Life Insurance Policy Administration Systems Market Sales

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Life Insurance Policy Administration Systems Market 2022

Life Insurance Policy Administration Systems Market 2022

According to a recent market report published by Persistence Market Research titled “Life Insurance Policy Administration System Market-Global Industry Analysis 2013-2017 and Forecast 2018-2026”, the life insurance policy administration system market life insurance was valued at US$4,482.0 million in 2017, and is expected to register a CAGR of 12.0% from 2018 to 2026. The need to stay current and its functionality to maximize the ability to respond to changes of the company are among the main factors that motivate the administration of life insurance policies. system market.

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A life insurance policy administration system is a system that provides end-to-end lifecycle management of individual, group life insurance and retirement products. Thus, it is software that helps insurers manage life insurance and annuity policies. Using a life insurance policy administration system, organizations can keep a record of the policies they have issued to customers, calculate policy costs, and design new policies. A life insurance policy administration system can improve the flexibility and administration of different insurance policies. Additionally, it can be implemented as part of an integrated insurance suite or as a standalone solution.

Key players:

The report has profiled some of the important players prevalent in the world such as – Oracle Corporation, InsPro Technologies LLC, Concentrix Corporation, DXC Technology Company, Infosys Limited, SAP SE, Capgemini SE, Mphasis Wyde, EXL Service Holdings, Inc., Sapiens International Corporation, Majesco and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future prospects of Insurance Policy Administration Systems -life.

Life Insurance Policy Management Systems Market

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The Life Insurance Policy Administration System market is categorized based on deployment type, component, policy administration category, end-user, module, and region.

the life insurance policy administration system market is segmented into SaaS and on-premise. The revenue contribution of the SaaS segment in the life insurance policy administration systems market is expected to increase at a CAGR of 13.0% during the forecast period.

On the basis of components, the life insurance policy administration systems market is segmented into software and services. The services segment is divided into professional services and managed services. The service segment of the life insurance policy administration system market is estimated to register a CAGR of 13.2% during the forecast period.

On the basis of policy administration, the life insurance policy administration system market is segmented into policy lifecycle, underwriting, contract modifications, claims adjustment, user experience, and others. The revenue contribution of the user experience segment in the life insurance policy administration system market is expected to grow at a CAGR of 13.7% during the forecast period.

On the basis of end-user, the global life insurance policy administration system market is segmented into insurance companies, banks and others. The insurance company segment is expected to dominate the life insurance policy administration system market and hold a market share of 68.0% in 2018 and 70.3% in 2026.

Based on the module, the global life insurance policy administration system market is segmented into customer relationship management, product development, training and development, business intelligence, and others. Business intelligence segment in life insurance policy administration systems market is expected to grow from 560.9 million US$ in 2018 to 1,579.7 million US$ in 2026 owing to high CAGR which is associated with it.

This report also covers the trends driving each segment and offers analysis and insights on the Life Insurance Policy Administration System market potential in regions such as North America, Latin America, Europe, China, Japan, Southeast Asia and the Middle East and Africa. Among these regions, Europe is expected to exhibit relatively high growth in the global life insurance policy administration system market, registering a CAGR of 15.5% over the forecast period. Life insurance policy administration systems market revenue in North America and Europe is collectively expected to represent more than 46.7% of global life insurance policy administration system market revenue in 2018. Vendors of the Life Insurance Policy Administration System Market can focus on expanding into several countries. in China and SEA and other APAC regions.

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Answers to key questions in this report.

What will be the growth rate of the market in the future?
What are the key factors driving the global market?
Who are the major manufacturers in the Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by industry regions?

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