Top 10 P&C Insurance Software Vendors and Market Forecast 2019-2024

Worldwide P&C Insurance Applications Market to reach $8.5 billion by 2024, compared with $7.9 billion in 2019 at a compound annual growth rate of 1.5%.

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In 2019, the top 10 P&C Insurance software vendors accounted for nearly 48.3% of the global P&C Insurance applications market which grew 2.4% to approach nearly $7.9 billion in insurance license, maintenance and subscription revenues.

Salesforce was the market leader with a 13.3% market share in license, maintenance and subscription revenues, followed by Microsoft, Vertafore, a Roper Technologies Company, SAP and Guidewire.

We ask the simple question: Who’s buying P&C 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)

2019 P&C Insurance Applications Market Shares
Exhibit 1 – 2019 P&C Insurance Applications Market Shares Split By Top 10 2019 P&C Insurance Applications Market Shares Vendors and Others

Through our forecast period, the P&C Insurance applications market is expected to reach $8.5 billion by 2024, compared with $7.9 billion in 2019 at a compound annual growth rate of 1.5%.

Exhibit 2: Worldwide P&C Insurance Software Market 2019-2024 Forecast, $M
Year201920242019-2024 CAGR, %
Total793085571.5%

Source: Apps Run The World, November 2020

Top 10 P&C Insurance Software vendors

P&C Insurance (Entities that offer non-compulsory 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 P&C Insurance software vendors in 2019 and their market shares.

RankVendor2018 P&C Insurance Apps Revenues, $M2019 P&C Insurance Apps Revenues, $MYoY Growth2019 P&C Insurance Market Share, %Recent Developments
1Salesforce.com Subscribe Subscribe11.7% SubscribeThe acquisition of Tableau added 86,000 customers to Salesforce’s current base of 150,000 accounts. Additionally, the MuleSoft purchase has already added at least 1,200 customers, while the August 2018 deal to buy Datorama for its marketing intelligence products provided access to another 3,000 customers.
2Microsoft Subscribe Subscribe14.3% SubscribeMicrosoft Teams is now used by over 500,000 organizations around the world. Of those, over 150 organizations have 10,000 or more active Teams users, and 91 of the Fortune 100 companies are now using Teams, while Office 365 has more than 120 million business users.
3Vertafore, a Roper Technologies Company Subscribe Subscribe8.4% SubscribeIn 2020, Roper Technologies has agreed to acquire insurance software maker Vertafore for approximately $5.35 billion. More than 20,000 agencies and 1,000 insurance carriers use Vertafore software.
4SAP Subscribe Subscribe7.3% SubscribeRecentrly SAP has announced another joint project with Swiss Re to drive finance transformation through a comprehensive SAP subledger solution. In 2013, SAP expands insurance offering with acquisition of Camilion. SAP proudly counts more than 1,000 insurance companies as customers that rely on them to simplify claims management, streamline policy administration, and improve performance and customer service.
5Guidewire Subscribe Subscribe13.1% SubscribeAs of July 2019, Guidewire has 400 customers using one or more of its products in 39 countries. Among its customers are Aviva, AXA, and Zurich, Basler Versicherung, Direct Line Group, Farmers Insurance, IAG, Vermont Mutual Insurance Group and others.
6Applied Systems Inc. Subscribe Subscribe12.3% SubscribeAt the end of 2019, Applied Systems acquired Indio Technologies, a US-based technology solution for the insurance application and renewal process. Applied Systems has more than 15000 agencies and brokerages as clients. Some of their clients are Vantreo Insurance Brokerage, Swingle Collins & Associates, The Benefit Company, Pritchard & Jerden, Mercury Insurance, M3 Insurance and others.
7Oracle Subscribe Subscribe4.2% SubscribeIn 2018, Oracle has increased its network once again after it completed the successful acquisitions of two Victorian broker businesses were Professional Insurance Brokers and Platinum Insurance Brokers, which are now a trading name of Oracle Group. Earlier, Oracle has acquired AdminServer, a provider of insurance policy administration software.
8Insurity, Inc. Subscribe Subscribe11.0% SubscribeIn 2020, Insurity acquired Virtual MGA and Epic-Premier Insurance Solutions, Inc. The acquisitions further strengthen Insurity’s position in the growing managing general agent (MGA) market. Earlier in 2019, Insurity was acquired by PE company GI Partners. Insurity has more than 300 property and casualty insurers as clients.
9Mitchell International, Inc. Subscribe Subscribe2.9% SubscribeMost recently, Mitchell | Genex has finalized its acquisition of Coventry Workers’ Comp Services from CVS Health. In 2018, Mitchell acquired Genex, a provider of clinical solutions to the workers’ compensation, auto and disability insurance markets. Mitchell International processes over 50 million transactions annually for over 300 insurance companies and claims payers and over 30,000 collision repair facilities.
10Duck Creek Technologies Subscribe Subscribe6.9% SubscribeIn June 2020, Duck Creek Technologies receives $230 million investment from new investors Kayne Anderson Rudnick, Whale Rock, and prior investors. Duck Creek have over 150 insurance customers worldwide including some of the largest companies in the P&C insurance industry, such as Progressive, Liberty Mutual, AIG, The Hartford, Berkshire Hathaway Specialty Insurance, GEICO and Munich Re Specialty Insurance.
Subtotal Subscribe Subscribe10.8% Subscribe
Other Subscribe Subscribe-4.4% Subscribe
Total Subscribe Subscribe2.4% Subscribe

Source: Apps Run The World, November 2020

Other P&C Insurance software providers included in the report are: 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 P&C Insurance Applications market are available:

  • Top 800+ P&C Insurance Applications Vendors and Market Forecast 2019-2024
  • 2019 P&C Insurance Applications Market By Functional Market (16 Markets)
  • 2019 P&C Insurance Applications Market By Country (USA + 45 countries)
  • 2019 P&C Insurance Applications Market By Region (Americas, EMEA, APAC)
  • 2019 P&C Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2019 P&C Insurance Applications Market By Customer Size (revenue, employee count, asset)
  • 2019 P&C Insurance Applications Market By Channel (Direct vs Direct)
  • 2019 P&C 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.

Worldwide Enterprise Applications Market Forecast 2019-2024, By Vertical Market, $M
Exhibit 4 – Worldwide Enterprise Applications Market Forecast 2019-2024, By Vertical Market, $M

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

On the buyer side, customers are investing in P&C 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 has been studying the patterns of the latest P&C 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, November 2020

Further Readings

An expanded version of this report covers the top 800+ P&C 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 2015-2019 product revenues.

Their 2019 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.