Actuarial Software for Insurance Pricing Market Size(US$)

CAGR 2025-2031
6.6%
Market Size,2031
USD 1,333
Million
Market Snapshot
Source: Secondary research, interviews with experts, and QYResearch analysis
The global market for Actuarial Software for Insurance Pricing was valued at US$ 860 million in the year 2024 and is projected to reach a revised size of US$ 1333 million by 2031, growing at a CAGR of 6.6% during the forecast period.
Actuarial software for insurance pricing refers to specialized computer programs that are used by actuaries in the insurance industry to analyze data, assess risk, and determine appropriate pricing for insurance products. These software tools help actuaries make informed decisions about setting premiums, calculating reserves, and managing overall financial risk for insurance companies. By utilizing actuarial software, insurance companies can more accurately predict future claims and losses, leading to more competitive pricing and improved profitability. This technology plays a crucial role in the insurance industry by enabling companies to make data-driven decisions that ultimately benefit both the insurer and the policyholder.
The actuarial software industry for insurance pricing is undergoing a profound transformation, driven by technological innovation, regulatory demands, and evolving market dynamics. A key trend is the explosive growth of AI and machine learning integration, with platforms like Akur8’s solution reducing modeling time by 10x while boosting predictive power by 10% and loss ratio improvement by 2–4%. Insurers are increasingly deploying transparent AI algorithms (e.g., SAS’s dynamic actuarial modeling) to automate complex tasks like risk segmentation and fraud detection, while maintaining auditability—a critical requirement for regulatory compliance. Big data and IoT-driven personalization are reshaping pricing models. Telematics devices and smart sensors generate real-time behavioral data (e.g., driver habits, equipment performance), enabling usage-based insurance (UBI) and predictive maintenance.
Cloud-native SaaS solutions are disrupting legacy systems, offering scalability and cost efficiency. Akur8’s partnership with Duck Creek Technologies allows insurers to deploy AI-powered rates in minutes via cloud APIs, eliminating manual handovers and operational risks. By 2025, cloud-based platforms are projected to dominate 61% of deployments, particularly in emerging markets like Asia-Pacific, where cost-effective scalability is prioritized.
Regulatory adaptation remains a cornerstone, with Solvency II and similar frameworks driving demand for compliance-centric tools. Addactis’s Solvency II solution automates stress testing and regulatory reporting, ensuring alignment with evolving capital adequacy standards.
Despite these advancements, challenges persist, including data privacy concerns (e.g., GDPR compliance in EU markets) and skill gaps in emerging economies. However, the industry’s trajectory is clear: by 2030, AI-driven actuarial software is expected to capture 45% of the global market, with hybrid models (combining traditional GLMs and deep learning) becoming the norm . As insurers navigate a landscape marked by climate uncertainty and hyper-personalization, actuarial software will remain a linchpin in balancing profitability, compliance, and customer-centric innovation.
This report aims to provide a comprehensive presentation of the global market for Actuarial Software for Insurance Pricing, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Actuarial Software for Insurance Pricing.
The Actuarial Software for Insurance Pricing market size, estimations, and forecasts are provided in terms of and revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. This report segments the global Actuarial Software for Insurance Pricing market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Actuarial Software for Insurance Pricing companies, new entrants, and industry chain related companies in this market with information on the revenues for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Actuarial Software for Insurance Pricing company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6, 7, 8, 9, 10: North America, Europe, Asia Pacific, Latin America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 11: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 12: The main points and conclusions of the report.
