Global Insurance Analytics Market Report 2022: Major Players Include Applied Systems, Microsoft, Open Text, Oracle and Pegasystems

DUBLIN, April 5, 2023 /PRNewswire/ -- The "Insurance Analytics Global Market Report 2022: Ukraine-Russia War Impact" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global insurance analytics market.

The global insurance analytics market is expected to grow from $10.07 billion in 2021 to $11.64 billion in 2022 at a compound annual growth rate (CAGR) of 15.6%. The insurance analytics market is expected to reach $20.72 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%.

Major players in the insurance analytics market are Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc, SAP SE, SAS Institute Inc., Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc.

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The insurance analytics market consists of sales of insurance analytics services by entities (organizations, sole traders, and partnerships) that are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on.

Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth.

The main components in the insurance analytics market are solutions and services. Solution refers to the process of collecting, analyzing, and extracting relevant insights from various data sources. The applications include claims management, risk management, customer management and personalization, process optimization, and other applications. The various end users include insurance companies, government agencies, third-party administrators, brokers, and consultancies.

North America was the largest region in the insurance analytics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry.

For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience.

Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems. 

The countries covered in the insurance analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Key Topics Covered:

1. Executive Summary

2. Insurance Analytics Market Characteristics

3. Insurance Analytics Market Trends And Strategies

4. Insurance Analytics Market - Macro Economic Scenario
4.1. COVID-19 Impact On Insurance Analytics Market
4.2. Ukraine-Russia War Impact On Insurance Analytics Market
4.3. Impact Of High Inflation On Insurance Analytics Market

5. Insurance Analytics Market Size And Growth
5.1. Global Insurance Analytics Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Analytics Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Insurance Analytics Market Segmentation
6.1. Global Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Solution
• Service

6.2. Global Insurance Analytics Market, Segmentation By Deployment Model, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• On Premises
• Cloud

6.3. Global Insurance Analytics Market, Segmentation By Enterprise Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Large Enterprises
• Small And Medium Enterprises (SMEs)

6.4. Global Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Claims Management
• Risk Management
• Customer Management And Personalization
• Process Optimization
• Other Applications

6.5. Global Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Insurance Companies
• Government Agencies
• Third Party Administrators, Brokers And Consultancies

7. Insurance Analytics Market Regional And Country Analysis
7.1. Global Insurance Analytics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Insurance Analytics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/vjvtfc

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