DUBLIN, May 23, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Insurance IT Spending Market in the US 2016-2020" report to their offering.
This comprehensive report forecasts the IT Spending by Insurance in the US to grow at a CAGR of 3.3% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A current trend in the IT spending market is the intensification of cloud computing. The adoption of cloud computing solutions in the financial industry in the US has increased to implement flexible, scalable, and cost-effective IT solutions. Cloud-based solutions help insurance firms to decrease their total cost of ownership by reducing the upfront installation costs of IT systems. Firms subscribe to cloud-based solution to shift from on premise to SaaS-based deployment model. Insurance firms shift to cloud-based IT infrastructure model to increase flexibility in IT resource utilization and attain cost-effectiveness through pay per use pricing model.
According to the report, a key growth driver is the popularity of usage-based insurance. Usage-based insurance (UBI), also known as pay as you drive, is an innovative insurance model deployed in the auto insurance industry. UBI policies require advanced communication systems, connected devices, and telematics solutions to monitor the behavior of vehicle drivers and accordingly calculate premium amounts. Software firms offer telematics, ICT, and IoT solutions for auto insurance firms to provide UBI policies. UBI policies integrated with analytics solutions help auto insurers to calculate premiums accurately by analyzing numerous factors such as vehicle speed, vehicle position, changes in acceleration, and mileage.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Guidewire Software
- EXL Service
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by technology
PART 07: Market segmentation by industry sector
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: About the Author
For more information visit http://www.researchandmarkets.com/research/pqdzbr/insurance_it
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SOURCE Research and Markets