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Insurance Analytics Market (Component - Tool; Deployment - Cloud, and On-premise; Application - Claim Management, Risk Management, Process Optimization, and Customer Management & Personalization; Enterprise Size - Large Enterprise, and SMEs; End-users - Insurance Companies, Government Agencies, and Third-party Administrators, Brokers, and Consultancies): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2020

  • Rep Id : ICT1430

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on insurance analytics market provides an in-depth analysis of segments and sub-segments in the global as well as regional insurance analytics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional insurance analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global insurance analytics market. According to the report, the global insurance analytics market is projected to grow at a CAGR of 12.27% over the forecast period of 2020-2026.

 

Market Insight

Insurance analytics provide tools and services that can be used to process and analyze data to generate comprehensions, which are helpful in decision making. The rising competition in the market is encouraging companies to upgrade their existing business model, streamline operations, and enhance the procedures. Furthermore, rapidly maturing digital infrastructure and increasing fraudulent activities in the insurance industry is anticipated to increase the demand for analytics solutions. In consequence of the changing financial policies and regulations across the world, the insurance facilities are compelled to opt for analytics to control their operations.

 

Insurers are now leveraging analytics solutions to provide additional policy discounts and preemptive risk management services. Insurers are now able to understand their customers’ lifestyles and create customized coverage to match their requirements. For example, if an insurer learns about a customer’s upcoming travel plans, they can create personalized travel coverage to take care of their travel insurance. They are now able to send automated messages to inform drivers in case of adverse weather conditions or major road repair supporting their clients to take alternative routes providing an enriching experience. Furthermore, the rapid adoption of data-driven decision making and the growing adoption of advanced analytics techniques are boosting the growth of the insurance analytics market. Additionally, higher adoption of insurance analytics services and tools among the SMEs and the increasing adoption of IoT insurance are projected to offer lucrative opportunities in this market. On the other hand, data quality and security issues, and the dearth of skilled workforce are the factors hindering the growth of the market. Furthermore, the current concern over the spread of novel coronavirus is also expected to have a positive and long term impact on the insurance analytics market. The COVID-19 pandemic highlights the necessity of robust data and advanced analytics, which can condense the uncertainty during dynamic disease outbreaks. The leading factors driving the growth of COVID-19 outbreak impact on the analytics industry comprise increased investments in analytics, increasing demand for remote services and location data, and growing demand for digital transformation.

 

Among the geographies, the North America region is expected to hold the largest share in the global insurance analytics market owing to the early adoption of technology advancements and analytics. The United States and Canada are anticipated to be the major revenue contributors in the North American insurance analytics market. Most of the insurance analytics vendors, comprising major players, have a direct or an indirect presence in this region through distributors and resellers. Furthermore, the Asia Pacific region is projected to grow at the fastest rate in the global insurance analytics market during the projection period, owing to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are anticipated to drive the insurance analytics market in the Asia Pacific region.

 

Segment Covered

The report on the global insurance analytics market covers segments such as component, deployment, application, enterprise size, and end-users. On the basis of the component, the sub-markets include tool. On the basis of deployment, the sub-markets include cloud, and on-premise. On the basis of application, the sub-markets include claim management, risk management, process optimization, and customer management & personalization. On the basis of enterprise size, the sub-markets include large enterprise, and SMEs. On the basis of end-users, the sub-markets include insurance companies, government agencies, and third-party administrators, brokers, and consultancies.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Hexaware Technologies, LexisNexis Risk Solutions, Microsoft Corporation, MicroStrategy Inc., OpenText, Oracle Corporation, PEGASYSTEMS INC., Sapiens International, Tableau Software, LLC, and Verisk Analytics, Inc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of insurance analytics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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