In 2021, the top 10 P&C Insurance software vendors accounted for nearly 53.2% of the global P&C Insurance applications market which grew 8.9% to approach nearly $9.4 billion in insurance license, maintenance and subscription revenues.
Salesforce was the market leader with a 15.5% market share in license, maintenance and subscription revenues, followed by Microsoft, Guidewire, Roper Technologies, Inc, and SAP.
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)
Through our forecast period, the P&C Insurance applications market is expected to reach $10 billion by 2026, compared with $9.4 billion in 2021 at a compound annual growth rate of 3%.
| Exhibit 2: Worldwide P&C Insurance Software Market 2021-2026 Forecast, $M | |||
|---|---|---|---|
| Year | 2021 | 2026 | 2021-2026 CAGR, % |
| Total | 9361 | 9982 | 3% |
Source: Apps Run The World, September 2022
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 2021 and their market shares.
| Rank | Vendor | 2020 P&C Insurance Apps Revenues, $M | 2021 P&C Insurance Apps Revenues, $M | YoY Growth | 2021 P&C Insurance Market Share, % | Recent Developments |
|---|---|---|---|---|---|---|
| 1 | Salesforce | Subscribe | Subscribe | 17.8% | Subscribe | Salesforce Financial Service Cloud is designed to, especially service annuities and life, commercial and personal property, and group policyholders. Features like resolving the claim, offering advice, and answering policyholders requests improve customer experience by offering a unified view of agents, policyholders, brokers, and relevant services. |
| 2 | Microsoft | Subscribe | Subscribe | 8.7% | Subscribe | In 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. |
| 3 | Guidewire | Subscribe | Subscribe | 0.2% | Subscribe | In 2021, Guidewire acquired HazardHub, a provider of API-driven property risk insights to the P&C insurance industry. HazardHub powers decisions for 110+ customers, spanning insurers, reinsurers, brokers, MGAs, and insurtechs. Vertafore’s 21,000 and AgencyZoom’s thousands of insurance agents will benefit immediately from the combination of the two companies. |
| 4 | Roper Technologies | Subscribe | Subscribe | 4.5% | Subscribe | In 2021, Vertafore acquired AgencyZoom, a cloud-based sales automation platform for insurance agents. |
| 5 | SAP | Subscribe | Subscribe | 1.6% | Subscribe | SAP and SAP Fioneer rolled out vertical solutions to help 6,500+ Insurance customers transform their businesses. The special partnership build on SAP’s technology launched three new platforms; Finance and ESG, Insurance, and Banking. |
| 6 | Applied Systems | Subscribe | Subscribe | 19.4% | Subscribe | In 2022, Applied Systems acquired Tarmika, a leading commercial lines rating solution that streamlines small business insurance. Tarmika will be integrated with Applied Epic and EZLynx, and overtime, users can expect embedded commercial lines quoting capabilities powered by Tarmika natively in the management systems. |
| 7 | Oracle | Subscribe | Subscribe | 5.0% | Subscribe | Oracle’s $350 million investment in core insurance applications continues to strengthen its insurance industry experience and implementation expertise. |
| 8 | The Innovation Group | Subscribe | Subscribe | 1.5% | Subscribe | Innovation Group, part of the Carlyle Group, is a provider of expert services to the insurance, fleet, automotive, and property sectors worldwide. Innovation Group works with 15 of the top 20 global insurance markets, 75% of the top 20 global P&C insurance companies, and 3 of the world’s top 5 fleets and leases management companies. |
| 9 | Sapiens International Corporation | Subscribe | Subscribe | 32.4% | Subscribe | NYCM Insurance, a property and casualty insurance provider in operation for 120 years, has implemented Sapiens ReinsurancePro to enhance their internal controls processes, automated calculations and reporting. Sapiens has more than 600 customers in 30 countries, and offers solutions to insurers across property and casualty, workers’ compensation and life and pension markets. |
| 10 | Insurity, Inc. | Subscribe | Subscribe | 9.9% | Subscribe | With 20+ years of experience in cloud-native software, Insurity leads the industry with more than 400 of their more than 500 customers in the cloud. |
| Subtotal | Subscribe | Subscribe | 10.1% | Subscribe | ||
| Other | Subscribe | Subscribe | 7.5% | Subscribe | ||
| Total | 8599 | 9361 | 8.9% | 100% |
Source: Apps Run The World, September 2022
Other P&C Insurance software providers included in the report are: ACI Worldwide, Inc., ADP, Aptitude Software, Adobe, ASG Technologies, Acturis Group, Atlassian, Aurea, CCC Information Services Group Inc., eBaoTech Corporation, BriteCore, Insuresoft, EIS Group, Cegedim, Cisco Systems, Citrix, Constellation Software Inc., Cornerstone OnDemand, DATEV, DXC Technology – Insurance, Duck Creek Technologies, 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, Hypoport SE, Instec, Insurity, Inc., Informatica, Intuit Inc., IBM, 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, Teradata Corporation, The Innovation Group, Verint Systems Inc., Verisk Analytics, Inc., Vitech Systems Group, Wolters Kluwer, Workday, Zywave, Zoom Video Communications, and others.
Custom data cuts related to the P&C Insurance Applications market are available:
- Top 900+ P&C Insurance Applications Vendors and Market Forecast 2021-2026
- 2021 P&C Insurance Applications Market By Functional Market (16 Markets)
- 2021 P&C Insurance Applications Market By Country (USA + 45 countries)
- 2021 P&C Insurance Applications Market By Region (Americas, EMEA, APAC)
- 2021 P&C Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2021 P&C Insurance Applications Market By Customer Size (revenue, employee count, asset)
- 2021 P&C Insurance Applications Market By Channel (Direct vs Direct)
- 2021 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.
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.
| 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, September 2022
Further Readings
An expanded version of this report covers the top 900+ 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 2015-2021 product revenues.
Their 2021 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.
