Top 10 Insurance Software Vendors and Market Forecast 2017-2022

Worldwide Insurance Applications Market to reach $11.5 billion by 2022, compared with $10.4 billion in 2017 at a compound annual growth rate of 2%..

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In 2017, the top 10 Insurance software vendors accounted for nearly 42% of the global Insurance applications market which grew 2.2% to approach nearly $10.4 billion in insurance license, maintenance and subscription revenues.

Salesforce was the market leader with 10% market share in license, maintenance and subscription revenues, followed by Microsoft, SAPVertafore and Guidewire.

We ask the simple question: Who’s buying Insurance applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)

Exhibit 1 - 2017 Insurance Applications Market Shares Split By Top 10 Insurance Vendors and Others, %
Exhibit 1 – 2017 Insurance Applications Market Shares Split By Top 10 Insurance Vendors and Others, %

Through our forecast period, the Insurance applications market is expected to reach $11.5 billion by 2022, compared with $10.4 billion in 2017 at a compound annual growth rate of 2%.

Exhibit 2: Worldwide Insurance Software Market 2017-2022 Forecast, $M
Year 2017 2022 2017-2022 CAGR, %
Total 10444 11512 2.0%

Source: Apps Run The World, January 2019

Top 10 Insurance Software vendors

Insurance (Entities that offer noncompulsory insurance of any kind) – Agency management system, Policy administration solutions, Pensions administration software, Billing and Claims software, Underwriting, Property & Casualty Management, Insurance Broker and Financial Planning Software, Financials, HR, Procurement

Big Data analytics will be one of the key investment areas for insurers aiming to capture and gain more insights on their customers, while stepping up Cloud developments for tighter collaboration with agencies and brokers in moves that could redefine how insurance is being sold in the future.

Here are the rankings of the top 10 Insurance software vendors in 2017 and their market shares.

Rank Vendor 2016 Insurance Apps Revenues, $M 2017 Insurance Apps Revenues, $M YoY Growth 2017 Insurance Market Share, % Recent Developments
1 Salesforce Subscribe Subscribe 23.2% Subscribe The recent buy of MuleSoft will be instrumental for Cloud integration, especially in helping customers extend into non-Salesforce systems for key verticals as well as those that Salesforce is still playing catch-up.
2 Microsoft Subscribe Subscribe 1.1% Subscribe Migrating legacy AX, C5, GP, NAV, and SL to Dynamics 365 for the Cloud remains the top priority for Microsoft’s evolving enterprise apps strategy, whose success will depend on strengthening ties with ISV partners in strategic verticals.
3 SAP Subscribe Subscribe 6.4% Subscribe SAP was on track to sign more than 10,000 customers including many listed below for its next-generation ERP S/4HANA by end of 2018 with 40% of the latest additions being considered net new wins for the vendor.
4 Vertafore Subscribe Subscribe 2.0% Subscribe Vertafore acquired Sircon for apps that connect carriers, agencies and brokers, agents, education providers and state regulators. It offers online services that allow companies to manage compliance and producer information and helps agents get licensed and appointed faster.
5 Guidewire Subscribe Subscribe 28.5% Subscribe Guidewire eyes Cloud migration among 1,100 legacy replacements from rivals, its own 575 installations at 275 customers as well as about 300 tier 1 and 2 insurers that have not been touched by the vendor.
6 IBM Subscribe Subscribe -4.7% Subscribe IBM acquired Red Hat for Cloud security, while IBM unloaded Notes, Sterling and other assets to HCL.
7 Oracle Subscribe Subscribe 3.4% Subscribe Oracle has signed more than 22,000 Cloud ERP customers including many listed below. The number of Oracle Cloud ERP customers totals nearly 6,000 for Oracle ERP Cloud and 16,000 for NetSuite. Each quarter Oracle is migrating at least 200 customers of its on-premise ERP systems like E-Business Suite to the Cloud.
8 Applied Systems Inc. Subscribe Subscribe 7.1% Subscribe Applied Systems acquired Dynamis Software for employee benefits software solutions in the US after receiving minority investment from CapitalG, Alphabet’s growth equity investment fund.
9 Sapiens International Corporation Subscribe Subscribe 34.5% Subscribe Building a new global customer success operation that will be tasked with ensuring boosting awareness of its full platform to its installed base of over 400 insurance customers.
10 Mitchell International, Inc. Subscribe Subscribe 4.0% Subscribe Mitchell International acquired Genex Services, a clinical solutions to the workers’ compensation, auto and disability markets.
Subtotal Subscribe Subscribe 9.5% Subscribe
Other Subscribe Subscribe -2.4% Subscribe
Total Subscribe Subscribe 2.2% Subscribe

Source: Apps Run The World, January, 2019

Custom data cuts related to the Insurance Applications market are available:

  • Top 700+ Insurance Applications Vendors and Market Forecast 2017-2022
  • 2017 Insurance Applications Market By Functional Market (16 Markets)
  • 2017 Insurance Applications Market By Country (USA + 45 countries)
  • 2017 Insurance Applications Market By Region (Americas, EMEA, APAC)
  • 2017 Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2017 Insurance Applications Market By Customer Size (revenue, employee count, asset)
  • 2017 Insurance Applications Market By Channel (Direct vs Direct)
  • 2017 Insurance Applications Market By Product

Exhibit 4 shows our projections for the enterprise applications market by vertical segment, based on the buying preferences and the customer propensity to invest in new software within those industries as they continue to upgrade and replace many legacy industry-specific applications that have been identified and tracked in our Buyer Insight Database.

