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 Actuarial Software for Insurance Pricing market size was 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.
The global Actuarial Software for Insurance Pricing market is strategically segmented by company, region (country), by Type, and by Application. This report empowers stakeholders to capitalize on emerging opportunities, optimize product strategies, and outperform competitors through data-driven insights on revenue and forecasts across regions, by Type, and by Application for 2020-2031.
Market Segmentation
Chapter Outline
Chapter 1: Report scope, executive summary, and market evolution scenarios (short/mid/long term).
Chapter 2: Quantitative analysis of Actuarial Software for Insurance Pricing market size and growth potential at global, regional, and country levels.
Chapter 3: Competitive benchmarking of manufacturers (revenue, market share, M&A, R&D focus).
Chapter 4: Type-based segmentation analysis – Uncovering blue ocean markets (e.g., Cloud Based in China).
Chapter 5: Application-based segmentation analysis – High-growth downstream opportunities (e.g., Life Insurance in India).
Chapter 6: Regional revenue breakdown by company, type, application and customer.
Chapter 7: Key manufacturer profiles – Financials, product portfolios, and strategic developments.
Chapter 8: Market dynamics – Drivers, restraints, regulatory impacts, and risk mitigation strategies.
Chapter 9: Actionable conclusions and strategic recommendations.
Why This Report?
Unlike generic global market reports, this study combines macro-level industry trends with hyper-local operational intelligence, empowering data-driven decisions across the Actuarial Software for Insurance Pricing value chain, addressing:
- Market entry risks/opportunities by region
- Product mix optimization based on local practices
- Competitor tactics in fragmented vs. consolidated markets
QYResearch's Strengths
Unlike generic global market reports, this study combines macro-level industry trends with hyper-local operational intelligence, empowering data-driven decisions across the Compound Chocolate value chain, addressing:
We identify regional market threats and growth prospects to guide your overseas layout.
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Table of Contents
1 Report Overview
1.1 Study Scope
1.2 Market by Type
1.2.1 Global Market Size Growth 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 Market Share 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 Market Size by Region: 2020 VS 2024 VS 2031
2.3 Global Actuarial Software for Insurance Pricing Revenue Market Share by Region (2020-2025)
2.4 Global Actuarial Software for Insurance Pricing Revenue Forecast by Region (2026-2031)
2.5 Major Region and Emerging Market Analysis
2.5.1 North America Actuarial Software for Insurance Pricing Market Size and Prospective (2020-2031)
2.5.2 Europe Actuarial Software for Insurance Pricing Market Size and Prospective (2020-2031)
2.5.3 Asia-Pacific Actuarial Software for Insurance Pricing Market Size and Prospective (2020-2031)
2.5.4 Latin America Actuarial Software for Insurance Pricing Market Size and Prospective (2020-2031)
2.5.5 Middle East & Africa Actuarial Software for Insurance Pricing Market Size and Prospective (2020-2031)
3 Breakdown Data by Type
3.1 Global Actuarial Software for Insurance Pricing Historic Market Size by Type (2020-2025)
3.2 Global Actuarial Software for Insurance Pricing Forecasted Market Size by Type (2026-2031)
3.3 Different Types Actuarial Software for Insurance Pricing Representative Players
4 Breakdown Data by Application
4.1 Global Actuarial Software for Insurance Pricing Historic Market Size by Application (2020-2025)
4.2 Global Actuarial Software for Insurance Pricing Forecasted Market Size by Application (2026-2031)
4.3 New Sources of Growth in Actuarial Software for Insurance Pricing Application
5 Competition Landscape by Players
5.1 Global Top Players by Revenue
5.1.1 Global Top Actuarial Software for Insurance Pricing Players by Revenue (2020-2025)
5.1.2 Global Actuarial Software for Insurance Pricing Revenue Market Share by Players (2020-2025)
5.2 Global Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
