Core Insurance Software Competitive Landscape

Part
01
of five
Part
01

Insurance Software Competitors Part 1

Sapiens has total funding of $28.3 million, while SAP has total funding of $1.3 billion, to date. The required data of the vendors listed in rows 2 – 6 have been provided in the attached spreadsheet.

Summary

  • SAP was founded in 1982. It had a revenue of $27.601 billion in 2018.
  • Pegasystems was founded in 1983. It had a revenue of $212.546 million in 2018.
  • Oracle was founded in 1977. It had a revenue of $697.161 million in 2018.
  • Sapiens was founded in 1982. It had a revenue of $289.707 million in 2018.

Research Strategy

We could not find the pros and cons of Sapiens' insurance software.

To find the information, we first did a thorough study of the product page to get insights on any unavailable features of the software. We could have used these as cons and the features and functionality as pros. However, the product page focused more on the variety of solutions, rather than actual features and unavailable features.

We next scan searched the reviews of Sapiens' insurance software on various software review websites like Gartner, G2, Capterra, Celent, and TrustRadius. We hoped to triangulate the most commonly mentioned pros and cons in the reviews for our purpose. However, we found the review pages to be empty of any reviews. Therefore, we could not identify the pros and cons.

We next did a press scan on Sapiens' insurance software. We did this in hopes of finding any article mentioning the outstanding feature or flaws, which we could have triangulated into pros and cons. However, we only found a few articles. These articles dealt with companies announcing that they were using Sapiens' insurance software.

We concluded that Sapiens' insurance software's pros and cons are not available in the public domain.

Calculations

We have used 1 INR = 0.0140557 USD.
  • According to Oracle's annual report, its 2018 revenue was INR 49.6 billion.
  • Therefore, Oracle's revenue in USD = (INR 49.6 billion)*(0.0140557) = USD 697.161.
We have used 1 EUR = 1.11709 USD.
  • According to SAP's annual report, its 2018 revenue was EUR 24.708 billion (or EUR 24,708 million).
  • Therefore, SAP's revenue in USD = (EUR 24.708 billion)*(1.11709) = USD 27.601 billion.

Part
02
of five
Part
02

Insurance Software Competitors Part 2

DXC Technology, Fadata, TIA Solutions, and RGI are some of the insurance software vendors that provide IT services and digital transformation to its customers. The required details are presented rows 7-10 of the attached spreadsheet.

DXC TECHNOLOGY


FADATA GROUP

  • Fadata provides the INSIS software package which helps customers remain innovative, effective, and competitive.

TIA SOLUTIONS


RGI

  • RGI is a private software vendor and a European leader in the digital insurance industry with over 30 years of insurance experience.
  • The company has over 1,000 experts spread through Europe and 110+ Insurers and 300 brokers across the EMEA.

RESEARCH STRATEGY

We were unable to find the functionality of DXC Technology after some approaches. To find the information, we first searched thoroughly through the company's websites to get insights on any unavailable features of the software. However, the product page focused more on the variety of solutions rather than actual features and functionality.

We then searched the reviews of the software on various software review websites like Gartner, G2, Capterra, Celent, and TrustRadius. We hoped to triangulate the most commonly mentioned functionalities in the reviews for our purpose. However, we were not able to get this information as most reviews only discuss the users' experiences when using DXC Technology.

We next did a press scan on DXC's insurance software. We did this in the hopes of finding any article mentioning its other features or policy administrations, which we could have triangulated into its functionalities. However, we only found a few articles not relevant to any of its functionalities. In the absence of this information, we put N/A to the cell corresponding to this information.
Part
03
of five
Part
03

Insurance Software Competitors Part 3

Prima Management Services (Private) Limited, eBaoTech, and Sinosoft Technology are relatively young companies; each was founded between 2000 and 2006. However, Computer Software Corporation (CSC) was originally founded in 1959 and very recently acquired (in 2017). Details about the competitive efforts of each company have been provided in the attached spreadsheet.

