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.
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, %|
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.|
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.
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.
|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
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.
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.