Annuity Platform market expected to reach USD 16.61 Billion by year 2028, at a CAGR of 15.60%.
Market Size – USD 5,132.5 Million in 2020, Market Growth - CAGR of 15.60%. Market Trends – Improving operational efficiency and reduce total cost of ownership to boost the annuity platform market.
The global Annuity Platform market was valued at USD 5,132.5 Million in 2020 and is
expected to reach USD 16.61 Billion by year 2028, at a CAGR of 15.60%.
Annuity Platform market highlights
the solutions and services used by the banking and insurance companies for
annuity management. Annuity is a series of payments which is made at equal
intervals. These payments can be on a regular basis, weekly, monthly, quarterly
or yearly. The deployment mode that is considered in the annuity platform
market consists of cloud deployment, on-premise deployment, and hybrid
deployment. It is deployed on the cloud provides flexibility, scalability, and
availability which can be deployed on any cloud environment such as Azure or
AWS. The on-premise deployment of the annuity platform provides added security
with the presence of data centre and virtual network deployed. The hybrid
deployment mode offers the best of both clod and on-premise deployment mode.
The changing nature of annuity and the rising cost of the compliance management
is the driving the growth for the market.
Key companies operating in the market
and profiled in the report include: Accenture plc., Andesa Services, Capgemini SE, Oracle
Corporation, Concentrix Corporation, DXC Technology Company, Infosys Limited,
and others.
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It provides several capabilities to
the banking and insurance companies such as a flexible architecture,
centralized rule engine for product configuration and business configuration,
advanced calculation engine for transaction and contract management, document
management, and reporting to generate different reports for visualisation. It
insures profitability and business across the entire life insurance value chain
and policy claims. The annuity platform is empowered with build in templates
for common annuity products and inbuilt components for customized annuity
products. It provides drag and drop options for creating and modifying business
rules. It is empowered for compliance management with a documented trail for
all the audits, transactions, reversals, and transactional metadata. Banking
and insurance companies bank on annuity platform for the go to market strategy,
product innovation, and reduce the overall cost of ownership. It helps the
business in providing real time policy information; enhance satisfaction,
increase retention and interest new accounts due to its 24x7 availability and
the ability to integrate with third party applications. Additionally, it
enables the banking and insurances companies to be competitive, earn more
profits, and adapt to the changing customer behaviour.
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Further key findings from the report
suggest:
- Annuity Platform market is fastest growing at a
CAGR of 0% in Asia Pacific owing to increasing number of digital banking
initiatives by the government organizations in developing countries such
as India and China
- Platform segment is accounted to be the leading
segment which is valued at USD 3.24 Billion in 2019,
- North America is the largest region with a share
of 34.5% in the Annuity Platform market due to the higher number of
digital banking institutions and growing adoption of digital banking
platforms in Canada
- Cloud deployment mode is the fastest growing at a
CAGR of 21.3% due to the benefits offered by the cloud deployment such as
flexibility, scalability, and availability
- Europe is expected to account for the 29.8% of
the global Annuity Platform market due to the increasing demand for policy
administration solutions in European countries such as U.K., France,
Japan, and Germany
- Insurance companies end user to account for the
largest market size during the forecast period. Insurance companies are
gradually implementing the solutions for the contract management,
transaction management, and policy administration procurement to improve
efficiency and cost savings
- Business intelligence in annuity is the latest
innovation in the global Annuity Platform market.
- Some of the key players in the Annuity Platform
market are Accenture plc., Andesa Services, Capgemini SE, Oracle
Corporation, Concentrix Corporation, DXC Technology Company, Infosys
Limited, EXL, FAST Technology, InsPro Technologies LLC, and Mphasis Wyde.
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Segments covered in the report:
For the purpose of the study, this
Reports and Data have segmented the Global Annuity Platform market on the basis
of application, end user and the regional outlook:
Component (Revenue, USD Million;
2018–2028)
- Platform
- Services
- Evaluation
- Implementation
- Support and maintenance
- Managed
Deployment Mode (Revenue, USD
Million; 2018–2028)
- Cloud
- On-premise
- Hybrid
End User (Revenue, USD Million;
2018–2028)
- Banking
- Insurance Companies
- Others
Regional Outlook: (Revenue, USD
Million; 2018–2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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