Insurance Software Is An $8 Billion Market

The size of the insurance software market is projected to exceed $8 billion this year, according to a new report from market research company IBIS. Industry revenue has been growing at about a 0.4% annualized rate in the five years up to 2016, IBHS says. Over the next five years, however, that growth rate is projected to increase to 3.6%, meaning that by 2021, revenue will reach $9.8 billion. IBIS categorizes all insurance software as "claims processing software." However, the company groups policy administration, claims processing, and billing management software under that umbrella.