Insurance Software Development Market (2)
Seven of the competitors to Management Data & Insurance Administrators, Inc. are Accenture Life and Annuity Software, Oracle Insurance, Sapiens, Majesco, Equisoft Inc., LIDP Consulting Services Inc., and QLAdmin Solutions.
- Accenture offers a life and annuity software portfolio through their Accenture Life and Annuity Platform (ALIP), which includes policy administration, document management and reporting, and analytics exclusively designed for L&A carriers.
- The Financial Services business segment of Accenture, which generated $8.49 billion in 2019, consists of the Banking & Capital Markets and Insurance sub-segments. The Insurance products and services represented 30 percent of this segment's revenue in 2019, which is equivalent to approximately $2.55 billion.
- Oracle offers insurance solutions for life and annuity, which includes policy administration, distribution management, analytics and reporting, customer services and digital engagement, and wellness platform.
- Oracle Financial Services Software Limited, in which Oracle Insurance belongs to, generated an income of ₹49,589.03 million for FY 2018-19, or approximately $695.85 million.
- Sapiens offers the Sapiens Platform for Life & Annuities, a holistic policy administration platform for L&A providers that consists of a core suite, advanced analytics, and full digital suite.
- Sapiens International Corporation reported a revenue of $289.71 million for FY 2018.
- Majesco offers L&A and group core suite insurance software that has "pick and choose" features, which includes a policy management system, billing software solutions, and claims management.
- The company generated a revenue of ₹98,810 lakhs, or approximately $138.52 million according to the latest INR-USD conversion rate.
- Equisoft offers policy administration services by using the Oracle Insurance Policy Administration (OIPA) for Life and Annuity platform as its core system. The company is the leading and most experienced integrator and reseller of the platform. Its Equisoft/manage application, the company's SaaS policy administration solution that can be seamlessly integrated with OIPA, has value-added features that include user-friendly multilingual interface and reporting.
- The company has an estimated revenue of $34.6 million annually.
- LIDP Consulting Services, Inc. offers administration systems for traditional and non-traditional life, health, and annuity insurance products. Their main offerings are The Administrator and The Administrator Titanium Edition. Both systems include contract & policy, reporting, and product tools to create or enhance life, health, and annuity products.
- The company generates an estimated annual revenue of $17.6 million.
- QLAdmin Solutions has been developing insurance technology solutions since 1988, which includes end-to-end insurance policy administration for life, health, annuity, and supplemental products.
- The company generates an estimated annual revenue of $6.4 million.
The following companies have also been mentioned in several market reports on life insurance policy administration systems, and they develop policy administration software for L&A providers. Therefore, they are also competitors to Management Data, Inc.
- InsPro Technologies LLC
- DXC Technology Company
- Infosys Limited
- Capgemini SE
- EXL Service Holdings, Inc.
- Andesa Services
To provide five competitors to Management Data & Insurance Administrators, Inc., we started our research by looking into the tech directory company listings of the life insurance and financial services industry provided by the client. We then individually looked into each of the companies in the directory, analyzed their offerings, and listed those who develop policy administration and reporting software specifically for insurance (life & annuity) companies. We found seven companies that meet the said criteria, and these companies are Accenture Life and Annuity Platform, EquiSoft, Inc., LIDP Consulting Services, Inc., Majesco, Oracle Insurance, Sapiens, and QLAdmin Solutions. We then looked for the market share of each of these companies; however, even after exhaustive research in the public domain, we could not find such information. Therefore, we used their annual revenue as the metric to show their share in the market. We used annual reports to find their revenue information; and for the companies whose annual reports are not publicly available, we used databases of private companies such as Crunchbase and Zoominfo. For companies that have several business segments, such as Accenture and Oracle, we used the figure of the business segment where the policy administration development belongs to and not of the whole company to provide a more accurate revenue comparison.
To make our findings more comprehensive, we also looked into several global market reports on life insurance policy administration systems. We collated all the companies listed as top market players across these reports and removed those that have been mentioned in our initial findings. For the remaining companies, we then individually checked each of the company's website to ensure that they develop policy administration products or platforms for L&A providers. Through this strategy, we found six more companies that are competitors to Management Data, Inc., and these are InsPro Technologies LLC, DXC Technology Company, Infosys Limited, Capgemini, EXL Service Holdings Inc, and Andesa Services. We included them as additional findings and linked them to the page where they talk about their policy administration development services for L&A providers.