According to a recent market report by Persistence Market Research titled “Life Insurance Policy Management Systems Market – Global Industry Analysis and Forecast by 2026,” the life insurance policy management systems market is projected to grow at a CAGR of 12.0% by that year. It’s feasible. The capacity to keep up with technological changes and maximise one’s ability to react to business developments is one of the major variables affecting the market for life insurance policy management systems.
The system for managing life insurance policies offers complete lifecycle management for individual, group, and annuity products. Thus, it is software that aids in the management of life and annuity insurance contracts by insurers. Organizations may keep track of the policies that have been given out to clients, figure out how much insurance will cost, and create new policies with the use of a life insurance policy management system. A system for managing life insurance plans can provide flexibility and management of different insurance policies. It can also be used as a stand-alone solution or as a component of an integrated insurance suite.
The life insurance policy management system market is segmented on the basis of deployment type, component, policy management category, end user, module, and region. . Based on deployment type, the life insurance policy management system market is segmented into SaaS and on-premise. The revenue contribution of the SaaS segment in the life insurance policy management system market is expected to expand at a CAGR of 13.0% during the forecast period.
Market in APEJ Exhibits High Growth Potential
Asia Pacific Excluding Japan (APEJ) market is anticipated to witness an impressive growth rate in the global medical power supply devices market, during the forecast period. Asia Pacific region recently witnessed an increase in demand for home healthcare facilities mostly for elderly people.
The demand for eEountries of Asia Pacific e in txternal medical power supply devices is increasing, owing to an increase in the usage of compact, portable medical devices, which employs an external power supply.
Moreover, the demand for medical power supply devices in the region is rising due to increasing popularity of powered equipment in healthcare facilities and advancement in healthcare facilities. Furthermore, factors such as technological advancements, government initiatives, portable medical devices, increase in aging population, and increase in occurrence of chronical diseases, are driving market growth in the region.
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