Raghu RajiThe insurance industry plays a vital role in every country and contributes to the country’s well-
being. However, the industry is behind other industries that are undergoing rapid digital
transformation at the moment.
Table of Contents
What is the Growth Rate of the Insurance Industry?
According to the latest research report from Business Research Company, the global insurance
market size is expected to grow from $5,376.92 billion in 2021 to $5,938.41 billion in 2022 at a
compound annual growth rate (CAGR) of 10.4%. The global insurance market size is expected
to grow to $8,398.11 billion in 2026 at a CAGR of 9.1%.
Top challenges facing Insurance Industry
- Manual customer data management
- Personalized offers
- Inefficient operations
- Obsolete data
- False claims
- Data redundancy
- High business costs
- Zero room for up-selling and cross-selling
- Unsatisfied customers
To mitigate the challenges, the industry is looking for innovative products and solutions to help
its staff improve operational efficiency and serve customers better.
What is Insurance Software?
It is a software developed to help insurance companies manage their day-to-day operations,
including customer data accessibility, claim management, billing, underwriting, policy tracking,
etc. the role of the software is to streamline the insurance processes and accelerate the operations
to achieve maximum efficiency.
Why Software for the Insurance Industry?
Manual customer information management and other operations often result in inaccurate data,
which is essential for making robust decisions for the company’s growth. As the data amassed is
inaccurate, making strong and impactful decisions is always difficult. The manual processes also
slow down the overall processes and result in delayed claim settlement and unsatisfied
customers.
So, the industry must invest in the best insurance software to take their business to the next level
and serve their customers better.
Let’s see some of the innovative insurance software that are ruling the rooster in the insurance
space.
What are the Types of Insurance Software?
- P&C software
- Claims management system
- CRMs for agents and brokers
- Insurance marketplaces
- Underwriting or quote software
- Document management software
What is P&C Insurance Software?
Of the many, P&C software has received massive reception from all the corners of the insurance
space due to its significance and demand in the global market.
According the latest report from MarketWatch, the global P&C Insurance Software market size
is estimated to be worth USD 12170 million in 2022 and is forecast to a readjusted size of USD
18680 million by 2028 with a CAGR of 7.4% during the review period.
P&C stands for Property and Casualty. Insurance is all-important for insurance brokers, vendors,
and other partners struggling with claim management, policy administration, CRM handling,
back office operations, document management, etc.
The entire process is simplified with the help of P&C software, which is why most insurance
companies invest and implement advanced software in their business units.
What’s Next?
If you’re into insurance and looking for contemporary software to improve your business
operations, customer service and revenue, this post is for you.
In this post, I will walk you through the top 10 handpicked insurance software development
companies offering the most innovative products to help you skyrocket your growth at a lower
cost.
Let’s get started with the companies offering insurance software.
Top 10 Insurance Software Solutions to Explore: 2024 Guide
1. Comarch Insurance Software
If you’re looking for software that helps you manage full range of insurance operations,
including life and non-life insurance, P&C, then look no further. Comarch Insurance Software
must top your list.
Hailing from Europe, the company boasts a rich clientele of more than 12Million insurance
clients and prospects around the globe.
The best part of partnering with the company is that their software is exclusively built after
carefully analyzing the demands, trends, and challenges of customers in the insurance industry.
The software will not only help improve the company’s internal operations but also help improve
operations from outside.
Types of Solutions Offered by Comarch
- Digital insurance
- Commission and incentive
- Life insurance
- Non-life insurance
- Business intelligence insurance
- Cyber security solutions
- Insurance claims
- Insurance Underwriting
- Loyalty management
What are Other Perks?
- 29 years of experience
- USD 380 Million revenue
- 7000 Experts
- 100 Countries
- 50 Subsidiaries and affiliates
Key Clients: IdeaBank, UNIQA, Aegon, etc.
Want to learn more or try Comarch’s insurance software? Contact now.
2. Cogitate
Want insurance software crafted by seasoned technology talent for your unique needs? Then,
you’re at the right place.
Cogitate offers robust and modern insurance software perfectly tailor-made for your
requirements. Their superior technology talent has always enabled them to develop and deliver
the most innovative digital solutions that will transform your insurance processes.
The company boasts an experience of more than 75 years in the insurance space, and there is no
wonder why they are experts when it comes to developing trendy insurance software. The
amazing fact about their software is they are built future ready. So, you don’t worry about
scaling your solution in the future.