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Table of Contents
1 Report Overview
1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Actuarial Software for Insurance Pricing Market Size Growth Rate by Type: 2020 VS 2024 VS 2031
1.2.2 On-premises
1.2.3 Cloud Based
1.3 Market by Application
1.3.1 Global Actuarial Software for Insurance Pricing Market Growth by Application: 2020 VS 2024 VS 2031
1.3.2 Property and Casualty Insurance
1.3.3 Life Insurance
1.3.4 Health Insurance
1.3.5 Others
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Global Growth Trends
2.1 Global Actuarial Software for Insurance Pricing Market Perspective (2020-2031)
2.2 Global Actuarial Software for Insurance Pricing Growth Trends by Region
2.2.1 Global Actuarial Software for Insurance Pricing Market Size by Region: 2020 VS 2024 VS 2031
2.2.2 Actuarial Software for Insurance Pricing Historic Market Size by Region (2020-2025)
2.2.3 Actuarial Software for Insurance Pricing Forecasted Market Size by Region (2026-2031)
2.3 Actuarial Software for Insurance Pricing Market Dynamics
2.3.1 Actuarial Software for Insurance Pricing Industry Trends
2.3.2 Actuarial Software for Insurance Pricing Market Drivers
2.3.3 Actuarial Software for Insurance Pricing Market Challenges
2.3.4 Actuarial Software for Insurance Pricing Market Restraints
3 Competition Landscape by Key Players
3.1 Global Top Actuarial Software for Insurance Pricing Players by Revenue
3.1.1 Global Top Actuarial Software for Insurance Pricing Players by Revenue (2020-2025)
3.1.2 Global Actuarial Software for Insurance Pricing Revenue Market Share by Players (2020-2025)
3.2 Global Top Actuarial Software for Insurance Pricing Players by Company Type and Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.3 Global Key Players Ranking by Actuarial Software for Insurance Pricing Revenue
3.4 Global Actuarial Software for Insurance Pricing Market Concentration Ratio
3.4.1 Global Actuarial Software for Insurance Pricing Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Top 10 and Top 5 Companies by Actuarial Software for Insurance Pricing Revenue in 2024
3.5 Global Key Players of Actuarial Software for Insurance Pricing Head office and Area Served
3.6 Global Key Players of Actuarial Software for Insurance Pricing, Product and Application
3.7 Global Key Players of Actuarial Software for Insurance Pricing, Date of Enter into This Industry
3.8 Mergers & Acquisitions, Expansion Plans
4 Actuarial Software for Insurance Pricing Breakdown Data by Type
4.1 Global Actuarial Software for Insurance Pricing Historic Market Size by Type (2020-2025)
4.2 Global Actuarial Software for Insurance Pricing Forecasted Market Size by Type (2026-2031)
5 Actuarial Software for Insurance Pricing Breakdown Data by Application
5.1 Global Actuarial Software for Insurance Pricing Historic Market Size by Application (2020-2025)
5.2 Global Actuarial Software for Insurance Pricing Forecasted Market Size by Application (2026-2031)
6 North America
6.1 North America Actuarial Software for Insurance Pricing Market Size (2020-2031)
6.2 North America Actuarial Software for Insurance Pricing Market Growth Rate by Country: 2020 VS 2024 VS 2031
6.3 North America Actuarial Software for Insurance Pricing Market Size by Country (2020-2025)
6.4 North America Actuarial Software for Insurance Pricing Market Size by Country (2026-2031)
6.5 United States
6.6 Canada
7 Europe
7.1 Europe Actuarial Software for Insurance Pricing Market Size (2020-2031)
7.2 Europe Actuarial Software for Insurance Pricing Market Growth Rate by Country: 2020 VS 2024 VS 2031
7.3 Europe Actuarial Software for Insurance Pricing Market Size by Country (2020-2025)
7.4 Europe Actuarial Software for Insurance Pricing Market Size by Country (2026-2031)
7.5 Germany
7.6 France
7.7 U.K.
7.8 Italy
7.9 Russia
7.10 Ireland
8 Asia-Pacific
8.1 Asia-Pacific Actuarial Software for Insurance Pricing Market Size (2020-2031)
8.2 Asia-Pacific Actuarial Software for Insurance Pricing Market Growth Rate by Region: 2020 VS 2024 VS 2031
8.3 Asia-Pacific Actuarial Software for Insurance Pricing Market Size by Region (2020-2025)
8.4 Asia-Pacific Actuarial Software for Insurance Pricing Market Size by Region (2026-2031)
8.5 China
8.6 Japan
8.7 South Korea
8.8 Southeast Asia
8.9 India
8.10 Australia & New Zealand
9 Latin America
9.1 Latin America Actuarial Software for Insurance Pricing Market Size (2020-2031)
9.2 Latin America Actuarial Software for Insurance Pricing Market Growth Rate by Country: 2020 VS 2024 VS 2031
9.3 Latin America Actuarial Software for Insurance Pricing Market Size by Country (2020-2025)
9.4 Latin America Actuarial Software for Insurance Pricing Market Size by Country (2026-2031)
9.5 Mexico
9.6 Brazil
10 Middle East & Africa
10.1 Middle East & Africa Actuarial Software for Insurance Pricing Market Size (2020-2031)
10.2 Middle East & Africa Actuarial Software for Insurance Pricing Market Growth Rate by Country: 2020 VS 2024 VS 2031
