Market Note: P&C and General Insurance Software Market
P&C and General Insurance Software Market
The P&C and general insurance market is a sizeable and fast-growing industry, with the global software market surging to nearly $11.7 billion in 2023, growing by 11.7%. The top 10 vendors in this market commanded a significant 54.3% market share in 2023, indicating a highly competitive landscape. Closely tied to this market, the embedded insurance industry is estimated to grow at a CAGR of 21% and reach $700 billion in premium by 2030, showcasing the rapid expansion of this sector. The adoption of cloud-based SaaS solutions in the P&C insurance industry has increased from 29% in 2020 to 85% in 2023, as insurers increasingly embrace modern, cloud-native platforms. Gartner, an industry research and advisory services company, predicts that by 2022, as much as 75% of all insurance industry databases will be deployed or migrated to the cloud, up from only 5% in 2015, highlighting the significant growth in cloud-based insurance solutions.
As the P&C and general insurance market continues to evolve, the demand for flexible, future-ready platforms that can drive innovation and maintain a competitive edge is on the rise. Insurers are seeking solutions that can offer greater agility, efficiency, and personalized customer experiences, all while leveraging data-driven insights, advanced analytics, and intelligent automation to enhance their core operations.
The P&C and general insurance software market is a highly competitive landscape, with the top 10 vendors commanding a significant 54.3% market share in 2023. This indicates a diverse ecosystem of technology providers serving the needs of insurers.
Title: P&C and general insurance software market
Leading vendors in this space include established players like Guidewire, Majesco, and Insurity, as well as innovative solutions providers such as Duck Creek Technologies. Duck Creek, in particular, has emerged as a prominent player, positioning itself as the "intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry."
Duck Creek's comprehensive suite of cloud-based, SaaS-delivered core systems has been widely adopted by insurers looking to modernize their operations and enhance their capabilities across policy administration, billing, claims management, data analytics, and digital engagement. The company's focus on configurability, integration, and low-code development has resonated with insurers seeking agile, future-ready platforms.
Other notable vendors in the market include Socotra, eBaoTech, and Salesforce, each offering their own unique value propositions and specializations within the P&C and general insurance technology landscape. As insurers navigate the evolving market demands, the choice of the right technology partner has become increasingly critical to driving innovation, improving operational efficiency, and delivering superior customer experiences.