Top 10 Life Insurance Software Vendors and Market Forecast 2020-2025

Worldwide Life Insurance Applications Market to reach $5.66 billion by 2025, compared with $5.1 billion in 2020 at a compound annual growth rate of 2%.

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In 2020, the top 10 Life Insurance software vendors accounted for nearly 47% of the global Life Insurance applications market which grew 3.9% to approach nearly $5 billion in insurance license, maintenance and subscription revenues.

Salesforce was the market leader with a 16.7% market share in license, maintenance and subscription revenues, followed by Microsoft, Roper Technologies, SAP, and Oracle.

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)

Top 10 Life Insurance Software Vendors and Market Forecast 2020-2025
Exhibit 1 – 2020 Life Insurance Applications Market Shares Split By Top 10 2019 Life Insurance Applications Market Shares Vendors and Others

Through our forecast period, the Life Insurance applications market is expected to reach $5.66 billion by 2025, compared with $5.1 billion in 2020 at a compound annual growth rate of 2%.

Exhibit 2: Worldwide Life Insurance Software Market 2020-2025 Forecast, $M
Year202020252020-2025 CAGR, %
Total498755542%

Source: Apps Run The World, December 2021

Top 10 Life Insurance Software vendors

Life Insurance (Entities that offer noncompulsory insurance of any kind) – Agency management system, Policy administration solutions, Pensions administration software, Billing and Claims software, Underwriting, 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 Life Insurance software vendors in 2020 and their market shares.

RankVendor2019 Life Insurance Apps Revenues, $M2020 Life Insurance Apps Revenues, $MYoY Growth2020 Life Insurance Market Share, %Recent Developments
1Salesforce.com Subscribe Subscribe16.8% SubscribeThe recent Salesforce acquisition of Vlocity is adding tremendous muscle to Salesforce Industries and its technology platform for the insurance industry.
2Microsoft Subscribe Subscribe9.9% SubscribeIn 2021, Microsoft and insurance firm At-Bay have formed a new partnership to deliver data-driven cyber insurance, with a focus on identifying new ways to improve customers’ digital risk exposure and proactively addressing their vulnerabilities.
3Roper Technologies, Inc. Subscribe Subscribe58.0% SubscribeIn 2020 Roper acquired Insurance Software Firm Vertafore for $5.35 billion in another major move into the vertical. That follows its move to buy iPipeline in 2019. Roper’s Strata unit also bought Allscripts’ financial-decision-support subsidiary EPSi for $365 million. More than 20,000 agencies and 1,000 insurance carriers ise Vertafore software.
4SAP Subscribe Subscribe1.9% SubscribeMore than 800 of the world’s top 1,000 banks and insurance companies are SAP customers
5Oracle Subscribe Subscribe-5.3% SubscribeOracle’s $350 million investment in core insurance applications continues to strengthen its insurance industry experience and implementation expertise. The world’s leading life insurance carriers rely on Oracle Insurance Policy Administration because it allows decision-makers to adapt to changing market conditions and regulatory requirements.
6Applied Systems Inc. Subscribe Subscribe19.5% SubscribeIn March 2021, Applied Systems acquired EZLynx. This transaction brings together Applied Systems, a leading global provider of insurance software, with EZLynx, a pioneer in real-time comparative rating and one of the fastest growing agency management systems
7Adobe Subscribe Subscribe28.8% SubscribeAdobe enterprise helps insurance companies increase lead quality and quote volume through targeting, attribution, and digital marketing spend optimization.
8ServiceNow Subscribe Subscribe14.7% SubscribeServiceNow helps insurance organizations provide self-service experiences for customers, and free their staff to take a more active role in the insurance buyer journeys. From orchestrating the right actions with the right people across the front, middle, and back-office, to gaining the ability to monitor and prioritize complex cases proactively, their solutions tailored for the Insurance industry streamline processes to increase efficiency and accelerate service delivery.
9Sapiens International Corporation Subscribe Subscribe0.3% SubscribeSapiens CoreSuite supports multiple lines of business for both individual and group life, retirements, investments, medical and protection products ‒ in a single, end-to-end system. It offers a 360-degree view of the customer from the policy administration system, across all distribution channels and communication streams.
10IBM Subscribe Subscribe-1.3% SubscribeHumana has collaborated with IBM Watson Health unit to use IBM Watson Assistant for Humana Employer Group members’ health benefits, TechRepublic reports. The artificial intelligence-powered IBM Watson Assistant will address the members’ queries and help the insurer’s staff and call center employees to correctly answer questions and use historical claims and provider data to provide customized cost estimates for medical services.
Subtotal Subscribe Subscribe14.9% Subscribe
Other Subscribe Subscribe-5.1% Subscribe
Total496851343.3%100%

