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 estimated to be worth US$ 860 million in 2024 and is forecast to a readjusted size of US$ 1333 million by 2031 with a CAGR of 6.6% during the forecast period 2025-2031.
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, focusing on the total sales revenue, key companies market share and ranking, together with an analysis of Actuarial Software for Insurance Pricing by region & country, by Type, and by Application.
The Actuarial Software for Insurance Pricing market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. 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.
Market Segmentation
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size. This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Actuarial Software for Insurance Pricing company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: 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 4: 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 5: Revenue of Actuarial Software for Insurance Pricing in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Revenue of Actuarial Software for Insurance Pricing in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product revenue, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.
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Table of Contents
1 Market Overview
1.1 Actuarial Software for Insurance Pricing Product Introduction
1.2 Global Actuarial Software for Insurance Pricing Market Size Forecast (2020-2031)
1.3 Actuarial Software for Insurance Pricing Market Trends & Drivers
1.3.1 Actuarial Software for Insurance Pricing Industry Trends
1.3.2 Actuarial Software for Insurance Pricing Market Drivers & Opportunity
1.3.3 Actuarial Software for Insurance Pricing Market Challenges
1.3.4 Actuarial Software for Insurance Pricing Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Actuarial Software for Insurance Pricing Players Revenue Ranking (2024)
2.2 Global Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
2.3 Key Companies Actuarial Software for Insurance Pricing Manufacturing Base Distribution and Headquarters
2.4 Key Companies Actuarial Software for Insurance Pricing Product Offered
2.5 Key Companies Time to Begin Mass Production of Actuarial Software for Insurance Pricing
2.6 Actuarial Software for Insurance Pricing Market Competitive Analysis
2.6.1 Actuarial Software for Insurance Pricing Market Concentration Rate (2020-2025)
2.6.2 Global 5 and 10 Largest Companies by Actuarial Software for Insurance Pricing Revenue in 2024
2.6.3 Global Top Companies by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Actuarial Software for Insurance Pricing as of 2024)
2.7 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 On-premises
3.1.2 Cloud Based
3.2 Global Actuarial Software for Insurance Pricing Sales Value by Type
3.2.1 Global Actuarial Software for Insurance Pricing Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Actuarial Software for Insurance Pricing Sales Value, by Type (2020-2031)
3.2.3 Global Actuarial Software for Insurance Pricing Sales Value, by Type (%) (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Property and Casualty Insurance
4.1.2 Life Insurance
4.1.3 Health Insurance
4.1.4 Others
4.2 Global Actuarial Software for Insurance Pricing Sales Value by Application
4.2.1 Global Actuarial Software for Insurance Pricing Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Actuarial Software for Insurance Pricing Sales Value, by Application (2020-2031)
4.2.3 Global Actuarial Software for Insurance Pricing Sales Value, by Application (%) (2020-2031)
5 Segmentation by Region
5.1 Global Actuarial Software for Insurance Pricing Sales Value by Region
5.1.1 Global Actuarial Software for Insurance Pricing Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Actuarial Software for Insurance Pricing Sales Value by Region (2020-2025)
5.1.3 Global Actuarial Software for Insurance Pricing Sales Value by Region (2026-2031)
5.1.4 Global Actuarial Software for Insurance Pricing Sales Value by Region (%), (2020-2031)
5.2 North America
5.2.1 North America Actuarial Software for Insurance Pricing Sales Value, 2020-2031
5.2.2 North America Actuarial Software for Insurance Pricing Sales Value by Country (%), 2024 VS 2031
5.3 Europe
5.3.1 Europe Actuarial Software for Insurance Pricing Sales Value, 2020-2031
5.3.2 Europe Actuarial Software for Insurance Pricing Sales Value by Country (%), 2024 VS 2031
5.4 Asia Pacific
5.4.1 Asia Pacific Actuarial Software for Insurance Pricing Sales Value, 2020-2031
5.4.2 Asia Pacific Actuarial Software for Insurance Pricing Sales Value by Region (%), 2024 VS 2031
5.5 South America
5.5.1 South America Actuarial Software for Insurance Pricing Sales Value, 2020-2031
5.5.2 South America Actuarial Software for Insurance Pricing Sales Value by Country (%), 2024 VS 2031
5.6 Middle East & Africa
5.6.1 Middle East & Africa Actuarial Software for Insurance Pricing Sales Value, 2020-2031
5.6.2 Middle East & Africa Actuarial Software for Insurance Pricing Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Actuarial Software for Insurance Pricing Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.3 United States
