Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global P&C Insurance Software Market to reach USD 24.15 billion by the end of 2029.

Global P&C Insurance Software Market Size study & Forecast, by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others) and Regional Analysis, 2022-2029

Product Code: ICTEITS-14709536
Publish Date: 25-01-2023
Page: 200

Global P&C Insurance Software Market is valued at approximately USD 11.6 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.6% over the forecast period 2022-2029. P&C Insurance software is a software solution used by insurance providers, agents, and brokers to promote, sell, and administer insurance policies. This P&C insurance software suite offers a wide range of features including digital distribution of insurance policies, claims management, marketing automation, and underwriting management. The application of P&C insurance software reduces overall turnaround time of insurance distribution. The increasing demand for property & casualty insurance and growing adoption of automated software tools in insurance sector to improve overall turnaround time as well as strategic initiatives from leading market players are key factors accelerating the growth of the market over the forecast period.

The increasing demand for property & casualty insurance worldwide is contributing to the growth of the Global P&C Insurance market. For instance, according to Statista – in 2021, the property, casualty and direct insurance market in the United States was valued at USD 819 billion, and the market is projected to grow to USD 850 billion by end of 2022. Moreover, as per the Insurance Information Institute (a U.S. industry association) estimates – in 2019, the overall premiums earned by Property/Casualty Insurance Industry in the United States was estimated at USD 627.3 billion, and the income further increased to USD 690.2 billion in 2021. Also, growing penetration of internet & mobile devices coupled with rising prices of real estate properties in developing regions would create a lucrative growth prospectus for the market over the forecast period. However, the high deployment cost and concerns relating to data privacy & security impede the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global P&C Insurance Software Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of global market share owing to increasing prices of real estate properties as well as rising demand for P&C insurance in the region as well as availability of required technological infrastructure in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising penetration of smartphones as well as increasing emergence of digital insurance platforms in the region.

Major market players included in this report are:
Agency Software Inc.
Duck Creek Technologies
Guidewire Software, Inc.
PCMS Software
Pegasystems Inc.
Quick Silver Systems, Inc.
Willis Towers Watson
Zywave, Inc.

Recent Developments in the Market:
 In 2021, Vertafore acquired AgencyZoom, a cloud-based sales automation platform for insurance agents.

 In August 2021, Guidewire acquired California, USA based HazardHub. HazardHub is a leading provider of API-driven property risk solutions to the P&C insurance industry.

Global P&C Insurance Software Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Deployment Model, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component

By Deployment Model
On Premise

By Application

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. P&C Insurance Software Market, by Region, 2019-2029 (USD Billion)
1.2.2. P&C Insurance Software Market, by Component, 2019-2029 (USD Billion)
1.2.3. P&C Insurance Software Market, by Deployment Model, 2019-2029 (USD Billion)
1.2.4. P&C Insurance Software Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global P&C Insurance Software Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global P&C Insurance Software Market Dynamics
3.1. P&C Insurance Software Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing demand for property & casualty insurance Growing adoption of automated software tools in insurance sector Strategic initiatives from leading market players
3.1.2. Market Challenges High deployment cost Concerns relating to data privacy & security
3.1.3. Market Opportunities Growing penetration of internet & mobile devices Rising prices of real estate properties in developing regions
Chapter 4. Global P&C Insurance Software Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global P&C Insurance Software Market, by Component
6.1. Market Snapshot
6.2. Global P&C Insurance Software Market by Component, Performance – Potential Analysis
6.3. Global P&C Insurance Software Market Estimates & Forecasts by Component 2019-2029 (USD Billion)
6.4. P&C Insurance Software Market, Sub Segment Analysis
6.4.1. Software
6.4.2. Service
Chapter 7. Global P&C Insurance Software Market, by Deployment Model
7.1. Market Snapshot
7.2. Global P&C Insurance Software Market by Deployment Model, Performance – Potential Analysis
7.3. Global P&C Insurance Software Market Estimates & Forecasts by Deployment Model 2019-2029 (USD Billion)
7.4. P&C Insurance Software Market, Sub Segment Analysis
7.4.1. On Premise
7.4.2. Cloud
Chapter 8. Global P&C Insurance Software Market, by Application
8.1. Market Snapshot
8.2. Global P&C Insurance Software Market by Application, Performance – Potential Analysis
8.3. Global P&C Insurance Software Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
8.4. P&C Insurance Software Market, Sub Segment Analysis
8.4.1. Claims
8.4.2. Underwriting
8.4.3. Operations
8.4.4. Others
Chapter 9. Global P&C Insurance Software Market, Regional Analysis
9.1. P&C Insurance Software Market, Regional Market Snapshot
9.2. North America P&C Insurance Software Market
9.2.1. U.S. P&C Insurance Software Market Component breakdown estimates & forecasts, 2019-2029 Deployment Model breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
9.2.2. Canada P&C Insurance Software Market
9.3. Europe P&C Insurance Software Market Snapshot
9.3.1. U.K. P&C Insurance Software Market
9.3.2. Germany P&C Insurance Software Market
9.3.3. France P&C Insurance Software Market
9.3.4. Spain P&C Insurance Software Market
9.3.5. Italy P&C Insurance Software Market
9.3.6. Rest of Europe P&C Insurance Software Market
9.4. Asia-Pacific P&C Insurance Software Market Snapshot
9.4.1. China P&C Insurance Software Market
9.4.2. India P&C Insurance Software Market
9.4.3. Japan P&C Insurance Software Market
9.4.4. Australia P&C Insurance Software Market
9.4.5. South Korea P&C Insurance Software Market
9.4.6. Rest of Asia Pacific P&C Insurance Software Market
9.5. Latin America P&C Insurance Software Market Snapshot
9.5.1. Brazil P&C Insurance Software Market
9.5.2. Mexico P&C Insurance Software Market
9.5.3. Rest of Latin America P&C Insurance Software Market
9.6. Rest of The World P&C Insurance Software Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Agency Software Inc Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. ClarionDoor
10.2.3. Duck Creek Technologies
10.2.4. Guidewire Software, Inc.
10.2.5. InsuredMine
10.2.6. PCMS Software
10.2.7. Pegasystems Inc.
10.2.8. Quick Silver Systems, Inc.
10.2.9. Willis Towers Watson
10.2.10. Zywave, Inc.
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

Need Assistance

Contact Person -
Krishant Mennon
Call us @
+ 91 99931 15879
Email: sales@bizwitresearch.com


Why Choose Us?

Quality over Quantity

Backed by 60+ paid data sources our reports deliver crisp insights with no compromise quality.

Analyst Support

24x7 Chat Support plus
free analyst hours with every purchase

Flawless Methodology

Our 360-degree approach of market study, our research methods leave stones unturned.
Enquiry Now