Press release
Insurance Agency Software Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Insurance Agency Software Market
What Is the Expected Insurance Agency Software Market Size During the Forecast Period?
The size of the insurance agency software market has seen rapid expansion in recent years. It is forecasted to increase from $3.82 billion in 2024 to $4.25 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historic period is due to several factors including the digital transformation in insurance, a surge in the adoption of cloud technology, the transition towards microinsurance solutions, the rising need for instant data analytics, and the heightened emphasis on hyper-personalization.Anticipated to witness speedy expansion in the coming years, the insurance agency software market is projected to reach a valuation of $6.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.9%. The escalation in the projected period is due to factors like the surge in no-code and low-code platforms, heightened demand for customer self-service, rising adoption of API-driven platforms, modernization of legacy systems, and a move towards paperless procedures. Key trends for the forecast period encompass growth in Insurtech investments, the advancement of predictive analytics, improved integration of chatbots, incorporation of voice assistants, and broadening of usage-based insurance.
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What Are the High-Growth Segments in the Insurance Agency Software Market?
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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What Key Drivers Are Expected to Influence Future Insurance Agency Software Market Growth?
The escalating occurrence of cyberattacks is projected to fuel the advancement of the insurance agency software market. Cyberattacks are ill-intentioned actions aimed at causing disruption, inflicting damage, or unauthorized access to computer systems, networks, or data, predominantly for financial benefits, espionage, or destructive intentions. This escalation in cyberattacks results from the increasing trend towards digitalization, reliance on cloud services, the proliferation of IoT devices, sophisticated hacking methods, profitable monetary rewards for cybercriminals, and insufficient cybersecurity defenses in numerous organizations. By introducing superior risk assessment, fraud detection, and compliance tools, insurance agency software bolsters cybersecurity, aiding agencies in defending delicate customer information and managing the growing risk of cyberattacks. For example, Check Point Software Technologies Ltd., an Israeli software corporation, disclosed in July 2024, that worldwide cyberattacks had surged by 30% year-on-year, with an average of 1,636 attacks per organization every week. Furthermore, incidents of ransomware involving public extortion escalated 13%, tallying roughly 1,200 instances. Thus, this escalation in cyberattacks is driving the insurance agency software market.
Which Companies Hold the Largest Share Across Different Insurance Agency Software Market Segments?
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
What Trends Are Driving Growth in The Insurance Agency Software Market?
Leading corporations in the insurance agency software market are placing their focus on creating novel applications, such as immersed commercial insurance quote generators, to modernize the commercial insurance quotation process by enabling instantaneous premium creation and heightening digital client interaction. An immersed commercial insurance quoting tool is an innovative digital system incorporated into a current platform or service that permits businesses to procure real-time insurance quotations for their commercial requirements. For instance, Applied Systems, Inc., an insurance software solution firm based in the US, rolled out Tarmika Insured, an immersed commercial insurance quoting application, in October 2023. This platform allows for immediate premium calculation by assimilating a simplified application question format and direct connectivity to insurance carriers, thereby enabling agencies to propose on-the-spot, binding quotations at the point of purchase. The quotation process becomes significantly efficient through consumer-driven and agent-led procedures, thus improving the client experience, increasing agent productivity, and hastening digital transformation in the commercial insurance sector.
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What Are the Emerging Geographies for The Insurance Agency Software Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance Agency Software Market?
2. What is the CAGR expected in the Insurance Agency Software Market?
3. What Are the Key Innovations Transforming the Insurance Agency Software Industry?
4. Which Region Is Leading the Insurance Agency Software Market?
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