In 2019, the top 10 Specialty Insurance software vendors accounted for nearly 43.8% of the global Specialty Insurance applications market which grew 4.6% to approach nearly $3 billion in insurance license, maintenance and subscription revenues.
We ask the simple question: Who’s buying Specialty 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 Specialty Insurance applications market is expected to reach $3.6 billion by 2024, compared with $3 billion in 2019 at a compound annual growth rate of 3.6%.
|Exhibit 2: Worldwide Specialty Insurance Software Market 2019-2024 Forecast, $M|
|Year||2019||2024||2019-2024 CAGR, %|
Source: Apps Run The World, November 2020
Top 10 Specialty Insurance Software vendors
Specialty Insurance (Entities that offer non-compulsory 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 Specialty Insurance software vendors in 2019 and their market shares.
|Rank||Vendor||2018 Specialty (Crop, Maritime) Insurance Apps Revenues, $M||2019 Specialty (Crop, Maritime) Insurance Apps Revenues, $M||YoY Growth||2019 Specialty (Crop, Maritime) Insurance Market Share, %||Recent Developments|
|1||Salesforce.com||Subscribe||Subscribe||8.9%||Subscribe||The 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.|
|2||Microsoft||Subscribe||Subscribe||11.2%||Subscribe||Microsoft 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.|
|3||Oracle||Subscribe||Subscribe||7.0%||Subscribe||In 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.|
|4||Vertafore, a Roper Technologies Company||Subscribe||Subscribe||1.3%||Subscribe||In 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.|
|5||Guidewire||Subscribe||Subscribe||12.7%||Subscribe||As 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.|
|6||SAP||Subscribe||Subscribe||11.5%||Subscribe||Recentrly 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.|
|7||Roper Technologies, Inc.||Subscribe||Subscribe||8.6%||Subscribe||In 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. Additionally, Roper owns a variety of niche market technology software and device firms including iPipeline, Logitech, ConstructConnect, Horizon, Strata Decisions, Metrix and iTradeNetwork.|
|8||Adobe||Subscribe||Subscribe||14.8%||Subscribe||Adobe Digital Media segment revenue was $2.08 billion, which represents 22 percent YoY growth. Creative revenue grew to $1.74 billion and Document Cloud revenue was $339 million. Digital Media ARR grew to $8.40 billion exiting the quarter, a quarter-over-quarter increase of $539 million. Creative ARR grew to $7.31 billion, and Document Cloud ARR grew to $1.09 billion.|
|9||Applied Systems Inc.||Subscribe||Subscribe||9.6%||Subscribe||At 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.|
|10||Workday||Subscribe||Subscribe||17.5%||Subscribe||Workday serves approximately 7,900 customers globally (includes acquisitions). Workday ended FY’20 with more than 3,200 total customers, up 23% year over year.|
Source: Apps Run The World, November 2020
Other Specialty 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 Specialty Insurance Applications market are available:
- Top 800+ Specialty Insurance Applications Vendors and Market Forecast 2019-2024
- 2019 Specialty Insurance Applications Market By Functional Market (16 Markets)
- 2019 Specialty Insurance Applications Market By Country (USA + 45 countries)
- 2019 Specialty Insurance Applications Market By Region (Americas, EMEA, APAC)
- 2019 Specialty Insurance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2019 Specialty Insurance Applications Market By Customer Size (revenue, employee count, asset)
- 2019 Specialty Insurance Applications Market By Channel (Direct vs Direct)
- 2019 Specialty 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.
Specialty Insurance Software Purchases Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database
On the buyer side, customers are investing in Specialty 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 Specialty 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, November 2020
An expanded version of this report covers the top 800+ Specialty 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.
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.