Press release
Underwriting Software Market Set to Hit $15.9 Billion Worldwide by 2032, Says Allied Market Research
Allied Market Research published a report, titled, "Underwriting Software Market by Functionality (Underwriting Systems (AUS), Rating Engines, Decision Support Systems), Delpoyment Mode (On-premise and Cloud), and End User (Insurance Companies, Insurance Brokers and Agencies, Reinsurers and MGA (Managing General Agent)) : Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the underwriting software market was valued at $5.7 billion in 2023, and is estimated to reach $15.9 billion by 2032, growing at a CAGR of 12.5% from 2024 to 2032.Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/A323728
Prime Determinants of Growth
However, concerns about data security and privacy issues and resistance to change and legacy systems within some insurance companies are anticipated to hamper the growth of global market. On the contrary, expansion of underwriting software market in emerging economies with growing insurance sectors and increasing digitalization trends and integration of Internet of Things (IoT) devices and telematics data into underwriting software are further likely to create lucrative opportunities for the growth of the global market.
The Cloud segment dominated the market in 2023
By deployment mode, the cloud segment held the highest market share in 2023 and is projected to maintain its lead position during the forecast period accounting for the underwriting software market revenue and is estimated to maintain its leadership status during the forecast period, owing to its various advantages such as scalability, flexibility, cost-effectiveness, and ease implementation.
Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/4gg7Oc6
The automated underwriting system segment dominated the market in 2023
By functionality, the automated underwriting system segment accounted for the largest share in 2023, contributing for more than three-fifths of the underwriting software market revenue, as they offer insurance companies a comprehensive solution for streamlining the underwriting process. These systems utilize advanced algorithms and data analytics to assess risks, make underwriting decisions, and automate repetitive tasks, leading to increased efficiency and accuracy, which is further expected to propel the overall market growth.
The insurance companies segment dominated the market in 2023
By end user, the insurance companies segment accounted for the largest share in 2023, owing to their large-scale operations and need for sophisticated risk assessment tools. These companies handle a significant volume of policies and require efficient underwriting processes to manage risks effectively, which is further expected to propel the overall market growth.
Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A323728
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2022, owing to the region's well-established insurance industry, technological advancements, and high adoption rates of digital solutions. Insurance companies in North America have been early adopters of underwriting software to enhance operational efficiency, improve risk assessment, and deliver better customer experiences, anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to economic growth, increasing insurance penetration, and regulatory changes. Insurance companies in Asia-Pacific are recognizing the importance of underwriting software to stay competitive, meet regulatory requirements, and cater to the evolving needs of their customers, which is further expected to contribute to the growth of the market in this region.
Leading Market Players: -
Insurity LLC.
Applied Systems Inc.
Ebix Inc
Guidewire Software
Duck Creek Technologies
Sapiens International
FINEOS
Verisk Analytics, Inc.
OneShield
The report provides a detailed analysis of these key players in the Underwriting software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In December 2023, Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announced the release of Duck Creek ClarityTM, an innovative, cloud-native technology solution and the successor to Duck Creek Insights, designed to empower insurers with advanced data management, reporting, and analytics capabilities.
In May 2022, Akur8, the next generation insurance pricing solution powered by transparent machine learning, announced that it has partnered with Duck Creek Technologies, a leading provider of SaaS insurance core systems, to offer P&C insurance carriers a fully integrated SaaS platform that will streamline and empower insurers' rate-making process from data to production.
In June 2022, Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, announced a new partnership with leading core system provider, OneShield Software. Under the provisions of this new partnership, critical property intelligence and risk management solutions from the Betterview Platform will be available to insurer clients within the user interface (UI) for the OneShield suite of products, including solutions for policy, billing, and claims.
Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/A323728
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the underwriting software market analysis from 2024 to 2032 to identify the prevailing underwriting software market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network and underwriting software market share.
In-depth analysis of the underwriting software market segmentation assists to determine the prevailing underwriting software market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global underwriting software market size.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global underwriting software market trends, key players, market segments, application areas, and underwriting software market growth strategies.
Underwriting Software Market Key Segments:
By Functionality
Underwriting Systems (AUS)
Rating Engines
Decision Support Systems
By Delpoyment Mode
On-premise
Cloud
By End User
Insurance Companies
Insurance Brokers and Agencies
Reinsurers
MGA (Managing General Agent)
By Region
North America (U.S., Canada)
Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry
Commercial Insurance Market https://www.alliedmarketresearch.com/commercial-insurance-market-A11665
Trade Finance Market https://www.alliedmarketresearch.com/trade-finance-market
Proximity Payment Market https://www.alliedmarketresearch.com/proximity-payment-market-A10042
QR Codes Payment Market https://www.alliedmarketresearch.com/qr-codes-payment-market-A13075
Wealth Management Market https://www.alliedmarketresearch.com/wealth-management-market-A13068
Business Travel Insurance Market https://www.alliedmarketresearch.com/business-travel-insurance-market
Finance Cloud Market https://www.alliedmarketresearch.com/finance-cloud-market-A12545
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Underwriting Software Market Set to Hit $15.9 Billion Worldwide by 2032, Says Allied Market Research here
News-ID: 4032308 • Views: …
More Releases from Allied Market Research
Global Urinary Drainage Bags Market: Trends, Growth, and Insights to 2031
The global urinary drainage bags market is experiencing robust growth, with its market size valued at $1.4billion in 2021 and projected to reach $2billion by 2031. This expansion represents a compound annual growth rate (CAGR) of 3.8% from 2021 to 2031, highlighting the increasing demand for these essential medical devices.
Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/A17529
What Are Urinary Drainage Bags?
Urinary drainage bags are specialized medical devices designed to collect…
Cream Powder Market to Reach $8.9 Billion by 2031 with 6.4% CAGR
The global cream powder industry was estimated at $4.8 billion in 2021 and is expected to hit $8.9 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031.
The cream powder market is experiencing growth due to various factors, including the increasing popularity of bakeries and HoReCa (hotels, restaurants, and cafes) and rising consumer demand for natural products. The dairy-based segment is a significant contributor to the market's growth…
Micro Drone Market Valued at $6.71 Billion in 2020, Expected to Reach $28.91 Bil …
The global micro drone industry generated $6.71 billion in 2020, and is expected to reach $28.91 billion in 2030, witnessing a CAGR of 17.2% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Increased operational efficiency and rise in demand for improved surveillance drive the growth of the global micro drone market. However, strict…
Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of …
The global microwaveable foods industry was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
Rise in popularity of fast-food restaurants and large population base coupled with increase in number of quick-service restaurants drive the global microwaveable foods market. However, lack of awareness about microwavable foods hinders the market growth. On the contrary, rise in…
More Releases for Insurance
Renters Insurance Market Dazzling Worldwide with Major Giants Travelers Insuranc …
According to HTF Market Intelligence, the Global Renters Insurance market to witness a CAGR of xx% during the forecast period (2024-2030). The Latest research study released by HTF MI "Renters Insurance Market with 120+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know-how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint, and status. Understanding the segments helps in identifying…
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
