Personal Property and Casualty (P&C) Insurance Core Platform Market

Personal Property & Casualty (P&C) Insurance Core Platform Market Overview 

The global Personal Property & Casualty (P&C) Insurance Core Platform Market size was valued at USD XX billion in 2024 and is predicted to reach USD XX billion by 2030 with a CAGR of XX% from 2025-2030.  

The factors such as integration of AI, rising initiatives by key player sector, and growing GWP of insurance companies drives the market growth. However, the high cost of integrating these with existing system restrains the growth of the market. On the contrary, adoption of blockchain technology creates future market opportunities. 

In addition, key market players such as Sapiens and Genasys among other are adopting various strategies such as product launches to remain dominant in the market. By region, North America dominates the market is anticipated to retain its dominant position in the coming years.

Integration of Artificial Intelligence with Core Platform Boosts the Personal Property & Casualty (P&C) Insurance Core Platform Market Demand

The adoption of artificial intelligence into policy administration systems enhances the market by facilitating streamlined claims processing, underwriting, and risk determination. 

For example, in January 2024, Insurity introduced its analytics solutions that leverage AI to enhance data power decision making for property and casualty insurance companies. The technology enables insurers to forecast future patterns and enhance operational effectiveness. Such increase in the AI driven automation lowers operational costs and increases accuracy, thus propelling market growth. 

Rising Initiatives by Key Players Boosts the Market Growth

The expanding collaborations among key players such as Insurity, OIP Robotics, and Appian Corporation drive the growth of the market. These alliances facilitate the creation of innovative solutions that optimize operational effectiveness, simplify claims management, and improve customer satisfaction. 

For example, in March 2024, Insurity partnered with OIP Robotics to transform data processing within P&C insurance. This collaboration aims to automate and streamline the policy lifecycle management process. This highlights the importance of personalization in the insurance sector, ultimately fuels the market growth.

Rising GWP in Insurance Sector Boosts the Personal Property & Casualty (P&C) Insurance Core Platform Market Growth

The increasing gross written premiums in the insurance industry increases the need for the market because it enables insurance firms to invest in new technologies that enhance their core platforms, thus making such sophisticated risk assessment solutions necessary for expanding operations and maintaining a competitive edge in the market. 

In line with the International Association of Insurance Supervisors' 2023 report, the worldwide GWP touched an approximate USD 7.19 trillion in 2023, accounting for a growth rate of 6.1%. The trend strongly indicates the imperative for insurers to innovate and diversify their products to adapt to changing consumer needs and accordingly spur market growth.

High Integration Cost Restrains the Personal Property & Casualty (P&C) Insurance Core Platform Market Expansion 

The high implementation costs in the personal property and casualty insurance core platform serve as a significant restraining factor. The substantial initial investment required for deploying a new core platform deter smaller insurers from upgrading or adopting new systems, thereby limiting market growth.

Adoption of Blockchain Technology Creates Market Growth Opportunity

integration of blockchain into personal P&C insurance core platforms presents substantial growth opportunities in the future. This technology enhances efficiency in policy issuance and claims management by improving data accuracy and security. With real-time access to policyholder information and automated claims processes, blockchain minimizes fraud while reducing operational costs, thereby transforming the overall customer experience.

Market Segmentation and Scope of the Study

The personal property & casualty (P&C) insurance core platform market report is segmented on the basis of insurance type, component, deployment model, end user, and region. On the basis of insurance type, the market is divided into personal property insurance and personal casualty insurance. On the basis of component, the market is segmented into software and services. On the basis of deployment model, the market is classified into cloud-based and on-premises. Based on end user, the market is divided into insurance companies, reinsurers, third-party administrators, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW. 

Geographical Analysis 

North America dominates the personal property and casualty insurance core platform market share driven by the presence of key players such as Next, Guidewire Software Inc. and DXC Technology. These companies are adopting several strategies and innovative solutions of these players play a major role in the expansion of the market in the region. 

