Life insurance policy administration systems set for 13.1% CAGR

The industry will likely record $11.20b by 2029.

The global market for life insurance policy administration systems is continuing to expand, rising from $6.13b in 2024 to an estimated $6.93b in 2025, according to The Business Research Company. 

This represents a compound annual growth rate (CAGR) of 13.1%.

The growth is being driven by increasing demand for automated policy processing, more complex insurance products, stricter regulatory requirements, rising customer expectations for faster service, and wider adoption of digital platforms across the insurance sector.

The market is forecast to accelerate further, reaching $11.20b by 2029 at a CAGR of 12.7%. 

Analysts attribute the outlook to stronger uptake of cloud-based policy management systems, growing demand for personalised insurance services, and insurers’ rising focus on customer experience. 

Increased use of digital payments, e-policy solutions, and real-time analytics is also expected to support market expansion.