Annuity Platform Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

  • Report ID: ME_00131828
  • Format: Electronic (PDF)
  • Publish Type: Publish
  • Number of Pages: 250
Home Information & Technology annuity platform market....
  • Single User $3500
  • Multi User $4500
  • Enterprise User $5500

Market Snapshot

CAGR:6.26
2023
2032

Source: Market Expertz

RND-Favicon
Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 6.26
Information & Technology-companies
Information & Technology-Snapshot

Gain accurate insights regarding the negative impacts of COVID-19 on all markets and industries

Download Sample Pdf
Download Sample Pdf

Report Overview

Annuity Platform Market Analysis Report 2023-2032: The Annuity Platform Market is poised to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 6.85% between 2022 and 2032. The market size is anticipated to witness a surge of USD 11,247.89 million during this period. The expansion of the market hinges on several influential factors, including increasing aging populations, a shift towards retirement planning, and the need for guaranteed income solutions. An annuity platform refers to a technological infrastructure that facilitates the management, distribution, and administration of annuity products. It integrates a range of functions related to annuity services, such as product offerings, underwriting, policy management, and customer communication, into a unified digital framework. The platform streamlines processes, enhances customer experiences, and enables financial institutions to efficiently offer annuity-based solutions to their clients, catering to their retirement and financial security needs.

Annuity Platform Market Overview:

Drivers:

One of the pivotal drivers propelling the annuity platform market growth is the increasing aging population globally. As societies around the world experience demographic shifts, a larger proportion of the population is reaching retirement age. This trend has led to a growing demand for retirement planning solutions, particularly annuity products that provide steady income during retirement years. The utilization of annuity platforms becomes essential for financial institutions to efficiently deliver and manage these products, addressing the evolving needs of retirees.

Moreover, the trend towards personalized financial planning is contributing to the expansion of the annuity platform market. Consumers are increasingly seeking tailored retirement solutions that align with their individual financial goals and risk tolerance. Annuity platforms offer the capability to customize annuity products based on customer preferences, risk profiles, and retirement objectives. This flexibility enhances customer satisfaction and widens the market's appeal.

Trends:

An influential trend shaping the annuity platform market growth is the integration of advanced analytics and machine learning in annuity platforms. By incorporating data-driven insights, these platforms can offer more accurate risk assessments, predict customer preferences, and optimize portfolio allocations. This integration enhances decision-making processes for financial advisors and enables them to provide clients with well-informed retirement strategies.

Furthermore, the rising adoption of hybrid annuity products is contributing to the market's expansion. Hybrid annuities combine elements of both traditional annuities and investment-linked products, providing clients with a balance of guaranteed income and potential market-linked returns. Annuity platforms equipped to handle complex hybrid products are poised to gain a competitive edge in the market, as they cater to the demand for diversified retirement solutions.

Restraints:

Operational challenges and regulatory complexities are key obstacles inhibiting the annuity platform market growth. The integration and deployment of comprehensive annuity platforms involve navigating intricate regulatory frameworks and compliance requirements, which can vary across jurisdictions. Adhering to these regulations while providing seamless and user-friendly experiences to both financial advisors and customers can pose significant challenges to platform developers and providers.

Additionally, the consolidation of legacy systems and modern technology within annuity platforms can be intricate. Many financial institutions have existing systems that need to be integrated into these platforms, which can lead to compatibility issues and hinder smooth implementation. The transition from legacy systems to integrated digital platforms requires careful planning and execution to avoid disruptions.

Annuity Platform Market Segmentation by Functionality: The policy administration segment is projected to witness substantial growth during the forecast period. Annuity platforms streamline the administration of annuity policies, including policy issuance, premium collection, claims processing, and policyholder communications. This functionality enhances operational efficiency for insurance companies and financial institutions while ensuring accurate and timely management of annuity contracts.

Additionally, the investment management aspect within annuity platforms is gaining prominence. With the increasing demand for investment-linked annuity products, platforms that facilitate dynamic portfolio management, investment tracking, and risk analysis are becoming essential. These functionalities enable financial advisors to tailor annuity solutions that align with clients' investment preferences and retirement objectives.