Exhibit 1 - 2017 Insurance Applications Market Shares Split By Top 10 Insurance Vendors and Others, %
Exhibit 1 – 2017 Insurance Applications Market Shares Split By Top 10 Insurance Vendors and Others, %

Insurance Software Purchases Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database

On the buyer side, customers are investing in Insurance applications based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.

Since 2010, our global team of researchers have been studying the patterns of the latest Insurance software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.

Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these Insurance customer wins and losses from public and proprietary sources.

The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.

Customer Industry Empl. Revenue Country Vendor New Product Function
Die Mobiliar Insurance 4400 $1.30B Switzerland Oracle Oracle Autonomous Data Warehouse Autonomous Database
Liberty Mutual Insurance Insurance 50000 $39.41B United States ASG Technologies Mobius Content Management
Turner Construction Company Insurance 9000 $11.77B United States Axios Systems Assyst ITSM Solution IT Service Management
Helsana Insurance 3214 $6.07B Switzerland BMC Software BMC Remedy ITSM Suite IT Service Management
Pacífico Seguros Insurance 5000 $500.0M Peru CA Technologies CA Project & Portfolio Management Project Portfolio Management
Zurich Insurance Insurance 55000 $63.96B Switzerland Coupa Software Coupa Procurement Procurement
Zurich Insurance UK Insurance 2500 $2.19B United Kingdom Medallia Medallia Experience Cloud Customer Experience
Towergate Insurance Insurance 5000 $430.0M United Kingdom Microsoft Microsoft Dynamics 365 for Finance and Operations Enterprise Resource Planning
West Midlands Police Insurance 10884 $728.0M United Kingdom Oracle Oracle CX Cloud Customer Experience
West Midlands Police Insurance 10884 $728.0M United Kingdom Oracle Oracle ERP Cloud Enterprise Resource Planning
West Midlands Police Insurance 10884 $728.0M United Kingdom Oracle Oracle HCM Cloud Human Capital Management
Tokio Marine HCC Insurance 2500 $2.30B United States Pegasystems Pega 7 Platform CRM
Liberty Speciality Markets Insurance 1700 $200.0M United Kingdom SAP SAP S/4 HANA Enterprise Resource Planning
Federal Deposit Insurance Insurance 8713 $39.10B United States Avaya Avaya Aura Customer Service and Support
Progressive Insurance 28580 $22.69B United States Avaya Avaya Aura Customer Service and Support
Generali Hellas S.A. Insurance 100 $10.0M Greece EMC EMC Documentum D2  Collaboration
Mercury Insurance Insurance 5100 $3.09B United States IBM IBM Kenexa BrassRing Applicant Tracking Systems
AIG Insurance 65000 $64.40B United States Interactive Intelligence PureCloud Customer Engagement Platform
Unum Insurance 9400 $3.52B United States Interactive Intelligence PureCloud Customer Engagement Platform
AAA Insurance 5200 $1.90B United States LiveOps LiveOps Cloud Contact Center
MetLife Insurance 38722 $52.72B United States LiveOps LiveOps Cloud Contact Center
Arch Insurance Group Inc. Insurance 1240 $100.0M United States Microsoft Microsoft Dynamics GP Enterprise Resource Planning
Berkley Risk Administrators Company LLC Insurance 270 $30.0M United States Microsoft Microsoft Dynamics GP Enterprise Resource Planning
Long Term Care Group, Inc Insurance 1100 $250.0M United States Microsoft Microsoft Dynamics GP Enterprise Resource Planning
Overland Solutions Insurance 300 $30.0M United States Microsoft Microsoft Dynamics GP Enterprise Resource Planning
SIHO Insurance Services Insurance 300 $30.0M United States Microsoft Microsoft Dynamics GP Enterprise Resource Planning
Admiral Group Plc Insurance 8000 $904.0M United Kingdom MicroStrategy MicroStrategy Analytics Analytics Platform
JLT Group Insurance 1200 $200.0M Australia NetSuite Netsuite OpenAir Professional Services Automation
LTC Partners Insurance 250 $20.0M United States Nice Systems NICE IEX Workforce Management Workforce Management Software
Allstate Insurance 40200 $35.70B United States Oracle Oracle Taleo Cloud Service Talent Management
Cigna Insurance 39300 $38.76B United States Oracle Oracle Service Cloud (ex RightNow) Customer Experience Platform
Federal Deposit Insurance Insurance 8713 $39.10B United States Oracle Oracle ERP Cloud Enterprise Resource Planning
Helsana Insurance 3214 $6.07B Switzerland Oracle Oracle WebCenter Sites Web Experience Management Solution
Tian An Life Insurance Co., Ltd.  Insurance 1000 $500.0M China Oracle Oracle WebCenter Sites Web Experience Management Solution
AIG Insurance 65000 $64.40B United States Salesforce Service Cloud Customer Service and Support
Allianz Insurance 147425 $135.73B Germany Salesforce Service Cloud Customer Service and Support
