Insurance Software Market Research Report covers the present scenario and the growth prospects of the Insurance Software Industry for 2016-2020. Insurance Software Market, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years and discussion of the key vendors effective in this market. To calculate the market size, the report considers the revenue generated from the sales of Insurance Software globally.
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The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry.
Following Companies Are Key Players of the Insurance Software Market:
Microsoft
Oracle
Salesforce
SAP
Other Prominent Vendors of Insurance Software Market Are:
Accenture
Acturis
Automated Workflow Private Limited (AWPL)
Buckhill
Computer Professionals Inc. (CPI)
Computer Sciences Corporation (CSC)
“One trend in the market is increasing demand for cyber insurance. Cyber-insurers have developed different products to address the needs of cyber-risk companies. Specialized cyber-risk insurances come in many forms, but property, theft, and liability insurance are experiencing high demand. Some insurance carriers offer liability-only products, while others offer a combination of property, liability cover, and theft. The coverages are expanded to include property and product when compared to earlier coverage where it was only limited to liability and breach response. This indicates that customer demand is increasing for cyber insurance. Insurers are offering cyber-risk enhancements to existing policies, such as management liability and business owners. The cyber insurance products take the form of a services-only product, services with breach response coverage, and services along with breach response including liability.”
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According to the report, one driver in the market is need to simplify the process. The insurance claims process is tedious and requires repetitive work that is done manually. The insurance companies are looking for claims management solutions to help them identify bottlenecks and streamline the entire system. Only a suitable life insurance software can help solve these issues and improve the overall efficiency and effectiveness of business process applications. Hence, many insurance industry end-users such as insurers, brokers, and agents are increasingly using the insurance software because it supports end-to-end automation and optimization of the claims management process. Insurance software also increases straight-through-processing rates, reduces errors and redundancies, and cuts costs.
Report also presents Geographical Segmentation analysis of Insurance Software Market of Americas, APAC, EMEA region.
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Further, the report states that one challenge in the market is adherence to compliance in insurance industry. The complexities of the regulatory environment certainly pose significant challenges for financial services companies and insurance companies as regulators continue to have strict compliance and risk management standards. These challenges are created at multiple levels of regulatory authority, including state, local, federal, and international. The smaller companies also struggle to optimize business models and infrastructures to address the growing regulatory scrutiny better. Further, the efforts are made by the International Association of Insurance Supervisors (IAIS) to develop Insurance Core Principles (ICPs), a common framework for the supervision of internationally active insurance groups (IAIGs).
Key questions answered in Insurance Software market report:
What will the Insurance Software market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving Insurance Software market?
What are the challenges to Insurance Software market growth?
Who are the key vendors in Insurance Software market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
No of Pages: 59
Price of Report: $ 2500 (Single User License)
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