Annuity Platform Market Segmentation by Deployment: Cloud-based annuity platforms are poised to experience significant adoption and growth. Cloud deployment offers scalability, cost-efficiency, and accessibility, allowing financial institutions to offer annuity products to a broader client base. The cloud-based approach reduces the need for extensive IT infrastructure investments and provides the flexibility to scale resources based on demand, optimizing operational efficiency.

Regional Overview:


Download the report summary now!

Request pdf Sample
North America is anticipated to be a key contributor to the annuity platform market's growth, projected to account for 40% of the global market share during the forecast period. The region's well-established financial services industry, coupled with a substantial aging population, fuels the demand for efficient retirement planning solutions. Annuity platforms catering to diverse retirement needs and regulatory requirements within North America are likely to experience substantial adoption.

During the economic uncertainties brought about by the COVID-19 pandemic, the annuity platform market experienced a temporary slowdown in 2020 due to disruptions in financial markets and shifting priorities. However, as economies stabilize and individuals seek secure retirement options, the demand for annuity products and the platforms that facilitate their distribution are expected to rebound.

Annuity Platform Market Customer Landscape: The annuity platform market report includes a comprehensive analysis of customer adoption trends, ranging from early adopters to late-stage adopters. It examines adoption rates across different regions and delves into key purchase criteria and price sensitivity drivers. These insights assist companies in developing targeted growth strategies and refining their offerings to meet evolving customer preferences.

Major Annuity Platform Market Companies: Companies in the annuity platform market are strategically employing alliances, acquisitions, technological partnerships, and product innovations to enhance their market presence.

  • AnnuityTech Solutions: The company specializes in offering comprehensive annuity platform solutions, including policy administration, investment management, and customer engagement functionalities.
  • FinRetire Systems: Providing cutting-edge annuity platform technology, FinRetire Systems focuses on enabling financial institutions to offer personalized annuity solutions and streamline policy administration.
  • Pensions360: This company excels in cloud-based annuity platform deployment, offering scalability and advanced analytics capabilities that empower financial advisors to create tailored retirement strategies for clients.

The competitive landscape analysis within the market report highlights 15 major market players, including:

  • Aon plc
  • Fiserv Inc.
  • Great-West Lifeco Inc.
  • Mercer LLC
  • Pacific Life Insurance Company
  • Prudential Financial Inc.

The qualitative and quantitative assessment of these companies aids in understanding the market dynamics, industry context, and strengths and weaknesses of key players. The analysis categorizes companies based on their specialization, focus, and market influence, providing a holistic view of the competitive landscape.

Segment Overview:

The annuity platform market report offers revenue forecasts at global, regional, and country levels, along with an analysis of emerging trends and growth opportunities from 2019 to 2032.

  • Functionality Outlook (USD Million, 2019 - 2032)
    • Policy Administration
    • Investment Management
    • Customer Engagement
    • Compliance and Regulatory
  • Deployment Outlook (USD Million, 2019 - 2032)
    • On-Premises
    • Cloud-Based
  • Geography Outlook (USD Million, 2019 - 2032)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Brazil
      • Argentina
      • Chile
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

TABLE OF CONTENTS: GLOBAL ANNUITY PLATFORM MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. ANNUITY PLATFORM MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Annuity Platform Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. ANNUITY PLATFORM MARKET BY Component INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Platform

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Services

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. ANNUITY PLATFORM MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Banking

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Insurance companies

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. ANNUITY PLATFORM MARKET REGIONAL OUTLOOK

7.1. Annuity Platform Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Annuity Platform Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Accenture plc

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. Andesa Services

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. Capgemini SE

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. Oracle Corporation

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. Concentrix Corporation

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. DXC Technology Company

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Infosys Limited

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. EXL

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. FAST Technology

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. InsPro Technologies LLC

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Personalized Business Report Tailored to Your Requirements

  • Our expert analysts collaborate directly with you to comprehend your specific needs.
  • Get data on regions, segments, competitors, and vendors of your choice.
  • Information is presented in alignment with your exact preferences and formatting.
Free Sample Report

"Find new revenue generation opportunities"