Actuarial, Pricing & Underwriting Analytics Software for Insurers — Valuation (IFRS 17 / LDTI), Reserving, Rating, Catastrophe Models and Underwriting Workbenches
The buyer population — Insurance carriers
Base industry report for 5241 →- Establishments · CanadaA
- 1,686
- Under 10 employeesA
- 42%
- Establishments · USA
- 30,589
- Employment · USA
- 1,544,317
- Payroll · USA
- $167.2B
Of 1,686 Canadian establishments with employees, 42% have fewer than ten — an industry where large establishments carry real weight. Each of those is one potential account, before any filter for size or fit.
Entry signal — what decides who wins here
One thing must be trueEntry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.
Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.
Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 16
The binding constraint — incumbent vulnerability
Every layer of this market already has a regulated-grade incumbent, and the layer that was open in 2020 — machine-learning pricing — has been funded and then partly absorbed by the core-system owners. Life and long-duration valuation (IFRS 17, which took effect for annual periods beginning on or after 1 January 2023 [A], and the US LDTI standard) runs on FIS Insurance Risk Suite – Prophet, Milliman's Integrate/MG-ALFA and WTW's actuarial software; these models sit inside the appointed actuary's sign-off, so OSFI's IFRS 17 memoranda to appointed actuaries (November 2022) [A] are effectively a list of reasons not to change engines. Catastrophe modelling is a two-firm market of public-company units: Verisk says it 'pioneered the field of probabilistic catastrophe modeling' with models in 120+ countries and territories [A], and Moody's paid about $2 billion for RMS in 2021 [B]; Moody's Analytics now reports $685m of Insurance revenue (2025, +15%) [A] and Verisk $2.18B of Underwriting revenue (2025) [A], which also covers ISO's loss costs and rating rules across 32 lines [A]. The challengers are real and well funded: Akur8 ($180m raised, $120m Series C led by One Peak in 2024, with Guidewire as an investor) [B] bought Milliman's Arius reserving software (2024) and Slope Software's life modelling platform (March 2026) [B], so it now spans P&C pricing, reserving and life valuation; hyperexponential ($91m: $18m Series A, $73m Series B led by Battery Ventures) [B] owns commercial and specialty pricing; Earnix ($75m in 2021 at a $1B pre-money, led by Insight Partners) [B] won Canada's Definity for personal auto and property pricing in May 2026 [C]; Federato (over $180m, $100m Series D led by Goldman Sachs Alternatives, November 2025) [B] sells the underwriting workbench and now calls itself an AI-native core system [C]. And the core vendors are closing the gap from below: Guidewire bought Poland's Quantee in April 2025 [A] and InsuranceSuite now lists PricingCenter and an agentic UnderwritingCenter as core applications [A] (FY2026 revenue $1.48B [A]); Duck Creek, private under Vista since a $2.6B take-private in 2023 [B], sells its own rating and analytics. How this differs from its neighbours: 5241 Insurance Carrier Core Systems is policy, billing and claims — the system of record; this record is the actuarial and pricing brain that sits beside it and is bought by the chief actuary and underwriting heads, not the CIO. 524210 is the broker's agency management system. 5239 Financial Data & Credit Analytics is ratings and credit data (the other half of Moody's and S&P). 5261 is the pension fund as a buyer of investment services. Incumbent vulnerability decides it: the buyers are a few hundred regulated carriers with actuarial sign-off risk, the platforms they trust are public-company units or $100m+-funded specialists, and the one open seam — modern pricing — is being folded into Guidewire's core.
Sectors joined: InsurTech · Insurtech/Femtech · Insurance SaaS
[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.
The incumbent
Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
The field
Every vendor named on this record, and what each one discloses. Most disclose nothing, which is why the market is not sized.
Competitor set · 13 named · 3 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| FISA | not disclosed | — | Public (NYSE: FIS); the 10-K places actuarial risk for insurers inside its Capital Markets risk portfolio and does not break it out — Jacksonville, FL. Insurance Risk Suite – Prophet: actuarial modelling, ALM, capital and reporting for IFRS 17, Solvency II and local GAAP |
| MillimanC | not disclosed | — | Private, employee-owned; not disclosed — Seattle, WA; founded 1947. Integrate (cloud platform built on MG-ALFA) for life valuation and projections; sold Arius to Akur8 in 2024 and took more Akur8 equity |
| WTWA | not disclosed | — | Public (NASDAQ: WTW); Insurance Consulting and Technology sits in the Risk & Broking segment and is not broken out — London (principal executive offices). ICT sells software and technology, product pricing, financial and capital modelling to insurers [A]; product names (Radar, ResQ, Igloo) not re-opened — website blocked automated access |
| VeriskA | $$2.18B | — | 2025 Underwriting revenue [A]; includes ISO forms/loss costs, catastrophe models and other underwriting data — Jersey City, NJ. Catastrophe and Risk Solutions (formerly AIR): models in 120+ countries and territories; ISO loss costs and rating rules across 32 lines |
| MoodysA | $$685m | — | 2025 Moody's Analytics Insurance revenue [A] — New York, NY. Moody's RMS catastrophe and climate models, bought for about $2B in 2021 |
