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What is the global TAM for insurance underwriting software by segment (i.e., life, health, property & casualty, etc.)?
Hello, and thanks for your question about the global TAM for insurance underwriting software by segment (i.e., life, health, property & casualty, etc.). The short version is that after searching extensively through industry reports, statistical databases, news articles, and other articles. I’ve determined that the information you requested is not publicly available because it is only published in reports that must be purchased. However, I was able to learn other useful insights, such as the size of the the global speciality insurance market, growth rate of the global insurance market and more. Below you will find a deep dive into my research, along with all the details as to how I came to this conclusion.
OVERVIEW
After searching exhaustively, I have not been able to find any statistic that details the global TAM for insurance underwriting software, either overall or by segment. First I looked through statistical resource sites such Statista, as well as a number of report sites such as Prnewswire and Markets and Markets. While I was able to find some related information, as I will detail below, there was no data available specific to your question. I then searched for news stories on this industry, and well as conducting an advanced search engine search. However, none of these lines of enquiry were fruitful. I believe that this is because the required data is rather niche, and it is probably only available in reports that can be purchased which I have provided links to below.
The most useful sources I found for answering your question were articles by appsruntheworld, Capterra and LinkedIn.
USEFUL FINDINGS
While I could not find a direct answer to your question, I was able to gather some information about this topic, which I think will be helpful for your project.
Underwriting "is the process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing either equity or debt securities." It is apparent that technology to help manage this process is currently in huge demand. The underwriting sector is predicted to grow, and so will the need for software.
While I could not locate reports which gave specific data on the global TAM for insurance underwriting software by segment, I did find reports with some useful data.
To begin with, I found that the global insurance software market is predicted to grow at a CAGR of 4.59% from 2016 to 2020. To gain access to all details from this report it must be purchased, however it contains key insights into how the market is split.
Next, I found that a related market, the global Insurance applications market, grew by 5% to $10.8 billion in license, maintenance and subscription revenues. Within this market it is Salesforce who holds the largest share (12%/$1.3 billion in revenue). Microsoft had 10%, and Oracle 6%.
In addition to this I found a report into the global speciality insurance market. Underwriting is counted as part of this market, and the article explains how it is a complicated market for estimating size. Experts calculated that in 2013 it's size was somewhere in-between $140–180 billion.
Underwriting is also considered to be part of the global direct general insurance carriers industry. Again, there were no free reports available giving details of the size of this market, however I found one available to purchase.
Finally, I found that underwriting is a sector that is driving growth in the global insurance industry. And insurers in all regions are capitalising on the growth of the sector, and using data analytics to help them.
AVENUES OF CONTINUED RESEARCH
In understanding what types of information are and are not publicly available on this topic, I’ve suggested a few other routes you may be interested in researching. For example, it may be of interest to you to understand who are the main players in the underwriting software industry, I have found this list by Capterra which is a great starting point. From here, it may be useful to you to pursue a competitive landscape of the 4 major players, comparing them on revenue, products, competitive advantage etc.
CONCLUSION
After searching extensively through industry reports, statistical databases, news articles, and other articles. I’ve determined that the information you requested is not publicly available because it is only published in reports that must be purchased. However, I was able to learn that the global insurance software market is predicted to grow at a CAGR of 4.59% from 2016 to 2020, and that the global speciality insurance market is worth between $140–180 billion.
Thanks for using Wonder, if you’d like to continue research on any of the other topics I’ve outlined above, just let us know!