Arthur J. Gallagher & Co. Insurance 20200 $5.39B United States Salesforce Service Cloud Customer Service and Support
Cigna Insurance 39300 $38.76B United States Salesforce Service Cloud Customer Service and Support
Liberty Mutual Insurance Insurance 50000 $39.41B United States Salesforce Service Cloud Customer Service and Support
Lincoln National Insurance 9312 $14.00B United States Salesforce Service Cloud Customer Service and Support
Radian Group Insurance 1810 $1.19B United States Salesforce Service Cloud Customer Service and Support
Sompo Japan Nipponkoa Insurance 18270 $20.00B Japan Salesforce Service Cloud Customer Service and Support
Sun Life Financial Philippines Insurance 29180 $25.75B Philippines Salesforce Service Cloud Customer Service and Support
The Hartford Insurance 17400 $18.38B United States Salesforce Service Cloud Customer Service and Support
Transamerica Insurance 11500 $5.35B United States Salesforce Service Cloud Customer Service and Support
AIA Group Limited Insurance 20000 $23.28B Hong Kong SAP SAP Ariba Source-to-Pay Procurement and Supply Chain Cloud
Allstate Insurance 40200 $35.70B United States SAP SAP SuccessFactors Employee Central Human Capital Management
Allstate Insurance 40200 $35.70B United States SAP SAP SuccessFactors Talent Solutions Recruiting, Onboarding, Learning, Performance and Goals, Compensation, Succession and Development
Liberty Speciality Markets Insurance 1700 $200.0M United Kingdom SAP SAP Concur Travel & Expense
New York Life Insurance Company Insurance 13000 $28.00B United States SAP SAP Business Planning and Consolidation Enterprise Performance Management
New York Life Insurance Company Insurance 13000 $28.00B United States SAP SAP S/4HANA Finance Enterprise Resource Planning
QBE Insurance Insurance 14500 $12.86B Australia Sitecore Sitecore Experience Platform Web Content Management And Customer Experience
Arthur J. Gallagher & Co. Insurance 20200 $5.39B United States Skillsoft Skillport Learning Management System (LMS) Learning Management System
Allianz Insurance 147425 $135.73B Germany Thunderhead Thunderhead ONE Engagement Hub Customer Engagement Platform
ICAT Insurance 300 $50.0M United States Thunderhead Thunderhead ONE Engagement Hub Customer Engagement Platform
Prudential Financial Insurance 20007 $54.16B United States Thunderhead Thunderhead ONE Engagement Hub Customer Engagement Platform
Screen Actors Guild-Producers Pension and Health Plans Insurance 180 $100.0M United States Ultimate Software UltiPro Human Capital Management
IAG Insurance 15000 $7.39B Australia Verint Systems Verint Engagement Management Engagement Management
New York Life Insurance Company Insurance 13000 $28.00B United States Verint Systems Verint Engagement Management Engagement Management
VSP Vision Care Insurance 4000 $1.50B United States Verint Systems Verint Engagement Management Engagement Management
National General Insurance Insurance 7570 $4.43B United States Wolters Kluwer CCH Tagetik Enterprise Performance Management
Poste Vita Insurance 350 $65.0M Italy Wolters Kluwer CCH Tagetik Enterprise Performance Management
Unum Insurance 9400 $3.52B United States Workday Workday Learning Learning Management
American Enterprise Insurance 450 $100.0M United Kingdom Workiva Workiva SOX Compliance Solution GRC, Compliance Software
Donegal Insurance Group Insurance 900 $650.0M United States Workiva Wdesk Enterprise Performance Management
New York Life Insurance Company Insurance 13000 $28.00B United States Workiva Wdesk Enterprise Performance Management

Source: Apps Run The World, January 2019

Further Readings

An expanded version of this report covers the top 700+ Insurance Software Vendors, offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares (SCORES) within their respective space. We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.

More Enterprise Applications Research Findings

Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2017 product revenues.

Their 2017 results are being broken down, sorted and ranked across 16 functional areas (from Analytics to Treasury and Risk Management) and by 21 vertical industries (from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.

Research Methodology

Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market. We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.

Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.

The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.

1 COMMENT

  1. When you say legacy software. Are you talking about the archaic systems that haven used for the last 30 years? Also, how would you compare the industry as a whole(private, not commercial, ie Farmers & Geico) in revenue to the 12 billion dollar software industry. Do you think that this industry has a lot more improvement needed?

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