Actuarial Software for Insurance Pricing Market Size(US$)

CAGR 2026-2032
6.6%
Market Size,2032
USD 1,411
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$ 911 million in 2025 and is projected to reach US$ 1411 million, growing at a CAGR of 6.6% from 2026 to 2032.
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 provides a comprehensive view of the global market for Actuarial Software for Insurance Pricing, covering total sales revenue, the market share and ranking of key companies, along with analyses by region & country, by Type, and by Application.
The Actuarial Software for Insurance Pricing market size, estimations, and forecasts are presented in terms of sales revenue ($ millions), with 2025 as the base year and historical and forecast data from 2021 to 2032. The report combines quantitative and qualitative analysis to help readers develop growth strategies, assess the competitive landscape, evaluate 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 scope of the report and the global market size (value). It also summarizes market dynamics and recent developments; identifies key drivers and restraints; outlines challenges and risks for players; reviews relevant industry policies.
Chapter 2: Provides a detailed analysis of the Actuarial Software for Insurance Pricing companies' competitive landscape—including revenue shares, recent development plans, and mergers and acquisitions (M&A).
Chapter 3: Analyzes market segmentation by Type, presenting the size and growth potential of each segment to help readers identify blue-ocean opportunities.
Chapter 4: Analyzes market segmentation by Application, presenting the size and growth potential of each downstream segment to help readers identify blue-ocean opportunities.
Chapter 5: Presents Actuarial Software for Insurance Pricing revenue at the regional level. It offers a quantitative assessment of market size and growth potential by region and summarizes market development, future prospects, addressable space, and country-level market size worldwide.
Chapter 6: Presents Actuarial Software for Insurance Pricing revenue at the country level. It provides segmented data by Type and by Application for each country/region.
Chapter 7: Profiles key players, detailing the main companies' product revenue, gross margin, product portfolios, recent developments, etc.
Chapter 8: Analysis of Value 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 (2021–2032)
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 & Opportunities
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 (2025)
2.2 Global Actuarial Software for Insurance Pricing Revenue by Company (2021–2026)
2.3 Key Companies’ R&D and Operations Footprint and Headquarters
2.4 Key Companies Actuarial Software for Insurance Pricing Product Offerings
2.5 Key Companies General Availability (GA) Timeline for 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 (2021–2026)
2.6.2 Top 5 and Top 10 Global Companies by Actuarial Software for Insurance Pricing Revenue in 2025
2.6.3 Global Companies by Tier (Tier 1, Tier 2, Tier 3), based on Actuarial Software for Insurance Pricing revenue, 2025
2.7 Mergers & Acquisitions and Expansion
3 Segmentation Actuarial Software for Insurance Pricing Market Classification
3.1 Introduction by Type
3.1.1 On-premises
3.1.2 Cloud Based
3.1.3 Global Actuarial Software for Insurance Pricing Sales Value by Type
3.1.3.1 Global Actuarial Software for Insurance Pricing Sales Value by Type (2021 vs 2025 vs 2032)
3.1.3.2 Global Actuarial Software for Insurance Pricing Sales Value, by Type (2021–2032)
3.1.3.3 Global Actuarial Software for Insurance Pricing Sales Value, by Type (%), 2021–2032
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 (2021 vs 2025 vs 2032)
4.2.2 Global Actuarial Software for Insurance Pricing Sales Value by Application (2021–2032)
4.2.3 Global Actuarial Software for Insurance Pricing Sales Value by Application (%), 2021–2032
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: 2021 vs 2025 vs 2032
5.1.2 Global Actuarial Software for Insurance Pricing Sales Value by Region (2021–2026)
5.1.3 Global Actuarial Software for Insurance Pricing Sales Value by Region (2027–2032)
5.1.4 Global Actuarial Software for Insurance Pricing Sales Value by Region (%), 2021–2032
5.2 North America
5.2.1 North America Actuarial Software for Insurance Pricing Sales Value, 2021–2032
5.2.2 North America Actuarial Software for Insurance Pricing Sales Value by Country (%), 2025 vs 2032
5.3 Europe
5.3.1 Europe Actuarial Software for Insurance Pricing Sales Value, 2021–2032
5.3.2 Europe Actuarial Software for Insurance Pricing Sales Value by Country (%), 2025 vs 2032
5.4 Asia Pacific
5.4.1 Asia Pacific Actuarial Software for Insurance Pricing Sales Value, 2021–2032
5.4.2 Asia Pacific Actuarial Software for Insurance Pricing Sales Value by Subregion (%), 2025 vs 2032
5.5 South America
5.5.1 South America Actuarial Software for Insurance Pricing Sales Value, 2021–2032
5.5.2 South America Actuarial Software for Insurance Pricing Sales Value by Country (%), 2025 vs 2032
5.6 Middle East & Africa
5.6.1 Middle East & Africa Actuarial Software for Insurance Pricing Sales Value, 2021–2032
5.6.2 Middle East & Africa Actuarial Software for Insurance Pricing Sales Value by Country (%), 2025 vs 2032
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Actuarial Software for Insurance Pricing Sales Value Growth Trends, 2021 vs 2025 vs 2032
6.2 Key Countries/Regions Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.3 United States
6.3.1 United States Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.3.2 United States Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.3.3 United States Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.4 Europe
6.4.1 Europe Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.4.2 Europe Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.4.3 Europe Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.5 China
6.5.1 China Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.5.2 China Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.5.3 China Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.6 Japan
6.6.1 Japan Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.6.2 Japan Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.6.3 Japan Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.7 South Korea
6.7.1 South Korea Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.7.2 South Korea Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.7.3 South Korea Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.8 Southeast Asia
6.8.1 Southeast Asia Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.8.2 Southeast Asia Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.8.3 Southeast Asia Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
6.9 India
6.9.1 India Actuarial Software for Insurance Pricing Sales Value, 2021–2032
6.9.2 India Actuarial Software for Insurance Pricing Sales Value by Type (%), 2025 vs 2032
6.9.3 India Actuarial Software for Insurance Pricing Sales Value by Application, 2025 vs 2032
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
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), 2021–2026
7.16.5 Slope Software Recent Developments
8 Industry Chain Analysis
8.1 Actuarial Software for Insurance Pricing Value Chain
8.2 Actuarial Software for Insurance Pricing Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Key Suppliers of Raw Materials
8.2.3 Cost Structure
8.3 Midstream Analysis
8.4 Downstream (Customer) Analysis
8.5 Sales Model and Sales Channelss
8.5.1 Actuarial Software for Insurance Pricing Sales Model
8.5.2 Sales Channels
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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