Types of solutions offered by Cogitate
- Digital insurance
- Distribution management
- Intelligent claims
3. Duck Creek Technologies
Are you looking for a dominant insurance software provider by reputed research brand like Aite
Novarica? Then you should partner with Duck Creek Technologies.
The company is named as a Dominant Provider in the research report of Aite and Novarica based
on the standalone PC/Claims management solutions, in addition to the strong market position
and momentum. The report also will share some of the exciting capabilities of Duck Creek
Technologies.
The company develops and delivers solutions using low-code solutions and innovative tools. The
company is also known for offering the best P&C software to insurance service providers around
the globe. So, if you wish to enjoy hassle-free software for your unique insurance needs, then
Duck Creek Technologies must be on your hit list.
4. Water Street Company
If you’re looking for Cloud-based P&C software outsourcing service provider offering insurance
management software and solutions, you should talk to Water Street Company.
The company aims to develop high-quality software solutions that improve the business
processes and enhance the end-user experience by leaps and bounds. The advantage of partnering
with this service provider is that their products and services are developed using high-end
technologies.
The company has a complete understanding of the entire insurance cycle and its solutions are
tailor-made to connect and streamline the customer and insurance processes. With strong
technical know-how and an adept talent pool, the company develops products that help insurance
companies boost their operations and customer service remarkably.
5. Diceus
Are you an insurance service provider concerned more about the workflows that contribute to the
growth of your business? Then, you don’t have to worry as you have the perfect partner in the
form of Diceus.
The company develops and delivers innovative solutions that help businesses to improve the
operations and deliver stupendous customer service at a lower cost. Especially, their solutions
are custom-made to address the most mission-critical business problems that customers face.
Insurance automation is increasing exponentially, and Diceus realizing this has come up with
some of the amazing solutions that will take insurance services to the next level. By leveraging
their services, companies can not only improve operations customer service but also beat the
brimming competition.
6. Majesco
Is partnering with high-quality insurance services that constantly produce innovative insurance
solutions that are awesome? If yes, you don’t have to search anywhere, Majesco will fit your
purpose and bill.
The company focuses on developing and delivering innovative solutions that are industry-
specific and match the needs of tomorrow’s businesses. It is known for its speed to market and
constant innovation in developing and providing solutions to customers.
Especially, risk management is the core capability and they have the right solutions that will help
your business overcome insurance risk management challenges. The company’s solutions use the
power of Cloud computing, microservices, and API-enabled technology to improve the agility,
process, and customer service of the companies.
7. Simple Solve
Are you looking for an insurance software company that offers more than just software?
Partnering with Simple Solve must be your first choice.
The company develops software (in fact offers a platform) that will help insurance companies to
eliminate manual operations via smart automation. The company aims to develop products that
improve the internal operations while offering a superior customer experience.
Another massive advantage of partnering with this company is that it won’t charge you for
everything. The charges are based on only the services it provides, and this could help your
company quite some money. So, smart automation is at a lower cost.
8. Xceedance
If you’re someone who worry a lot strategies and competent software development for your
unique insurance needs, try Xceedence’s software, we bet you’d love it.
The company offers software for insurance that digitizes the complete operations – starting from
front, middle and back office. It has strong prowess in developing extremely competent solutions
in managing insurance operations and integrations.
The good thing about partnering with this company is that it breathes the length and breadth of
insurance alone and they’re not into any other sector. It shows their commitment to serving their
customers with fantastic digital insurance solutions that transform their operations.
9. Novidea
Is implementing insurance software for your distributions your motto? If yes, you can simply
partner with Novidea.
The company offers advanced insurance software solutions for distributions to minimize manual
operation woes and maximize their efficiency. Its software aims to develop the company’s
growth and revenue, which is why many companies are implementing Novidea’s software.
The software helps insurance professionals turn their data into insights as it is built exclusively
by insurance experts. The real-time visibility and powerful analytics tools are other two features
that will help insurers, brokers, and MGAs to improve customer relationships staggeringly.
10. Insurance Technologies
If you’re running a life insurance company and looking for a reliable partner to take your
customer experience and profit to the next level, partnering with Insurance Technologies is the
best option.
The company develops and delivers products that automate and connect the insurance and
annuities business so customers can buy insurance policies at affordable costs. The software or
platform is designed to help only insurance and annuity businesses and not for other companies.
The company also provides digital sales automation solutions that will streamline workflows and
ensure faster submissions. So, you can easily submit in-good-order business from multiple lines
of insurance and other products.
Related Posts: