Insurance industries are evolving by integrating technological aspects in their day-to-day processes. Insurance agencies are considered as a fast-moving industry and include an intense field of complex operations which includes back-office automation and customer relationship management services. To cope up with the rapidly evolving industries various insurance companies are inclining towards high adoption of software solutions and services.
Тhе іnѕurаnсе аgеnсу ѕоftwаrе mаrkеt іѕ рrојесtеd tо bе UЅ$ 1,594.1 Мn іn 2018 tо rеасh UЅ$ 2,849.9 Мn bу 2028 аt а САGR оf 6.0%.
The software providers focus on providing fully fledge managing general agent (MGA) functionality in their software. According to the international risk management institute (IRMA), an MGA has been granted underwriting authority by an insurer. The MGA can administer policies and negotiate agreements for an insurer. They are also known as managing general underwriters (MGU). These authorities are specialized expertise that are required to underwrite the policies. Thus, an MGAs are also involved in various operations or decisions, such as surplus lines of insurance and professional liability.
Increasing urbanization and growing working populations across the globe are expected to increase the adoption of insurance agency software. Rising adoption of insurance policies by the middle-class working population as an investment option is also another factor that is expected boost high adoption of insurance agency software. The increasing population opting for insurance policies creates a complex process to manage large customer base by conventional systems. Therefore, in order to handle huge amount of data, and to track large number of customers and their related policies insurance policies, the insurance agencies are opting for software/application solutions.
Depending upon the type of organization the insurance software is customized. The insurance agency management software provides basic marketing automation, data management i.e. customer data and policy document management, and offer analytics.
Rising awareness for cloud platform solutions some companies are opting for cloud, mobile, and open source services and solutions. In addition, insurance agency software that includes functionality of CRM is witnessed high adoption. As well as these software’s offers other features such as, agency management, appointment scheduling, invoices, quotes, contracts, email marketing, and many others. Moreover, the insurance agencies are witnessed to incline towards software’s that provide features such as claims management, commission management, contact management, document management, insurance rating, life & health, policy management, property & casualty, and quote management,
Insurance agency management platforms that supports end to end processes for MGAs and brokers in P&C industries which intend to cover CRM, underwriting, sales, claims and accounting will also witness high adoption of insurance software’s in the market. In today’s era software’s that include built-in integrations of various payment gateway, email marketing, and eSign functionality is also driving high adoption of the insurance agency software.
The market is categorized as type and application. The type category includes cloud-based and on premise. The application category includes small business, medium-sized business, and large business.
Among various regions the insurance agency software market in North America will witness high adoption in the near future. Similarly, growing literate population in Asia Pacific will also increase high adoption of insurance agency software in this region.
Key players operating in the market include Vertafore, Inc., Applied Systems, Inc., EZLynx, Agency Computer Systems, Inc., Insurance Technologies Corporation, Hawksoft Inc., Sapiens/Maximum Processing, Agency Matrix, LLC, Buckhill, InsuredHQ, and Zhilian Software.