5.3 Players Covered: Ranking by Actuarial Software for Insurance Pricing Revenue
5.4 Global Actuarial Software for Insurance Pricing Market Concentration Analysis
5.4.1 Global Actuarial Software for Insurance Pricing Market Concentration Ratio (CR5 and HHI)
5.4.2 Global Top 10 and Top 5 Companies by Actuarial Software for Insurance Pricing Revenue in 2024
5.5 Global Key Players of Actuarial Software for Insurance Pricing Head office and Area Served
5.6 Global Key Players of Actuarial Software for Insurance Pricing, Product and Application
5.7 Global Key Players of Actuarial Software for Insurance Pricing, Date of Enter into This Industry
5.8 Mergers & Acquisitions, Expansion Plans
6 Region Analysis
6.1 North America Market: Players, Segments and Downstream
6.1.1 North America Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
6.1.2 North America Market Size by Type
6.1.2.1 North America Actuarial Software for Insurance Pricing Market Size by Type (2020-2025)
6.1.2.2 North America Actuarial Software for Insurance Pricing Market Share by Type (2020-2025)
6.1.3 North America Market Size by Application
6.1.3.1 North America Actuarial Software for Insurance Pricing Market Size by Application (2020-2025)
6.1.3.2 North America Actuarial Software for Insurance Pricing Market Share by Application (2020-2025)
6.1.4 North America Market Trend and Opportunities
6.2 Europe Market: Players, Segments and Downstream
6.2.1 Europe Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
6.2.2 Europe Market Size by Type
6.2.2.1 Europe Actuarial Software for Insurance Pricing Market Size by Type (2020-2025)
6.2.2.2 Europe Actuarial Software for Insurance Pricing Market Share by Type (2020-2025)
6.2.3 Europe Market Size by Application
6.2.3.1 Europe Actuarial Software for Insurance Pricing Market Size by Application (2020-2025)
6.2.3.2 Europe Actuarial Software for Insurance Pricing Market Share by Application (2020-2025)
6.2.4 Europe Market Trend and Opportunities
6.3 Asia-Pacific Market: Players, Segments and Downstream
6.3.1 Asia-Pacific Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
6.3.2 Asia-Pacific Market Size by Type
6.3.2.1 Asia-Pacific Actuarial Software for Insurance Pricing Market Size by Type (2020-2025)
6.3.2.2 Asia-Pacific Actuarial Software for Insurance Pricing Market Share by Type (2020-2025)
6.3.3 Asia-Pacific Market Size by Application
6.3.3.1 Asia-Pacific Actuarial Software for Insurance Pricing Market Size by Application (2020-2025)
6.3.3.2 Asia-Pacific Actuarial Software for Insurance Pricing Market Share by Application (2020-2025)
6.3.4 Asia-Pacific Market Trend and Opportunities
6.4 Latin America Market: Players, Segments and Downstream
6.4.1 Latin America Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
6.4.2 Latin America Market Size by Type
6.4.2.1 Latin America Actuarial Software for Insurance Pricing Market Size by Type (2020-2025)
6.4.2.2 Latin America Actuarial Software for Insurance Pricing Market Share by Type (2020-2025)
6.4.3 Latin America Market Size by Application
6.4.3.1 Latin America Actuarial Software for Insurance Pricing Market Size by Application (2020-2025)
6.4.3.2 Latin America Actuarial Software for Insurance Pricing Market Share by Application (2020-2025)
6.4.4 Latin America Market Trend and Opportunities
6.5 Middle East & Africa Market: Players, Segments and Downstream
6.5.1 Middle East & Africa Actuarial Software for Insurance Pricing Revenue by Company (2020-2025)
6.5.2 Middle East & Africa Market Size by Type
6.5.2.1 Middle East & Africa Actuarial Software for Insurance Pricing Market Size by Type (2020-2025)
6.5.2.2 Middle East & Africa Actuarial Software for Insurance Pricing Market Share by Type (2020-2025)
6.5.3 Middle East & Africa Market Size by Application
6.5.3.1 Middle East & Africa Actuarial Software for Insurance Pricing Market Size by Application (2020-2025)
6.5.3.2 Middle East & Africa Actuarial Software for Insurance Pricing Market Share by Application (2020-2025)
6.5.4 Middle East & Africa Market Trend and Opportunities
7 Key Players Profiles
7.1 Akur8
7.1.1 Akur8 Company Details
7.1.2 Akur8 Business Overview
7.1.3 Akur8 Actuarial Software for Insurance Pricing Introduction
7.1.4 Akur8 Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.1.5 Akur8 Recent Development
7.2 Addactis
