Global Life Insurance Policy Administration Systems Market by Component, End-User, Module, Policy Administration, Deployment Type, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The global life insurance policy administration systems market is anticipated to expand at a CAGR of 12% during the forecast period, 2020–2026.

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A life insurance policy administration system is a system that provides end-to-end lifecycle management of individual, group life and pension products. Thus, it is a software that helps insurers manage life and annuity insurance policies. With the help of a life insurance policy administration system, organizations can maintain a record of the policies issued by them to clients, calculate policy costs, as well as design new policies. A life insurance policy administration system can improve the flexibility and administration of different insurance policies. Moreover, it can be implemented as a part of an integrated insurance suite or as a standalone solution.

Market Trends, Drivers, Restraints, and Opportunities:

Increase in the outsourcing of policy administration functions and rapidly changing market conditions are some of the key trends driving the growth of life insurance policy administration systems market and thus fueling the growth of the market.
Implementation of Stringent government regulations is driving the growth of the market.
Need to remain up-to-date with the technology is one of the major factors fuelling the growth of the life insurance policy administration system market.
Shifting economic conditions and strong consumer confidence are the key factors fuelling the growth of the market.
Rapid upgradations of products and increasing competition are the major factors restraining the growth of the life insurance policy administration system market.
Emerging artificial intelligence technology and increased adoption of cloud-based solutions are the market opportunities for global asset tracking market.
Globally, the policy lifecycle is widening, which is one of the positive trends that is going to foster the growth of the market during the forecast period.

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Competitive Landscape:

Major companies in the global life insurance policy administration systems market include DXC Technology Company, Oracle Corporation, Capgemini SE, Accenture Plc, Concentrix Corporation, Infosys Limited, Mphasis Wyde, SAP SE, InsPro Technologies LLC, EXL Service Holdings, Inc., Majesco, and Sapiens International Corporation.

The Global Life Insurance Policy Administration Systems Market has been segmented on the basis of:

Component

Hardware
Software
Services

End-user

Insurance companies
Banks
Others

Module

Customer Relationship Management
Product Development
Training & Development
Business Intelligence
Others

Policy Administration

Policy Lifecycle
Underwriting
Contract changes
Claim settlement
User experience
Others

Deployment Types

SaaS
On-Premise

Regions

Asia Pacific
Europe
North America
Middle East & Africa
Latin America

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Table of Contents

Executive Summary
Assumptions and Acronyms Used
Research Methodology
Life Insurance Policy Administration Systems Market Overview
Global Life Insurance Policy Administration Systems Market Analysis and Forecast by Type
Global Life Insurance Policy Administration Systems Market Analysis and Forecast by Application
Global Life Insurance Policy Administration Systems Market Analysis and Forecast by Sales Channel
Global Life Insurance Policy Administration Systems Market Analysis and Forecast by Region
North Life Insurance Policy Administration Systems Market Analysis and Forecast
Latin Life Insurance Policy Administration Systems Market Analysis and Forecast
Europe Life Insurance Policy Administration Systems Market Analysis and Forecast
Asia Pacific Life Insurance Policy Administration Systems Market Analysis and Forecast
Middle East & Africa Life Insurance Policy Administration Systems Market Analysis and Forecast
Competition Landscape

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