P&C Insurance Software Market |(CAGR) of 9.6%| Size, Share, Key Players, Revenue, Research Report and Forecast 2032

The global P&C insurance software market revenue was around US$ 12.7 billion in 2022 and is estimated to reach US$ 28.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.6% during the forecast period from 2023 to 2031.

P&C insurance software is used by brokers and insurance agents to sell, promote, and administer insurance policies. This insurance policy contains features like marketing automation, claims management, and underwriting management. Also, it delivers a full suite of digital insurance solutions and programs.

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Factors Influencing Market Growth

- The growth in digital transformation among industries and increased penetration of the internet and mobile devices across the world are promoting the growth of the global P&C insurance software market.

- The surge in demand for finance among businesses and individuals to insure property positively affects the growth of the P&C insurance software market.

- The enforcement of strong rules by financial institutions and banks for delivering housing finance hinders the growth of the P&C insurance software market.

- The increasing prices of real estate properties in developing countries and the acceleration of metropolitan cities across the globe are anticipated to show lucrative opportunities for the development of the P&C insurance software market during the forecast period.

Impact of COVID-19

The impact of COVID-19 pandemic had a negative influence on the P&C insurance market because of the constantly rising inflation rate across emerging economies like Japan, China, and India. This factor has resulted in insecurity of income, employment, and limitations in real estate across countries, which has led to a hasty decline in the growth of the P&C insurance software market.

Regional Analysis

In 2022, North America dominated the P&C insurance software market and is anticipated to maintain its position during the forecast period because of the rising adoption of digital lending platforms among the financial services and banking to enhance financial services, which is considered to be a crucial factor for the growth of the P&C insurance software market.

Also, Asia-Pacific is expected to notice substantial growth during the forecast period, owing to the increasing awareness associated with the significant advantage of P&C insurance software like cloud storage, online self-service platforms, and automation to enhance efficiency and reduce the requirement for support and sales staff.

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Leading Companies

The leading prominent companies profiled in the global P&C insurance software market are: -

- Agency Software Inc.
- ClarionDoor
- Duck Creek Technologies
- Guidewire Software, Inc.
- InsuredMine
- PCMS Software
- Pegasystems Inc.
- Quick Silver Systems, Inc.
- WTW
- Zywave, Inc.
- Other prominent key players

Segmentation Outline

The global P&C insurance software market segmentation focuses on Component, Deployment Model, Application, and Region.

Segmentation based on Component

- Software
- Service

Segmentation based on Deployment Model

- On-Premise
- Cloud

Segmentation based on Application

- Claims
- Underwriting
- Operations
- Others

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Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa

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Analyze market outlook with recent trends and SWOT analysis.

Dynamic market scenario along with market growth opportunities for the coming years.

Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.

Regional and national analyzes integrating supply and demand forces that are influencing market growth.

Market value (millions of dollars) and volume (millions of units) data for each segment and sub-segment

Competitive scenario involving the market share of the main players, along with the new projects and strategies adopted by the players in recent years.

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