service segment of the life insurance policy management system market is estimated to register a CAGR of 13.2% during the forecast period.

Based on policy management, the life insurance policy management system market is segmented into policy life cycle, underwriting, contract change, claims settlement, user experience, and others. The revenue contribution of the user experience segment in the insurance policy management system market is expected to expand at a CAGR of 13.7% during the forecast period.

On the basis of end user, the global life insurance policy management system market is segmented into insurance companies, banks, and others. The insurance company segment is expected to dominate the life insurance policy management system market and enjoy a 70.3% market share in 2026.

Based on module, the global life insurance policy management system market is segmented into customer relationship management, product development, training and development, business intelligence and others. The business intelligence segment of the life insurance policy management system market is projected to grow to $1,579.7 million in 2026, owing to the high CAGR associated with it.

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The report also covers the trends driving each segment and provides analysis and insights into the potential of the life insurance policy management system market in regions such as North America, Latin America, Europe, China, Japan, Southeast Asia and the Middle East. Africa. Among these regions, Europe is expected to witness relatively high growth in the global life insurance policy management system market, registering a CAGR of 15.5% during the forecast period.

The revenue of the life insurance policy management system market in North America and Europe is expected to account for more than 46.7% of the global life insurance policy management system market revenue in 2018. Life insurance policy management system market providers can focus on expanding into multiple countries. China and SEA and other APAC regions.

The major competitors in the life insurance policy management system market are Oracle Corporation, Plc, InsPro Technologies LLC, Concenttrix Corporation, DXC Technology Company, Infosys Limited, SAP SE, Capgemini SE, Mphasis Wyde, EXL Service Holdings, Inc., Sapiens International Corporation, Maze Sco et al.

Main sectors covered

Deployment Type
SaaS
On-premises

Component Type
Software
Services
Managed Services
Professional Services
Policy Management Category
Policy Life Cycle
Acquisition
Agreement Change
Billing Agreement
User Experience
Other

End User
Insurance Company
Bank
Other
Modules
CRM
Product Development
Training & Development
Business Intelligence
Other

Destination
North America
USA
Canada
Latin America
Brazil
Mexico
Other Latin America
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
BENELUX
Other Europe
SEA and Other Asia Pacific
India
Australia and New Zealand
ASEAN
Rest of SEA and Other APAC
China
Japan
Middle East and Africa
North Africa
South Africa
GCC
Turkey
Rest of Middle East and Africa

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This release was published on openPR.