Source: Apps Run The World, December 2021

Other Life Insurance software providers included in the report are: Accenture Duck Creek, ACI Worldwide, Inc., ADP, Aptitude Software, ASG Technologies, Atlassian, Aurea, Budgetrac, CCC Information Services Group Inc., eBaoTech Corporation, BriteCore, Insuresoft, EIS Group Cegedim, Cisco Systems, Citrix, Cornerstone OnDemand, DATEV, DocuSign, Inc., Dropbox, Ebix, Edgeverve, an Infosys company, Edlund A/S, Envestnet, Equifax, Exela Technologies, Inc., Fadata, FICO, FIS Global, Fiserv, Genesys Telecommunications Laboratories, GoodData, Google, Instec, Insurity, Inc., Intuit Inc., Keylane, Kofax, Legerity, Linedata Services S.A., LogMeIn, Inc., Majesco, Mitchell International, Inc., Nice Systems, OneShield Software, Open Text Corporation, Pegasystems, Rent Manager by London Computer Systems, RingCentral, Roper Technologies, Inc., SAS Institute, ServiceNow, Silverlake Axis, SimCorp, Sistran, Solera Holdings, SSP Limited, Tableau Software, Teradata Corporation, The Innovation Group, Verint Systems Inc., Verisk Analytics, Inc., Vitech Systems Group, Wolters Kluwer, Workday, Zywave, and others.

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

  • Top 800+ Life Insurance Applications Vendors and Market Forecast 2020-2025
  • 2020 Life Insurance Applications Market By Functional Market (16 Markets)
  • 2020 Life Insurance Applications Market By Country (USA + 45 countries)
  • 2020 Life Insurance Applications Market By Region (Americas, EMEA, APAC)
  • 2020 Life Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2020 Life Insurance Applications Market By Customer Size (revenue, employee count, asset)
  • 2020 Life Insurance Applications Market By Channel (Direct vs Direct)
  • 2020 Life 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 4 - Worldwide Enterprise Applications Market Forecast 2020-2025, By Vertical Market, $M
Exhibit 4 – Worldwide Enterprise Applications Market Forecast 2020-2025, By Vertical Market, $M

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

On the buyer side, customers are investing in Life Insurance systems 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 Life 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.

