Global Life Insurance Policy Administration System Market to Reflect a CAGR of 12.0% During 2018-2026

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The worldwide market for life insurance policy administration system was estimated at US$ 4,482.0 Million during 2017 and will be recording a 12.0% CAGR for the duration of 2018 to 2026. The requirement to stay updates and its attribute to take full advantage of the ability to react to variations in the business are amid the aspects fuelling the market for life insurance policy administration system.

In terms of the deployment type, the worldwide market is categorized into on-premise and SaaS. The revenue share from the SaaS category in the worldwide market is anticipated to increase at a 13.0% CAGR for the duration of the forecast. By component, the worldwide market is categorized into services and software. The services category is moreover subcategorized into managed services and professional services. The services category in the worldwide market is projected to record a 13.2% CAGR all through the assessment period. In terms of the policy administration, the worldwide market is categorized into underwriting, policy lifecycle, contract changes, user experience, claim settlement, along with others. The revenue share from the user experience category in the worldwide market is projected to increase at a 13.7% CAGR for the duration of the assessment.

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In terms of the end-user, the worldwide market is divided into banks, insurance companies, along with others. The insurance companies category will be dominating the overall market for life insurance policy administration system and have the benefit of a 68.0% market share during 2018 as well as 70.3% during 2026. In terms of the module, the worldwide market is categorized into product development, customer relationship management, business intelligence, training & development, in addition to others. The business intelligence category in the worldwide market is anticipated to expand from US$ 560.9 Million during 2018 to reach a market valuation of US$ 1,579.7 Million during 2026 as a result of the higher CAGR related to it.

In terms of the region, the Europe regional market is anticipated to reflect comparatively higher expansion in the worldwide market for life insurance policy administration system, recording a 15.5% CAGR all through the assessment period. Revenue from the life insurance policy administration system market in The Europe and North America regional market is estimated to jointly hold revenue share more than 46.7% of the worldwide market revenue during 2018. The providers could center on growing all over various nations in the SEA & other APAC regions in addition to China.

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A few of the market players in worldwide market for life insurance policy administration systems are Andesa Services, Accenture, Concentrix, CSC (Wealth Management Accelerator), CSC (CyberLife), EXL, Infosys McCamish, FAST Technology, InsPro Technologies, Mphasis Wyde, Majesco, MDI, Oracle, Vitech Systems Group and Sapiens.




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