According to Market Study Report, Insurance Analytics Market provides a comprehensive analysis of the Insurance Analytics Market segments, including their dynamics, size, growth, regulatory requirements, competitive landscape, and emerging opportunities of global industry. This report also provides market landscape and market share information in the Insurance Analytics Market.
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The Global Insurance Analytics Market to grow from USD 6.63 Billion in 2018 to USD 11.96 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. This report spread across 179 pages, profiling 25 companies and supported with 73 tables and 51 figures are now available in this research.
Top Key Players profiled in the global insurance analytics market include are IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), BRIDGEi2i (India).
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.
Insurance companies are now widely adopting various technology solutions including analytics for their internal and customer-facing services. For example, multi-line carriers that supply both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions.
“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC Region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5years.
Breakdown of primary participants’ profile:
By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%
Competitive Landscape of Insurance Analytics Market:
2 Competitive Scenario
2.1 New Product Launches and Product Upgradations
2.2 Partnerships and Collaborations
2.4 Business Expansions
3 Insurance Analytics Market: Prominent Players
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The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services.