6.3.1 United States Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.3.2 United States Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.4.2 Europe Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.5.2 China Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.5.3 China Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.6.2 Japan Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.7.2 South Korea Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.8.2 Southeast Asia Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Actuarial Software for Insurance Pricing Sales Value, 2020-2031
6.9.2 India Actuarial Software for Insurance Pricing Sales Value by Type (%), 2024 VS 2031
6.9.3 India Actuarial Software for Insurance Pricing Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 Akur8
7.1.1 Akur8 Profile
7.1.2 Akur8 Main Business
7.1.3 Akur8 Actuarial Software for Insurance Pricing Products, Services and Solutions
7.1.4 Akur8 Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.1.5 Akur8 Recent Developments
7.2 Addactis
7.2.1 Addactis Profile
7.2.2 Addactis Main Business
7.2.3 Addactis Actuarial Software for Insurance Pricing Products, Services and Solutions
7.2.4 Addactis Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.2.5 Addactis Recent Developments
7.3 Hyperexponential
7.3.1 Hyperexponential Profile
7.3.2 Hyperexponential Main Business
7.3.3 Hyperexponential Actuarial Software for Insurance Pricing Products, Services and Solutions
7.3.4 Hyperexponential Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.3.5 Hyperexponential Recent Developments
7.4 AXIS
7.4.1 AXIS Profile
7.4.2 AXIS Main Business
7.4.3 AXIS Actuarial Software for Insurance Pricing Products, Services and Solutions
7.4.4 AXIS Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.4.5 AXIS Recent Developments
7.5 WTW RiskAgility
7.5.1 WTW RiskAgility Profile
7.5.2 WTW RiskAgility Main Business
7.5.3 WTW RiskAgility Actuarial Software for Insurance Pricing Products, Services and Solutions
7.5.4 WTW RiskAgility Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.5.5 WTW RiskAgility Recent Developments
7.6 SAS
7.6.1 SAS Profile
7.6.2 SAS Main Business
7.6.3 SAS Actuarial Software for Insurance Pricing Products, Services and Solutions
7.6.4 SAS Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.6.5 SAS Recent Developments
7.7 Stoch Analytics
7.7.1 Stoch Analytics Profile
7.7.2 Stoch Analytics Main Business
7.7.3 Stoch Analytics Actuarial Software for Insurance Pricing Products, Services and Solutions
7.7.4 Stoch Analytics Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.7.5 Stoch Analytics Recent Developments
7.8 FIS Prophet
7.8.1 FIS Prophet Profile
7.8.2 FIS Prophet Main Business
7.8.3 FIS Prophet Actuarial Software for Insurance Pricing Products, Services and Solutions
7.8.4 FIS Prophet Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.8.5 FIS Prophet Recent Developments
7.9 Aon
7.9.1 Aon Profile
7.9.2 Aon Main Business
7.9.3 Aon Actuarial Software for Insurance Pricing Products, Services and Solutions
7.9.4 Aon Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.9.5 Aon Recent Developments
7.10 WNS
7.10.1 WNS Profile
7.10.2 WNS Main Business
7.10.3 WNS Actuarial Software for Insurance Pricing Products, Services and Solutions
7.10.4 WNS Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.10.5 WNS Recent Developments
7.11 Milliman
7.11.1 Milliman Profile
7.11.2 Milliman Main Business
7.11.3 Milliman Actuarial Software for Insurance Pricing Products, Services and Solutions
7.11.4 Milliman Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.11.5 Milliman Recent Developments
7.12 PolySystems
7.12.1 PolySystems Profile
7.12.2 PolySystems Main Business
7.12.3 PolySystems Actuarial Software for Insurance Pricing Products, Services and Solutions
7.12.4 PolySystems Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.12.5 PolySystems Recent Developments
7.13 Insureware
7.13.1 Insureware Profile
7.13.2 Insureware Main Business
7.13.3 Insureware Actuarial Software for Insurance Pricing Products, Services and Solutions
7.13.4 Insureware Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.13.5 Insureware Recent Developments
7.14 RNA Analytics
7.14.1 RNA Analytics Profile
7.14.2 RNA Analytics Main Business
7.14.3 RNA Analytics Actuarial Software for Insurance Pricing Products, Services and Solutions
7.14.4 RNA Analytics Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.14.5 RNA Analytics Recent Developments
7.15 Montoux
7.15.1 Montoux Profile
7.15.2 Montoux Main Business
7.15.3 Montoux Actuarial Software for Insurance Pricing Products, Services and Solutions
7.15.4 Montoux Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.15.5 Montoux Recent Developments
7.16 Slope Software
7.16.1 Slope Software Profile
7.16.2 Slope Software Main Business
7.16.3 Slope Software Actuarial Software for Insurance Pricing Products, Services and Solutions
7.16.4 Slope Software Actuarial Software for Insurance Pricing Revenue (US$ Million) & (2020-2025)
7.16.5 Slope Software Recent Developments
8 Industry Chain Analysis
8.1 Actuarial Software for Insurance Pricing Industrial Chain
8.2 Actuarial Software for Insurance Pricing Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Actuarial Software for Insurance Pricing Sales Model
8.5.2 Sales Channel
8.5.3 Actuarial Software for Insurance Pricing Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer
Table of Figures
List of Tables
List of Figures
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