According to a recent industry report, the market for insurance software is about to experience a significant boom. In fact, by 2025 it is predicted to have gone through a period of “huge growth.” The report, which draws on a range of statistical data and integrates both quantitative and qualitative analysis of the industry and those who play a major role within it has predicted that insurance software is one of the key markets to watch and is about to experience significant growth. For anyone involved in the sector it’s clear that momentum is building – but what factors are driving the incoming boom?
A new enthusiasm for insurance software
The insurance industry is evolving and every business within it is opening up to the benefits that software has to offer. There are lots of advantages to investing in insurance software that has been specifically designed for businesses within the sector, including using it to eradicate problems that have long held back productivity and to improve efficiency. Delivering better customer service, increasing operational effectiveness and finding a competitive edge are just some of the outcomes that can result from insurance software integration.
Growth in global markets requires more advanced systems
The insurance sector has been expanding significantly with increased awareness of insurance and insurance products in regions such as the Middle East pushing up demand. This has resulted in a diversification of insurance businesses offering a wide range of different solutions to customers in various regulatory and economic environments. The boom in demand has created a need for a different approach to operations and the obvious solution is advanced insurance software that enables businesses to respond to the needs of clients and which makes administration, compliance and customer service simple to handle.
Changes in customer base, products and regulatory environment
Technology has had a seismic impact on the way that products such as insurance are created and delivered. This has brought new potential customers into the market, enabled a range of different products to be developed and required an evolution of regulatory environments. Changes to the way that data is governed – for example the introduction of the GDPR in 2018 – have also placed additional pressures on insurance businesses handling large volumes of data.
Responding to these shifts has pushed many insurance businesses to look for a comprehensive solution that can make it easy to deliver products, better get to know customers and provide tools that ensure compliance is simple. This has inevitably resulted in an increased need for insurance software that provides an infrastructure to meet these essential requirements.
Insurance software provides tailored solutions to the very specific needs of the insurance sector. In a time of upheaval and change there is increasing demand for products such as this that make it easier for a business to adapt and grow. As change continues to impact the insurance sector it’s likely that the demand for specialist software will increase, as a result of these and a range of other factors, resulting in a boom for the insurance software market by 2025.