According to the current analysis of Reports and Data, the global Annuity Services 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 Services 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 Services 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 Services 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.
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 Services 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 Services 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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key features and benefits:
- Flexible Architecture: The Services provides a flexible architecture that can be easily customized and adapted to meet the specific needs of banking and insurance companies. This flexibility enables seamless integration with existing systems and allows for future scalability.
- Centralized Rule Engine: The Services incorporates a centralized rule engine that enables efficient configuration of products and business rules. This means that companies can easily define and modify product offerings and business processes without the need for extensive coding or development.
- Advanced Calculation Engine: The Services includes an advanced calculation engine that facilitates accurate and efficient transaction and contract management. This ensures precise calculations related to policy premiums, claims, and other financial transactions.
- Document Management: The Services offers robust document management capabilities, allowing companies to efficiently store, organize, and retrieve important documents related to policies, contracts, claims, and other relevant information.
- Reporting and Visualization: The Services provides reporting features that generate various reports for data visualization. These reports offer valuable insights into business performance, policy trends, and other key metrics, aiding decision-making and strategic planning.
- Product Templates and Customization: The Services comes equipped with pre-built templates for common products, streamlining the product creation process. Moreover, it allows for the creation of customized products using inbuilt components, enabling companies to tailor their offerings to specific customer segments.
- Business Rule Creation: The Services offers drag and drop options for creating and modifying business rules. This empowers business users to easily configure and adapt rules according to changing market conditions or regulatory requirements.
- Compliance Management: The Services ensures compliance management by maintaining a documented trail of all audits, transactions, reversals, and transactional metadata. This helps companies meet regulatory standards and provides transparency in their operations.
- Go-to-Market Strategy and Innovation: Banking and insurance companies can rely on the Services to support their go-to-market strategies and drive product innovation. It enables faster product launches, facilitates rapid customization, and reduces the overall cost of ownership.
- Real-time Policy Information and Integration: The Services enables real-time access to policy information, ensuring that customers and internal stakeholders have up-to-date information at their fingertips. It also allows seamless integration with third-party applications, enhancing operational efficiency and expanding functionality.
- Customer Satisfaction and Retention: By providing 24x7 availability and personalized services, the Services enhances customer satisfaction and retention. Customers can access their policies and perform transactions conveniently, leading to improved customer loyalty.
- Adaptability to Changing Customer Behavior: The Services equips banking and insurance companies to adapt to changing customer behavior. It enables quick adjustments to product offerings, pricing, and customer experiences, ensuring competitiveness in the market.
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Further key findings from the report suggest:
- Annuity Services 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
- Services 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 Services market due to the higher number of digital banking institutions and growing adoption of digital banking Servicess 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 Services 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 Services market.
Major Regions Highlighted in the Global Annuity Services Market Report:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of Middle East Africa
Top Companies Profiled in the Report:
Annuity Services 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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