For example, in May 2023, Next Insurance launched a new solution to simplify the process of getting insurance quotes for small businesses. This LegalZoom-integrated platform enables customers to get tailored insurance quotes virtually instantly. In this way, such partnerships highlight the region's progress in insurance solutions through innovation and customer-first strategies that ultimately fuels market expansion.

Additionally, integration of AI into insurance core platforms further drives the market growth in this region. AI enables insurance companies to automate claim processing and improve risk assessment, leading to better operational efficiency. 

For example, in September 2024, Majesco launched an AI ecosystem. The ecosystem allows insurance companies to automate various operations, reducing human errors. This trend shows how AI is changing the insurance industry for more efficient services.

On the other hand, Europe is anticipated to demonstrate a consistent increase in the personal property & Casualty (P&C) insurance core platform sector as a result of increasing insurance premiums that compel insurers to improve their core platforms for improved policy management and customer service. Total premium volume within the UK insurance industry grew by 8.0% in the year 2022 compared to the year 2021, as per the 2023 report issued by the International Cooperative and Mutual Insurance Federation. Such growth indicates the need for efficient core platform in satisfying the dynamic requirements of consumers that in turn drives the growth of the market.

In addition, the growing emphasis on the customized customer experiences in personal P&C insurance platform drives the market growth. The insurance companies are turning toward the personalized offerings that suit the unique needs of each customer which contributes toward better customer satisfaction and increased retention. 

As such, in July 2023, the AXA partnered with CoverGo that seeks to bring digital transformation as well as enhanced personalized customer experience through faster speed-to-market as well as embracing cutting-edge technologies to provide insureds with individualized insurance options. This approach towards personalization increases satisfaction while fueling more flexible and consumer-centric insurance core platforms.

Competitive Landscape

The personal property & casualty (P&C) insurance core platform industry comprises of various key players such as Guidewire Software, Inc, DXC Technology, Sapiens International Corporation, Duck Creek Technologies, Insurity LLC, Majesco, EIS Software Limited, OneShield, Mphasis, Appian Corporation, Mendix Technology BV, EIS Software Limited, Capgemini, Quantiphi, HCL Tech, and others. These market players are adopting various strategies including product launches to stay competitive and maintain their market positions. 

For example, in June 2024, Sapiens launched intelligent insurance platform aiming to improve the operational efficiency of insurance firms. The platform utilizes advanced technologies that allows insurers to automate business operations.
Moreover, in March 2024, Genasys launched tge Genasys Unify to its core platform. The upgrade streamlines the insurance experience for businesses and their customers by providing end-to-end insurance administration functionality in one unified solution.

Key Benefits

• The report provides quantitative analysis and estimations of the market from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the current and future personal property & casualty (P&C) insurance core platform market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the personal property & casualty (P&C) insurance core platform industry is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Personal Property & Casualty (P&C) Insurance Core Platform Market Key Segments

By Insurance Type

• Personal Property Insurance

• Personal Casualty Insurance 

By Component

• Software

• Services 

By Deployment Model

• Cloud-based

• On-Premises

By End User

• Insurance Companies

• Reinsurers

• Third-Party Administrators

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden    

  • Norway

  • Russia

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Guidewire Software, Inc

• DXC Technology

• Sapiens International Corporation

• Duck Creek Technologies

• Insurity LLC

• Majesco

• EIS Software Limited

• OneShield

• Mphasis

• Appian Corporation

• Mendix Technology BV

• EIS Software Limited

• Capgemini

• Quantiphi

• HCL Tech

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD XX billion
Revenue Forecast in 2030	USD XX billion
Growth Rate	CAGR of XX% from 2024 to 2030
Analysis Period	2024–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	The integration of AI boosting the market growth. The increasing emphasis on personalized customer experiences propels growth of the market. The increasing Gross Written Premium (GWP) propels market expansion.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.