The global insurance CRM software market is estimated to grow at a CAGR of around 12% during the forecast period. Insurance customer relationship management (CRM) software is developed to simplify and automate the entire insurance workflow. An insurance CRM software system helps an insurance company in the insurance workflow automation, policy tracking, insurance reporting engine, agent management & activity tracking, and others. Insurance software is designed to simplify the whole process, such as lead generation and sales, an online application will plug directly into a quote engine, issue a rating & then the policy itself, eliminating the need to re-enter any data and others. In the policy tracking, insurance CRM software helps in making policy data, including policy type, price, payment status, and others. In the insurance reporting engine insurance CRM software helps to secure databases, reporting on insurance sales, company growth, and others. In the agent management & activity tracking, insurance CRM software helps in call tracking and integration, instant reporting, lead tracking, commission calculations, administrative capabilities, and others.

The increasing demand for smart and automated technologies in the insurance sector is driving the global insurance CRM software market. Also, to make workflow smoother insurance companies are trying to bring all systems under one umbrella, this is one of those factors that is propelling the growth of the market. Insurance CRM software helps in integrating all the systems of insurance work under one umbrella, insurance CRM software integrates the agent data, client data, finance data, and other systems data. Growing need to manage documents and to secure sensitive data information is driving the growth of the global insurance CRM software. Moreover, technological advancement in the insurance CRM software and increasing popularity of insurance CRM software globally.

Increasing cyber threats and data breaching is one of the major restraining factors that is drowning the growth of the global insurance CRM software market. According to a recent study of the University of San Diego damage related to cybercrime projected to hit $6 trillion annually by 2021. Complications during data integration in the cloud system are also driving the growth of the global insurance CRM software market. Although, increasing demand for the web-based interface and large scale investment made in this sector are major opportunities for the future growth of this market. The integration of ?nt?rn?t ?f ?h?ng? (???), m??h?n? l??rn?ng, r?b?t???, and?rt?f????l?nt?ll?g?n?? (??) with the insurance CRM software is also an opportunity factor that the driving the future growth of the global insurance CRM software market.

Market Segmentation

The global insurance CRM software market is segmented based on the type and end-user. Based on the type, the market is segmented into cloud-based and on-premises time series analysis software. Based on the end-user, the market is segmented into large enterprises and small and medium-sized business(SMEs).

Global Insurance CRM Software Market Share by Type, 2018 (%)

Regional Outlook

Geographically, the global insurance CRM software market is segmented based on the region including North America, Europe, Asia-Pacific, and the Rest of the world (RoW). The market in North America is anticipated to have a major share among all the regions followed by Asia-Pacific. Growing insurance business, technological advancement, awareness about the adoption of new technologies, and robust internet infrastructure are the major driving factors that are propelling the North American insurance CRM software market. Whereas, Asia-Pacific possesses the second largest market share in the global market. Increasing the insurance business in the Asia-Pacific region is driving the market in the region.

Global Insurance CRM Software Market Growth,by Region 2019-2025

Competitive Landscape

The major players that are providing insurance CRM software include Insurance Systems Inc., InsuredHQ, Ltd., Buckhill Ltd, AgencyBloc Inc., Insurance Technologies Corp., AllClients, LLC, Jenesis Software, Vertafore Inc., and others.The range of products provided by these companies isISI enterprise, InsuredHQ, C2MS-InsurTech, and others. These players are adopting various strategies in order to stay competitive in the market. For instance, in April 2019, Vertafore Inc. made a deal with Amazon to use its cloud platform Amazon web service (AWS), Vertafore Inc. made this deal to expand its cloud-based insurance CRM software.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global insurance CRM software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.