Prima Management Services (Pvt) Ltd

  • Description: Prima is a subsidiary of Prima Group of Companies based in Singapore. The company has 13 years of experience, 48 completed projects, and 3,300 active customers.
  • Year Founded: 2006

eBaoTech

  • Description: eBaoTech is a global IT services company established that uses 4G in all its APIs serving over two hundred insurance carriers and numerous agents/brokers.
  • Year Founded: 2000

Sinosoft Technology

  • Description: Sinosoft is an IT services company that develops and markets software and solutions including tax software, government big data software, and low carbon and ecology software.
  • Year Founded: 2006

Computer Software Corporation (CSC)

Description: Computer Science Corporation is a global IT services company that was acquired by DXC Technology in 2017. CSC offers technology-enabled business solutions and services and provides innovative solutions for customers worldwide.
Year Founded: 1959

Research Strategy:

We were unable to identify the funding, annual revenue, pricing, key clients, functionality and pros and cons from customer reviews of Prima, Sinosoft, eBaoTech, and CSC. We began our research by scouring through the company websites. While we were able to locate basic descriptive details, these more specific details were not available. Next, we turned to annual reports and company profile databases (e.g., Crunchbase, Craft, Hoovers, Pitchbook and Bloomberg, among others) for financial details. We were able to find most of the details required; however, we were unable to determine funding of Prima, Sinosoft, and CSC. Thus, we entered N/A in the respective columns in the spreadsheet. Additionally, we could not find the pros/cons from customer reviews for any of the companies, nor could we find functionality for Sinosoft, CSC and Prima.

As a result, we continued our search for functionality details and customer reviews through news sources, articles and reports such as Reuters, CNN, and PR Newswire, among others, hoping that these third-party websites might have published or mentioned the information. This search did not yield significant information; therefore, we continued our search by looking though review websites such as G2crowd, Capterra, Gartner, and Trustpilot. We also could not identify the functionality and or the pros/cons through this search.

We continued our search by also looking through the social media profiles (e.g., LinkedIn and Facebook) of each company to see if they provided information about functionality and to also check for customer reviews. However, likely due to privacy reasons, these details were not available.

Part
04
of five
Part
04

Insurance Software Competitors Part 4

Insurance software competitor data for Tata Consulting Services (TCS), Keylane and FINEOS has been provided in rows 15-17, columns C-M of the attached spreadsheet. Of these companies, TCS had the highest revenue of $20 billion followed by FINEOS' €62.8 million or $70.153 million and Keylanes' $10.7 million. Below are highlights of these companies.

Tata Consulting Services (TCS)

  • Tata Consultancy Services (TCS) is an IT services, business solutions and consulting company that has assisted some of the world's largest organizations in transforming the way they do their business, for the past half century.
  • The company was founded in 1968.

Keylane

  • Keylane provides its European pension and insurance clients with leading customer focused, SaaS software. The company's solutions assist its clients in reducing costs, increasing customer satisfaction, and delivering innovative products at a faster pace.
  • The company was established in 2012.

FINEOS

  • FINEOS is a global software firm that provides "modern customer-centric core software to the life, accident and health industry." The company assists organizations move from dated legacy systems to modern solutions that are effective in tackling the current challenges of the insurance industry.
  • The company was founded in 1993.

Research Strategy:

In order to gather information on the insurance software companies, your research team employed a number of research techniques. We commenced our analysis by reviewing each company's website and financial reports. Using this strategy we unearthed substantial data on each company's product offering, key customers and history. Next, we checked social media profiles (like LinkedIn). This method assisted us in identifying some companies' founding date. Afterwards, your team utilized third-party databases (like Cruchbase). These tools were used in locating funding data. Lastly, the team leveraged customer review sites, such as, G2, Gartner, TrustRadius and IT Central Station. These review sites offered customer reviews for TCS and Keylane. Unfortunately, there were no reviews for FINEOS. We concluded that FINEOS clients had not publicized their feedback about the company's products and hence we entered 'n/a' in the appropriate cell of the attached spreadsheet.
Part
05
of five
Part
05

Insurance Software Competitors Part 5

Duck Creek has total funding of $7 million, while Guidewire has total funding of $24.8 million, to date. Rows 19–22 of the spreadsheet contain all the information.

Company information

Sources
Sources