7.2.1 Addactis Company Details
7.2.2 Addactis Business Overview
7.2.3 Addactis Actuarial Software for Insurance Pricing Introduction
7.2.4 Addactis Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.2.5 Addactis Recent Development
7.3 Hyperexponential
7.3.1 Hyperexponential Company Details
7.3.2 Hyperexponential Business Overview
7.3.3 Hyperexponential Actuarial Software for Insurance Pricing Introduction
7.3.4 Hyperexponential Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.3.5 Hyperexponential Recent Development
7.4 AXIS
7.4.1 AXIS Company Details
7.4.2 AXIS Business Overview
7.4.3 AXIS Actuarial Software for Insurance Pricing Introduction
7.4.4 AXIS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.4.5 AXIS Recent Development
7.5 WTW RiskAgility
7.5.1 WTW RiskAgility Company Details
7.5.2 WTW RiskAgility Business Overview
7.5.3 WTW RiskAgility Actuarial Software for Insurance Pricing Introduction
7.5.4 WTW RiskAgility Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.5.5 WTW RiskAgility Recent Development
7.6 SAS
7.6.1 SAS Company Details
7.6.2 SAS Business Overview
7.6.3 SAS Actuarial Software for Insurance Pricing Introduction
7.6.4 SAS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.6.5 SAS Recent Development
7.7 Stoch Analytics
7.7.1 Stoch Analytics Company Details
7.7.2 Stoch Analytics Business Overview
7.7.3 Stoch Analytics Actuarial Software for Insurance Pricing Introduction
7.7.4 Stoch Analytics Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.7.5 Stoch Analytics Recent Development
7.8 FIS Prophet
7.8.1 FIS Prophet Company Details
7.8.2 FIS Prophet Business Overview
7.8.3 FIS Prophet Actuarial Software for Insurance Pricing Introduction
7.8.4 FIS Prophet Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.8.5 FIS Prophet Recent Development
7.9 Aon
7.9.1 Aon Company Details
7.9.2 Aon Business Overview
7.9.3 Aon Actuarial Software for Insurance Pricing Introduction
7.9.4 Aon Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.9.5 Aon Recent Development
7.10 WNS
7.10.1 WNS Company Details
7.10.2 WNS Business Overview
7.10.3 WNS Actuarial Software for Insurance Pricing Introduction
7.10.4 WNS Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.10.5 WNS Recent Development
7.11 Milliman
7.11.1 Milliman Company Details
7.11.2 Milliman Business Overview
7.11.3 Milliman Actuarial Software for Insurance Pricing Introduction
7.11.4 Milliman Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.11.5 Milliman Recent Development
7.12 PolySystems
7.12.1 PolySystems Company Details
7.12.2 PolySystems Business Overview
7.12.3 PolySystems Actuarial Software for Insurance Pricing Introduction
7.12.4 PolySystems Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.12.5 PolySystems Recent Development
7.13 Insureware
7.13.1 Insureware Company Details
7.13.2 Insureware Business Overview
7.13.3 Insureware Actuarial Software for Insurance Pricing Introduction
7.13.4 Insureware Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.13.5 Insureware Recent Development
7.14 RNA Analytics
7.14.1 RNA Analytics Company Details
7.14.2 RNA Analytics Business Overview
7.14.3 RNA Analytics Actuarial Software for Insurance Pricing Introduction
7.14.4 RNA Analytics Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.14.5 RNA Analytics Recent Development
7.15 Montoux
7.15.1 Montoux Company Details
7.15.2 Montoux Business Overview
7.15.3 Montoux Actuarial Software for Insurance Pricing Introduction
7.15.4 Montoux Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.15.5 Montoux Recent Development
7.16 Slope Software
7.16.1 Slope Software Company Details
7.16.2 Slope Software Business Overview
7.16.3 Slope Software Actuarial Software for Insurance Pricing Introduction
7.16.4 Slope Software Revenue in Actuarial Software for Insurance Pricing Business (2020-2025)
7.16.5 Slope Software Recent Development
8 Actuarial Software for Insurance Pricing Market Dynamics
8.1 Actuarial Software for Insurance Pricing Industry Trends
8.2 Actuarial Software for Insurance Pricing Market Drivers
8.3 Actuarial Software for Insurance Pricing Market Challenges
8.4 Actuarial Software for Insurance Pricing Market Restraints
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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