| GuidewireA | $$1.48B | — | FY to 31 Jul 2026, whole company [A] — San Mateo, CA. PricingCenter (from the April 2025 Quantee acquisition) and agentic UnderwritingCenter now core InsuranceSuite apps; HazardHub, Predict, Cyence; investor in Akur8 |
| Duck CreekB | not disclosed | — | Private; taken private by Vista Equity Partners for about $2.6B (March 2023) — Boston, MA. Core P&C suite with its own rating; covered on the 5241 core-systems record |
| Akur8B | not disclosed | — | Private; $180m raised to Sept 2024 ($120m Series C led by One Peak, with Partners Group and Guidewire) — Paris. ML pricing (250+ customers in 40+ countries, vendor claim), Arius reserving (bought from Milliman 2024), Akur8 Life (Slope Software, bought March 2026) |
| hyperexponentialB | not disclosed | — | Private; $91m raised ($18m Series A 2021, $73m Series B Jan 2024 led by Battery Ventures with a16z) — London; founded 2017. Pricing and underwriting platform for commercial and specialty P&C; clients include Aviva, HDI, Conduit Re |
| EarnixB | not disclosed | — | Private; $75m growth round (Feb 2021) led by Insight Partners at a $1B pre-money valuation — Boston HQ (Waltham, MA address), R&D in Israel. Rating, pricing and decisioning (Price-It, AIOS); Definity chose it for personal auto, property and commercial auto pricing (May 2026) |
| FederatoB | not disclosed | — | Private; over $180m raised incl. $100m Series D (Nov 2025) led by Growth Equity at Goldman Sachs Alternatives — San Francisco. RiskOps underwriting workbench, now marketed as an AI-native core system; says revenue tripled in the year to Nov 2025 [C] |
| SASC | not disclosed | — | Private; insurance not broken out — Cary, NC. SAS Viya analytics and Intelligent Decisioning used by insurer actuarial and pricing teams |
| CotalityB | not disclosed | — | Private; CoreLogic rebranded as Cotality in March 2025 — Irvine, CA. Property, natural-catastrophe vulnerability and climate risk data and models for insurers |
Startups & challengers
Newer and smaller vendors going at the incumbent — funded challengers first. Named, not researched to the depth of the field above; a company with a page here links to it.
| Company | Stage | What it does | Raised |
|---|---|---|---|
| Cytora | Funded challenger | Commercial underwriting intake and risk-digitisation platform; homepage cites Zurich scaling it to 5 countries | — |
| Gradient AI | Funded challenger | AI underwriting and claims for health and P&C carriers, MGAs and PEOs; says 300+ enterprise deployments | — |
| Quantee | Startup | Polish dynamic-pricing insurtech; acquired by Guidewire April 2025, domain now redirects to Guidewire PricingCenter | — |
| Slope Software | Startup | Atlanta cloud life/annuity actuarial modelling platform; acquired by Akur8 March 2026, now Akur8 Life (domain redirects) | — |
Evidence
Evidence. Sourced 2026-10-20 by direct retrieval. Tier A: Verisk 10-K for 2025 (revenue $3,072.7m; Underwriting $2,179.9m; catastrophe modelling in 120+ countries and territories; ISO loss costs and rating rules across 32 lines); Moody's 10-K for 2025 (MA Insurance revenue $685m vs $598m); Guidewire 10-K for the year to 31 July 2026 (revenue $1,475.4m; PricingCenter and UnderwritingCenter in InsuranceSuite) and its FY2025 10-K (April 2025 acquisition of Quantee Sp. z o.o.); WTW 10-K for 2025 (ICT business description); FIS 10-K for 2025 (actuarial risk for insurance firms in its risk portfolio); IFRS Foundation IFRS 17 page (effective for periods beginning on or after 1 January 2023); OSFI 'Final IFRS 17 Memoranda to the Appointed Actuary for FRIs' (9 November 2022). Tier B: GlobeNewswire releases via AAP — Akur8 Series C (16 Sept 2024, $120m, total $180m, One Peak, Partners Group, Guidewire) and Akur8/Slope (17 Mar 2026); tech.eu (11 Jan 2024) on hyperexponential's $73m Series B and $18m Series A; Earnix's own release of the $75m Insight-led round (22 Feb 2021); Federato's own Series D release (18 Nov 2025, over $180m total); fintech.global (9 Sept 2024) on Akur8 buying Arius from Milliman (150+ clients); Carrier Management (17 Sept 2021) on Moody's/RMS at about $2B; Duck Creek's release on Vista's $2.6B take-private; Cotality's 'Meet Cotality' release (Irvine, 24 Mar 2025). Tier C: vendor homepages and product pages (FIS Prophet, Milliman Integrate, Akur8 customer count, Earnix/Definity release of 19 May 2026, Gradient AI, Cytora). Not opened: WTW's website (Vercel security checkpoint, HTTP 429) and the FASB LDTI page (Cloudflare challenge) — ASU 2018-12 is named from general knowledge. Market size for actuarial, pricing and underwriting software as a whole and the actuarial-software revenue of FIS, WTW and Milliman are UNVERIFIED.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
Sole qualifying and governing body of the actuarial profession in Canada; over 7,500 members — the buyers' professional body for IFRS 17 and pricing work
P&C actuarial credentialing body with nearly 12,000 members in 42 countries; sets the ratemaking and reserving syllabus
Life, health and pension actuarial credentialing body — the valuation and LDTI side of the buyer base
CAS signature seminar on pricing and predictive modelling — where pricing-software vendors meet carrier actuaries
CAS signature seminar and workshops on P&C loss reserving
2026 meeting in Hawaii (sold out in person; livestream offered)
Insurance trade associations (IBC, CLHIA, APCIA) are buyers' lobbies and sit with the 5241 core-systems record; OSFI and the IFRS Foundation are cited in evidence, not listed as communities. Reddit (r/actuary) was not checked.
The businesses it sells to
Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.
No operating-business record has been written along this branch yet. The base industry report says what the subsector typically runs on.