CustomerIndustryEmpl.RevenueCountryVendorNew ProductFunction
Die MobiliarInsurance4400$1.30BSwitzerlandOracleOracle Autonomous Data WarehouseAutonomous Database
Liberty Mutual InsuranceInsurance50000$39.41BUnited StatesASG TechnologiesMobiusContent Management
Turner Construction CompanyInsurance9000$11.77BUnited StatesAxios SystemsAssyst ITSM SolutionIT Service Management
HelsanaInsurance3214$6.07BSwitzerlandBMC SoftwareBMC Remedy ITSM SuiteIT Service Management
Pacífico SegurosInsurance5000$500.0MPeruCA TechnologiesCA Project & Portfolio ManagementProject Portfolio Management
Zurich InsuranceInsurance55000$63.96BSwitzerlandCoupa SoftwareCoupa ProcurementProcurement
Zurich Insurance UKInsurance2500$2.19BUnited KingdomMedalliaMedallia Experience CloudCustomer Experience
Towergate InsuranceInsurance5000$430.0MUnited KingdomMicrosoftMicrosoft Dynamics 365 for Finance and OperationsEnterprise Resource Planning
West Midlands PoliceInsurance10884$728.0MUnited KingdomOracleOracle CX CloudCustomer Experience
West Midlands PoliceInsurance10884$728.0MUnited KingdomOracleOracle ERP CloudEnterprise Resource Planning
West Midlands PoliceInsurance10884$728.0MUnited KingdomOracleOracle HCM CloudHuman Capital Management
Tokio Marine HCCInsurance2500$2.30BUnited StatesPegasystemsPega 7 PlatformCRM
Liberty Speciality MarketsInsurance1700$200.0MUnited KingdomSAPSAP S/4 HANAEnterprise Resource Planning
Federal Deposit InsuranceInsurance8713$39.10BUnited StatesAvayaAvaya AuraCustomer Service and Support
ProgressiveInsurance28580$22.69BUnited StatesAvayaAvaya AuraCustomer Service and Support
Generali Hellas S.A.Insurance100$10.0MGreeceEMCEMC Documentum D2 Collaboration
Mercury InsuranceInsurance5100$3.09BUnited StatesIBMIBM Kenexa BrassRingApplicant Tracking Systems
AIGInsurance65000$64.40BUnited StatesInteractive IntelligencePureCloudCustomer Engagement Platform
UnumInsurance9400$3.52BUnited StatesInteractive IntelligencePureCloudCustomer Engagement Platform
AAAInsurance5200$1.90BUnited StatesLiveOpsLiveOpsCloud Contact Center
MetLifeInsurance38722$52.72BUnited StatesLiveOpsLiveOpsCloud Contact Center
Arch Insurance Group Inc.Insurance1240$100.0MUnited StatesMicrosoftMicrosoft Dynamics GPEnterprise Resource Planning
Berkley Risk Administrators Company LLCInsurance270$30.0MUnited StatesMicrosoftMicrosoft Dynamics GPEnterprise Resource Planning
Long Term Care Group, IncInsurance1100$250.0MUnited StatesMicrosoftMicrosoft Dynamics GPEnterprise Resource Planning
Overland SolutionsInsurance300$30.0MUnited StatesMicrosoftMicrosoft Dynamics GPEnterprise Resource Planning
SIHO Insurance ServicesInsurance300$30.0MUnited StatesMicrosoftMicrosoft Dynamics GPEnterprise Resource Planning
Admiral Group PlcInsurance8000$904.0MUnited KingdomMicroStrategyMicroStrategy AnalyticsAnalytics Platform
JLT GroupInsurance1200$200.0MAustraliaNetSuiteNetsuite OpenAirProfessional Services Automation
LTC PartnersInsurance250$20.0MUnited StatesNice SystemsNICE IEX Workforce ManagementWorkforce Management Software
AllstateInsurance40200$35.70BUnited StatesOracleOracle Taleo Cloud ServiceTalent Management
CignaInsurance39300$38.76BUnited StatesOracleOracle Service Cloud (ex RightNow)Customer Experience Platform
Federal Deposit InsuranceInsurance8713$39.10BUnited StatesOracleOracle ERP CloudEnterprise Resource Planning
HelsanaInsurance3214$6.07BSwitzerlandOracleOracle WebCenter SitesWeb Experience Management Solution
Tian An Life Insurance Co., Ltd. Insurance1000$500.0MChinaOracleOracle WebCenter SitesWeb Experience Management Solution
AIGInsurance65000$64.40BUnited StatesSalesforceService CloudCustomer Service and Support
AllianzInsurance147425$135.73BGermanySalesforceService CloudCustomer Service and Support
