Report Summary
Summary
Life insurance policy administration software helps insurers manage life and annuity insurance policies. Life insurance policy administration systems allow insurers to develop and administer new life, annuity, pension, and health insurance products for clients. Using life insurance policy administration software systems, organizations can design new policies, calculate policy costs, and maintain a record of policies issued to clients. Some systems offer libraries of prebuilt insurance product features that reduce time to market. Life insurance policy administration software systems are commonly used by enterprise insurance organizations to manage existing policies and develop new insurance products. These systems can improve policy flexibility and administration. Life insurance policy administration software systems can be implemented either as a standalone solution or as part of an integrated insurance suite.
The life insurance industry is witnessing shifting trends in the front-office, policy administration, and claims, the three core functions of the insurance value chain. Life insurance firms remain challenged by their inflexible legacy life insurance policy administration systems. Designing innovative products, faster time to market and leveraging modern technology for multi-channel distribution has become essential for life insurers. Hence insurers are looking for life insurance policy administration systems transformation to enhance their operational efficiency with a lower total cost of operations by consolidating their existing systems.
Life insurance policy administration systems market is currently dominated by North America region owing to wide adoption of life insurance policy administration systems in order to improve efficiency and eradicate issues arising due to multiple administration systems. Europe Life Insurance Policy Administration Systems market follows next due to wide adoption of these kind of administration systems in this region. Asia Pacific life insurance policy administration systems market is gradually growing due to the presence of wide customer base in this region.
In 2020, the global Life Insurance Policy Administration Systems market size was xx million US$ and it is expected to reach xx million US$ by the end of 2027, with a CAGR of xx% between 2021 and 2027.
This report studies the Life Insurance Policy Administration Systems market size by players, regions, product types and end industries, history data 2017-2020 and forecast data 2021-2027; This report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.
This report focuses on the global top players, covered
Accenture
Andesa Services
Concentrix
CSC (CyberLife)
CSC (Wealth Management Accelerator)
EXL
FAST Technology
Infosys McCamish
InsPro Technologies
Majesco
MDI
Mphasis Wyde
Oracle
Sapiens and Vitech Systems Group
Instanda
Andesa
Market segment by Regions/Countries, this report covers
North America
Europe
China
Rest of Asia Pacific
Central & South America
Middle East & Africa
Market segment by Type, the product can be split into
Hardware
Software
Services
Market segment by Application, the market can be split into
Life Insurance Policy Management
Insurance Company
The study objectives of this report are:
To study and forecast the market size of Life Insurance Policy Administration Systems in global market.
To analyze the global key players, SWOT analysis, value and global market share for top players.
To define, describe and forecast the market by type, end use and region.
To analyze and compare the market status and forecast among global major regions.
To analyze the global key regions market potential and advantage, opportunity and challenge, restraints and risks.
To identify significant trends and factors driving or inhibiting the market growth.
To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
In this study, the years considered to estimate the market size of Life Insurance Policy Administration Systems are as follows:
History Year: 2017-2020
Base Year: 2020
Estimated Year: 2020
Forecast Year 2021 to 2027
For the data information by region, company, type and application, 2020 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders
Raw material suppliers
Distributors/traders/wholesalers/suppliers
Regulatory bodies, including government agencies and NGO
Commercial research & development (R&D) institutions
Importers and exporters
Government organizations, research organizations, and consulting firms
Trade associations and industry bodies
End-use industries
Available Customizations
With the given market data, EternityInsights offers customizations according to the company's specific needs. The following customization options are available for the report:
Further breakdown of Life Insurance Policy Administration Systems market on basis of the key contributing countries.
Detailed analysis and profiling of additional market players.
Table Of Contents
Table of Contents
Life Insurance Policy Administration Systems Market Report by Company, Regions, Types and Applications, Global Status and Forecast to 2025
1 Industry Overview of Life Insurance Policy Administration Systems
1.1 Life Insurance Policy Administration Systems Market Overview
1.1.1 Life Insurance Policy Administration Systems Product Scope
1.1.2 Market Status and Outlook
1.2 Global Life Insurance Policy Administration Systems Market Size and Analysis by Regions
1.2.1 North America
1.2.2 Europe
1.2.3 China
1.2.4 Rest of Asia Pacific
1.2.5 Central & South America
1.2.6 Middle East & Africa
1.3 Life Insurance Policy Administration Systems Market by Type
1.3.1 Hardware
1.3.2 Software
1.3.3 Services
1.4 Life Insurance Policy Administration Systems Market by End Users/Application
1.4.1 Life Insurance Policy Management
1.4.2 Insurance Company
2 Global Life Insurance Policy Administration Systems Competition Analysis by Players
2.1 Life Insurance Policy Administration Systems Market Size (Value) by Players (2019 and 2020)
2.2 Competitive Status and Trend
