Press release
Key Influencer in the Insurance Agency Software Market 2025: A Rise In Cyberattacks Is Driving Market Expansion As A Result Of Growing Digitalization And Changing Threats Driver
Insurance Agency Software
The upswing in cyberattacks is projected to stimulate growth in the insurance agency software market. These attacks, designed to destabilize, harm, or surreptitiously infiltrate computer systems, networks or data for fiscal, espionage, or destructive objectives, are on the rise due to the surge in digitalization, increasing dependence on cloud services, the proliferation of IoT devices, refined hacking methods, enticing financial rewards for cybercriminals, and insufficient cybersecurity protocols within numerous organizations. Insurance agency software serves to bolster cybersecurity by incorporating progressive risk evaluation, fraud detection, and compliance mechanisms. Consequently, agencies can safeguard critical customer information and counteract the escalating menace of cyberattacks. For instance, data from Check Point Software Technologies Ltd, an Israeli software enterprise, disclosed that global cyberattacks escalated by 30% year-on-year in July 2024, averaging 1,636 attacks for each organization weekly. Additionally, public extortion incidences via ransomware increased by 13%, totaling roughly 1,200 cases. Hence, this surge in cyberattacks is a driving force for the expansion of the insurance agency software market.
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What is the projected compound annual growth rate (CAGR) of the insurance agency software market from 2025 to 2034, and what factors influence it?
In recent times, there has been a swift expansion in the market size of insurance agency software. The market, which was valued at $3.82 billion in 2024 is projected to climb to $4.25 billion in 2025, recording a compound annual growth rate (CAGR) of 11.1%. Factors such as the digitization of the insurance sector, increased adoption of cloud technologies, a shift toward microinsurance solutions, a rising demand for immediate data analytics, and a heightened importance placed on hyper-personalization have all contributed to the growth observed in the historic period.
The market size of insurance agency software is projected to experience swift expansion in the upcoming years, reaching $6.43 billion in 2029 with a compound annual growth rate (CAGR) of 10.9%. This growth during the predicted period can be linked to the surge in no-code and low-code platforms, escalating requirement for customer self-service, an uptake in API-driven platforms, modernization of outdated systems, and a transition towards paperless procedures. Key trends during the forecasted timeframe are related to the increase in Insurtech investments, advanced predictive analysis, advanced chatbot integration, incorporation of voice assistants, and broadening of usage-based insurance.
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How are the latest trends influencing the growth of the insurance agency software market?
Leading corporations in the insurance agency software market are focusing on generating innovative applications such as integrated commercial insurance quoting applications. These applications aim to streamline commercial insurance quoting processes by permitting real-time premium calculation and improving the digital interaction with customers. An integrated commercial insurance quoting application is a digital instrument incorporated into an existing platform or service, which enables businesses to access real-time insurance quotations for their commercial necessities. As an example, in October 2023, the US-based insurance software solution corporation, Applied Systems Inc. launched their product, Tarmika Insured, which is an integrated commercial insurance quoting application. This platform allows real-time premium calculation by including a shorter application question set and immediate carrier market connectivity. This results in agencies providing immediate, bindable quotations at the point of transaction. This simplification of the quoting process, through customer-initiated and agent-initiated workflows, enriches the customer experience, increases agent productivity, and speeds up the digitization process in commercial insurance.
What are the major segments of the insurance agency software market and their role in driving growth?
The insurance agency software market covered in this report is segmented -
1) By Type: Life Insurance, Auto Insurance, Accident And Health Insurance, Home Insurance, Property And Casualty Insurance, Travel Insurance, Other Types
2) By Deployment Type: Cloud Based, On-Premise
3) By Application: Claims Management, Commission Management, Contract Management, Document Management, Insurance Rating, Quote Management, Policy Management
4) By End User: Small Business, Medium-Sized Business, Large Business
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Endowment Life Insurance
2) By Auto Insurance: Liability Insurance, Collision Insurance, Comprehensive Insurance, Personal Injury Protection (PIP)
3) By Accident and Health Insurance: Personal Accident Insurance, Critical Illness Insurance, Disability Insurance, Health Insurance
4) By Home Insurance: Homeowners Insurance, Renters Insurance, Condo Insurance, Landlord Insurance
5) By Property and Casualty Insurance: Commercial Property Insurance, General Liability Insurance, Workers' Compensation Insurance, Commercial Auto Insurance
6) By Travel Insurance: Trip Cancellation Insurance, Medical Travel Insurance, Baggage Loss Insurance, Emergency Evacuation Insurance
7) By Other Types: Pet Insurance, Agricultural Insurance, Marine Insurance, Aviation Insurance
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Which regions are key players in the growth of the insurance agency software market?
North America was the largest region in the insurance agency software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance agency software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the insurance agency software market?
Major companies operating in the insurance agency software market are Guidewire Software, VERMEG Ltd Legal, Sapiens International, Vertafore Inc., Applied Systems Inc., Duck Creek Technologies, Zywave Inc., Dyad Tech, Bold Penguin, EZLynx, Insly LTD, HawkSoft, Insurance Technologies Corporation (ITC), ?n?ur?n?? ???t?m? ?n?., InsuredHQ Limited, United Systems and Software Inc., AgencyBloc LLC, Axxis Systems, IVANS Insurance Solutions, NowCerts, Buckhill Ltd., Jenesis Software
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What Is Covered In The Insurance Agency Software Global Market Report?
•Market Size Forecast: Examine the insurance agency software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance agency software market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance agency software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance agency software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance agency software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance agency software market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance agency software market.
•Competitive Landscape: Review strategic developments in the insurance agency software market, including expansions, agreements, and new product launches.
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