10.3 Middle East & Africa Actuarial Software for Insurance Pricing Market Size by Country (2020-2025)
10.4 Middle East & Africa Actuarial Software for Insurance Pricing Market Size by Country (2026-2031)
10.5 Israel
10.6 Saudi Arabia
10.7 UAE
11 Key Players Profiles
11.1 Akur8
11.1.1 Akur8 Company Details
11.1.2 Akur8 Business Overview
11.1.3 Akur8 Actuarial Software for Insurance Pricing Introduction
11.1.4 Akur8 Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.1.5 Akur8 Recent Development
11.2 Addactis
11.2.1 Addactis Company Details
11.2.2 Addactis Business Overview
11.2.3 Addactis Actuarial Software for Insurance Pricing Introduction
11.2.4 Addactis Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.2.5 Addactis Recent Development
11.3 Hyperexponential
11.3.1 Hyperexponential Company Details
11.3.2 Hyperexponential Business Overview
11.3.3 Hyperexponential Actuarial Software for Insurance Pricing Introduction
11.3.4 Hyperexponential Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.3.5 Hyperexponential Recent Development
11.4 AXIS
11.4.1 AXIS Company Details
11.4.2 AXIS Business Overview
11.4.3 AXIS Actuarial Software for Insurance Pricing Introduction
11.4.4 AXIS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.4.5 AXIS Recent Development
11.5 WTW RiskAgility
11.5.1 WTW RiskAgility Company Details
11.5.2 WTW RiskAgility Business Overview
11.5.3 WTW RiskAgility Actuarial Software for Insurance Pricing Introduction
11.5.4 WTW RiskAgility Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.5.5 WTW RiskAgility Recent Development
11.6 SAS
11.6.1 SAS Company Details
11.6.2 SAS Business Overview
11.6.3 SAS Actuarial Software for Insurance Pricing Introduction
11.6.4 SAS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.6.5 SAS Recent Development
11.7 Stoch Analytics
11.7.1 Stoch Analytics Company Details
11.7.2 Stoch Analytics Business Overview
11.7.3 Stoch Analytics Actuarial Software for Insurance Pricing Introduction
11.7.4 Stoch Analytics Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.7.5 Stoch Analytics Recent Development
11.8 FIS Prophet
11.8.1 FIS Prophet Company Details
11.8.2 FIS Prophet Business Overview
11.8.3 FIS Prophet Actuarial Software for Insurance Pricing Introduction
11.8.4 FIS Prophet Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.8.5 FIS Prophet Recent Development
11.9 Aon
11.9.1 Aon Company Details
11.9.2 Aon Business Overview
11.9.3 Aon Actuarial Software for Insurance Pricing Introduction
11.9.4 Aon Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.9.5 Aon Recent Development
11.10 WNS
11.10.1 WNS Company Details
11.10.2 WNS Business Overview
11.10.3 WNS Actuarial Software for Insurance Pricing Introduction
11.10.4 WNS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.10.5 WNS Recent Development
11.11 Milliman
11.11.1 Milliman Company Details
11.11.2 Milliman Business Overview
11.11.3 Milliman Actuarial Software for Insurance Pricing Introduction
11.11.4 Milliman Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.11.5 Milliman Recent Development
11.12 PolySystems
11.12.1 PolySystems Company Details
11.12.2 PolySystems Business Overview
11.12.3 PolySystems Actuarial Software for Insurance Pricing Introduction
11.12.4 PolySystems Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.12.5 PolySystems Recent Development
11.13 Insureware
11.13.1 Insureware Company Details
11.13.2 Insureware Business Overview
11.13.3 Insureware Actuarial Software for Insurance Pricing Introduction
11.13.4 Insureware Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.13.5 Insureware Recent Development
11.14 RNA Analytics
11.14.1 RNA Analytics Company Details
11.14.2 RNA Analytics Business Overview
11.14.3 RNA Analytics Actuarial Software for Insurance Pricing Introduction
11.14.4 RNA Analytics Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.14.5 RNA Analytics Recent Development
11.15 Montoux
11.15.1 Montoux Company Details
11.15.2 Montoux Business Overview
11.15.3 Montoux Actuarial Software for Insurance Pricing Introduction
11.15.4 Montoux Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.15.5 Montoux Recent Development
11.16 Slope Software
11.16.1 Slope Software Company Details
11.16.2 Slope Software Business Overview
11.16.3 Slope Software Actuarial Software for Insurance Pricing Introduction
11.16.4 Slope Software Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
11.16.5 Slope Software Recent Development
12 Analyst's Viewpoints/Conclusions
13 Appendix
13.1 Research Methodology
13.1.1 Methodology/Research Approach
13.1.1.1 Research Programs/Design
13.1.1.2 Market Size Estimation
13.1.1.3 Market Breakdown and Data Triangulation
13.1.2 Data Source
13.1.2.1 Secondary Sources
13.1.2.2 Primary Sources
13.2 Author Details
13.3 Disclaimer
Table of Figures
List of Tables
List of Figures
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