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Property and Casualty Insurance Software Market Trends and Forecast 2024
Property and Casualty Insurance Software Market Trends
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According to The Business Research Company's, The property and casualty insurance software market size has grown rapidly in recent years. It will grow from $15.96 billion in 2023 to $18.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to the need for efficient and streamlined processes within insurance companies, the adoption of software solutions, digital transformation in the insurance industry, increasing adoption of digital technologies, risk management, and loss prevention, digital transformation in the insurance industry.
The property and casualty insurance software market size is expected to see rapid growth in the next few years. It will grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to a rise in the need for digital solutions, efficiency in underwriting and risk management, the need for P and C insurance software that assists insurers in adhering to evolving rules and reporting obligations, enhancing the customer experience, IoT devices are increasingly being used for claims administration and risk mitigation. Major trends in the forecast period include advancements in technology, adoption of technology, integration of AI and machine learning, innovation in technology products, and new market expansion.
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Market Drivers and Trends:
The increasing demand for cloud-based solutions is expected to propel the growth of the property and casualty insurance software market going forward. Cloud-based solutions refer to applications, storage, on-demand services, computer networks, or other resources that are accessed via an internet connection. The demand for cloud-based solutions is rising due to the need for scalable, flexible, and cost-effective IT infrastructure. Cloud-based solutions in property and casualty insurance software enhance efficiency, scalability, and data security through streamlined processes and real-time data access. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, with a notable increase of 4.2 percentage points from 2021. The most sought-after services included email hosting (82.7%), file storage (68.0%), office software (66.3%), security applications (61.0%), finance or accounting software (51.6%), and enterprise database hosting (43.0%). Therefore, the increasing demand for cloud-based solutions is driving the growth of the property and casualty insurance software market.
Major companies operating in the property and casualty insurance software market are developing innovative technology platforms, such as property insurance valuation platforms, to improve accuracy, streamline processes, and enhance customer service. Property insurance valuation platforms are digital tools or software solutions that assess the value of properties for insurance purposes, using data analytics, algorithms, and market insights to provide accurate and up-to-date valuations. For instance, in April 2023, Kroll LLC, a US-based financial and risk advisory company, launched a property insurance valuation platform to help clients navigate economic volatility by providing fast, cost-effective, and reliable valuations on property data at scale. The platform leverages Kroll's global proprietary valuation data and deep real estate valuation expertise to deliver high-speed valuations in seconds. It includes advanced analytics and visualization tools to help users identify gaps in insurable value and take strategic action.
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Major Key Players of the Market:
DXC Technology Company, Pegasystems Inc., Ebix Inc., Kroll LLC, Guidewire Software Inc., MuleSoft LLC, Sapiens International Corporation, Damco Solutions Inc., Majesco Limited, Duck Creek Technologies, Zywave Inc., FINEOS Corporation Limited, Amzur Technologies Inc., Insuresoft Inc., VUE Software, Waterstreet Company, ClarionDoor LLC, InsuredMine, StoneRiver Inc., AGO Insurance Software, Sunlight Solutions, A-1 Enterprise Inc.
Property And Casualty Insurance Software Market 2024 Key Insights:
• The property and casualty insurance software market size is expected to see rapid growth in the next few years. It will grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Cloud Computing Fuels Growth In Property And Casualty Insurance Software Market
• Innovation In Property Insurance Valuation Platforms Drives Accuracy And Efficiency In The Property And Casualty Insurance Market
• North America was the largest region in the property and casualty insurance software market in 2023
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