Arthur J. Gallagher & Co.Insurance20200$5.39BUnited StatesSalesforceService CloudCustomer Service and Support
CignaInsurance39300$38.76BUnited StatesSalesforceService CloudCustomer Service and Support
Liberty Mutual InsuranceInsurance50000$39.41BUnited StatesSalesforceService CloudCustomer Service and Support
Lincoln NationalInsurance9312$14.00BUnited StatesSalesforceService CloudCustomer Service and Support
Radian GroupInsurance1810$1.19BUnited StatesSalesforceService CloudCustomer Service and Support
Sompo Japan NipponkoaInsurance18270$20.00BJapanSalesforceService CloudCustomer Service and Support
Sun Life Financial PhilippinesInsurance29180$25.75BPhilippinesSalesforceService CloudCustomer Service and Support
The HartfordInsurance17400$18.38BUnited StatesSalesforceService CloudCustomer Service and Support
TransamericaInsurance11500$5.35BUnited StatesSalesforceService CloudCustomer Service and Support
AIA Group LimitedInsurance20000$23.28BHong KongSAPSAP AribaSource-to-Pay Procurement and Supply Chain Cloud
AllstateInsurance40200$35.70BUnited StatesSAPSAP SuccessFactors Employee CentralHuman Capital Management
AllstateInsurance40200$35.70BUnited StatesSAPSAP SuccessFactors Talent SolutionsRecruiting, Onboarding, Learning, Performance and Goals, Compensation, Succession and Development
Liberty Speciality MarketsInsurance1700$200.0MUnited KingdomSAPSAP ConcurTravel & Expense
New York Life Insurance CompanyInsurance13000$28.00BUnited StatesSAPSAP Business Planning and ConsolidationEnterprise Performance Management
New York Life Insurance CompanyInsurance13000$28.00BUnited StatesSAPSAP S/4HANA FinanceEnterprise Resource Planning
QBE InsuranceInsurance14500$12.86BAustraliaSitecoreSitecore Experience PlatformWeb Content Management And Customer Experience
Arthur J. Gallagher & Co.Insurance20200$5.39BUnited StatesSkillsoftSkillport Learning Management System (LMS)Learning Management System
AllianzInsurance147425$135.73BGermanyThunderheadThunderhead ONE Engagement HubCustomer Engagement Platform
ICATInsurance300$50.0MUnited StatesThunderheadThunderhead ONE Engagement HubCustomer Engagement Platform
Prudential FinancialInsurance20007$54.16BUnited StatesThunderheadThunderhead ONE Engagement HubCustomer Engagement Platform
Screen Actors Guild-Producers Pension and Health PlansInsurance180$100.0MUnited StatesUltimate SoftwareUltiProHuman Capital Management
IAGInsurance15000$7.39BAustraliaVerint SystemsVerint Engagement ManagementEngagement Management
New York Life Insurance CompanyInsurance13000$28.00BUnited StatesVerint SystemsVerint Engagement ManagementEngagement Management
VSP Vision CareInsurance4000$1.50BUnited StatesVerint SystemsVerint Engagement ManagementEngagement Management
National General InsuranceInsurance7570$4.43BUnited StatesWolters KluwerCCH TagetikEnterprise Performance Management
Poste VitaInsurance350$65.0MItalyWolters KluwerCCH TagetikEnterprise Performance Management
UnumInsurance9400$3.52BUnited StatesWorkdayWorkday LearningLearning Management
American EnterpriseInsurance450$100.0MUnited KingdomWorkivaWorkiva SOX Compliance SolutionGRC, Compliance Software
Donegal Insurance GroupInsurance900$650.0MUnited StatesWorkivaWdeskEnterprise Performance Management
New York Life Insurance CompanyInsurance13000$28.00BUnited StatesWorkivaWdeskEnterprise Performance Management

Source: Apps Run The World, December 2021

Further Readings

An expanded version of this report covers the top 800+ Life 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 2015-2020 product revenues.

Their 2020 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 conducts 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.