The insurance sector has been thriving consistently over the years. The advent of the insurance sector can be traced roughly to the Babylonian period that is nearly 3000 years ago. Benjamin Franklin popularized the idea of insurance among the masses and since then, the insurance sector has evolved at a rapid rate. With a plethora of technological advancements over the period, the insurance sector has also seen great progress in terms of technology. Insurance software is a byproduct of technological advancements.