2.2.1 Market Concentration Rate
2.2.2 Product/Service Differences
2.2.3 New Entrants
2.2.4 The Technology Trends in Future
3 Company (Top Players) Profiles
3.1 Accenture
3.1.1 Company Profile
3.1.2 Main Business/Business Overview
3.1.3 Products, Services and Solutions
3.1.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.1.5 Recent Developments
3.2 Andesa Services
3.2.1 Company Profile
3.2.2 Main Business/Business Overview
3.2.3 Products, Services and Solutions
3.2.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.2.5 Recent Developments
3.3 Concentrix
3.3.1 Company Profile
3.3.2 Main Business/Business Overview
3.3.3 Products, Services and Solutions
3.3.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.3.5 Recent Developments
3.4 CSC (CyberLife)
3.4.1 Company Profile
3.4.2 Main Business/Business Overview
3.4.3 Products, Services and Solutions
3.4.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.4.5 Recent Developments
3.5 CSC (Wealth Management Accelerator)
3.5.1 Company Profile
3.5.2 Main Business/Business Overview
3.5.3 Products, Services and Solutions
3.5.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.5.5 Recent Developments
3.6 EXL
3.6.1 Company Profile
3.6.2 Main Business/Business Overview
3.6.3 Products, Services and Solutions
3.6.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.6.5 Recent Developments
3.7 FAST Technology
3.7.1 Company Profile
3.7.2 Main Business/Business Overview
3.7.3 Products, Services and Solutions
3.7.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.7.5 Recent Developments
3.8 Infosys McCamish
3.8.1 Company Profile
3.8.2 Main Business/Business Overview
3.8.3 Products, Services and Solutions
3.8.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.8.5 Recent Developments
3.9 InsPro Technologies
3.9.1 Company Profile
3.9.2 Main Business/Business Overview
3.9.3 Products, Services and Solutions
3.9.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.9.5 Recent Developments
3.10 Majesco
3.10.1 Company Profile
3.10.2 Main Business/Business Overview
3.10.3 Products, Services and Solutions
3.10.4 Life Insurance Policy Administration Systems Revenue (Value) (2017-2020)
3.10.5 Recent Developments
3.11 MDI
3.12 Mphasis Wyde
3.13 Oracle
3.14 Sapiens and Vitech Systems Group
3.15 Instanda
3.16 Andesa
4 Global Life Insurance Policy Administration Systems Market Size by Type and Application (2017-2020)
4.1 Global Life Insurance Policy Administration Systems Market Size by Type (2017-2020)
4.2 Global Life Insurance Policy Administration Systems Market Size by Application (2017-2020)
4.3 Potential Application of Life Insurance Policy Administration Systems in Future
4.4 Top Consumer/End Users of Life Insurance Policy Administration Systems
5 North America Life Insurance Policy Administration Systems Development Status and Outlook
5.1 North America Life Insurance Policy Administration Systems Market Size (2017-2020)
5.2 North America Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
6 Europe Life Insurance Policy Administration Systems Development Status and Outlook
6.1 Europe Life Insurance Policy Administration Systems Market Size (2017-2020)
6.2 Europe Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
7 China Life Insurance Policy Administration Systems Development Status and Outlook
7.1 China Life Insurance Policy Administration Systems Market Size (2017-2020)
7.2 China Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
8 Rest of Asia Pacific Life Insurance Policy Administration Systems Development Status and Outlook
8.1 Rest of Asia Pacific Life Insurance Policy Administration Systems Market Size (2017-2020)
8.2 Rest of Asia Pacific Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
9 Central & South America Life Insurance Policy Administration Systems Development Status and Outlook
9.1 Central & South America Life Insurance Policy Administration Systems Market Size (2017-2020)
9.2 Central & South America Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
10 Middle East & Africa Life Insurance Policy Administration Systems Development Status and Outlook
10.1 Middle East & Africa Life Insurance Policy Administration Systems Market Size (2017-2020)
10.2 Middle East & Africa Life Insurance Policy Administration Systems Market Size and Market Share by Players (2019 and 2020)
11 Market Forecast by Regions, Type and Application (2021-2027)
11.1 Global Life Insurance Policy Administration Systems Market Size (Value) by Regions (2021-2027)
11.1.1 North America Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.1.2 Europe Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.1.3 China Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.1.4 Rest of Asia Pacific Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.1.5 Central & South America Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.1.6 Middle East & Africa Life Insurance Policy Administration Systems Revenue and Growth Rate (2021-2027)
11.2 Global Life Insurance Policy Administration Systems Market Size (Value) by Type (2021-2027)
11.3 Global Life Insurance Policy Administration Systems Market Size by Application (2021-2027)
12 Life Insurance Policy Administration Systems Market Dynamics
12.1 Life Insurance Policy Administration Systems Market Opportunities
12.2 Life Insurance Policy Administration Systems Challenge and Risk
12.2.1 Competition from Opponents
12.2.2 Downside Risks of Economy
12.3 Life Insurance Policy Administration Systems Market Constraints and Threat
12.3.1 Threat from Substitute
12.3.2 Government Policy
12.3.3 Technology Risks
12.4 Life Insurance Policy Administration Systems Market Driving Force
12.4.1 Growing Demand from Emerging Markets
12.4.2 Potential Application
13 Market Effect Factors Analysis
13.1 Technology Progress/Risk
13.1.1 Substitutes
13.1.2 Technology Progress in Related Industry
13.2 Consumer Needs Trend/Customer Preference
13.3 External Environmental Change
13.3.1 Economic Fluctuations
13.3.2 Other Risk Factors
14 Research Finding/Conclusion
15 Appendix
Methodology
Analyst Introduction
Data Source
