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 was valued at US$ 4,482.0 Mn in 2017, and is expected to register a CAGR of 12.0% from 2018 to 2026. The need to remain up-to-date and its feature to maximize the ability to respond to changes in the business are among the major factors driving the life insurance policy administration system market.

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.

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The life insurance policy administration system market is categorized on the basis of deployment type, component, policy administration category, end-user, module, and region. On the basis of deployment type, the life insurance policy administration system market is segmented into SaaS and on-premise. The revenue contribution from the SaaS segment in the life insurance policy administration system market is expected to expand at a CAGR of 13.0% during the forecast period.

Based on component, the life insurance policy administration system market is segmented into software and services. The services segment is further divided into professional services and managed services. The services segment in 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 changes, claim settlement, user experience, and others. The revenue contribution from the user experience segment in life the insurance policy administration system market is expected to expand 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 companies segment is expected to dominate the life insurance policy administration system market and enjoy a market share of 68.0% in 2018 and 70.3% in 2026.

On the basis of module, the global life insurance policy administration system market is segmented into customer relationship management, product development, training & development, business intelligence, and others. The business intelligence segment in the life insurance policy administration system market is expected to grow from US$ 560.9 Mn in 2018 to US$ 1,579.7 Mn in 2026 owing to the high CAGR associated with it.

This report also covers the trends driving each segment and offers analysis and insights regarding the potential of the life insurance policy administration system market in regions such as North America, Latin America, Europe, China, Japan, South East Asia, and the Middle East & Africa. Among these regions, Europe is projected to exhibit relatively high growth in the global life insurance policy administration system market, registering a CAGR of 15.5% over the forecast period. Revenue from the life insurance policy administration system market in North America and Europe is expected to collectively account for over 46.7% of the global life insurance policy administration system market revenue in 2018. Life insurance policy administration system market providers can focus on expanding across several countries in the China and SEA & other of APAC regions.

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Key competitors in the life insurance policy administration system market are Oracle Corporation, Accenture Plc, 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 others.