The market for Annual Statement software exhibits the hallmarks of late-stage post maturity.
The statutory financial filing for insurers is very involved; it takes years for a new solution to be brought to market, whether it be from a new entrant or a new product from an existing provider. (This is not hyperbole: consider that Gain Compliance is the first new vendor approved by the NAIC in almost two decades.)
As Gain enters this market, where innovation has been sorely neglected by current vendors, the question arises:
What happens next?
Typically, as the useful life of existing software products as new technology comes to market, the answer is:
Consolidation.
And that’s most certainly what has happened with our competitors.
Since the NAIC’s certification of Gain’s software in 2017, the top three firms ended their very successful runs as independent, focused providers of Annual Statement and RBC Reporting software:
- 2017: Sapiens purchases Stone River
- 2019: Sovos acquires Eagle Technology Management
- 2020: Sovos acquires Booke Seminars
Representing approximately 85% of the market, these three vendors are now wholly owned by larger, multinational firms with visions and offerings far, far broader than the Stat. Filing Market.
Gain is not only the fastest growing provider of statutory financial reporting software for insurers, but we also uniquely stand as the only significant solution provider with total focus on this market.
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