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12.5% Growth Rate for Insurance Analytics Market | New Technology and Advancements to watch out for 2023

The Insurance Analytics Market report shows the competitive situation among the top manufacturers, with sales, revenue and market share and the market by type and application. The report deeply described by experts team and made full report on Insurance Analytics Market with Forecasts 2023.

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The global insurance analytics market is forecasted to grow from USD 6.63 billion in 2018 to USD 11.96 billion by 2023, at a CAGR of 12.5% during for the aforesaid period.

#Key Players- 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).

“The risk management business application is expected to hold the largest market size by 2023”

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 estimated to be the largest adopter of insurance analytics solution in 2018”

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.

“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.

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Table of Contents:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.3 Market Scope

1.4 Years Considered for the Study

1.5 Currency

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.1.1 Secondary Data

2.1.2 Primary Data

2.1.2.1 Breakdown of Primaries

2.1.2.2 Key Industry Insights

2.2 Market Size Estimation

2.3 Research Assumptions

2.4 Limitations

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Insurance Analytics Market

4.2 Market Share Across Various Regions

4.3 Market By Business Application and Region

4.4 Market Professional Services, By Region

5 Market Overview and Industry Trends

5.1 Market Overview

5.1.1 Introduction

5.1.2 Market Dynamics

5.1.3 Drivers

5.1.3.1 Rapid Adoption of Data-Driven Decision Making

5.1.3.2 Increasing Adoption of Advanced Analytics Techniques

5.1.4 Restraints

5.1.4.1 Lack of Integration With Legacy Systems

5.1.4.2 Varying Regulation Laws and Policies

5.1.5 Opportunities

5.1.5.1 Higher Adoption of Insurance Analytics Tools and Services Among the SMEs

5.1.5.2 Increasing Adoption of IoT Insurance

5.1.6 Challenges

5.1.6.1 Data Quality and Security Issues

5.1.6.2 Lack of Skilled Workforce

5.2 Industry Trends

5.2.1 Insurance Analytics Market: Top Trends

5.2.1.1 Digitalization

5.2.1.2 Advanced Analytics

5.2.1.3 Automation and AI in Insurance

5.2.1.4 Introduction of New Insurance Distribution Channels Such as Direct Small Insurance Business and Chatbots

5.2.2 Insurance Analytics Market: Use Cases

5.2.2.1 Use Case 1: the Value of Synthetic Peer Benchmarking, By Mitchell International

5.2.2.2 Use Case 2: Optimizing Investigation Process for Identifying Additional Premium Opportunities, By Prads Inc.

5.2.2.3 Use Case 3: Building A Framework to Scale the Experience Given to High Net Worth Individuals to the Entire Customer Universe, By Bridgei2i

5.2.2.4 Use Case 4: Claims Fraud Detection in Insurance, By Aureus Analytics

6 Insurance Analytics Market, By Component

6.1 Introduction

6.2 Tools

6.3 Services

6.3.1 Managed Services

6.3.2 Professional Services

6.3.2.1 Deployment and Integration

6.3.2.2 Support and Maintenance

6.3.2.3 Consulting

7 Insurance Analytics Market, By Business Application

7.1 Introduction

7.2 Claims Management

7.3 Risk Management

7.4 Customer Management and Personalization

7.5 Process Optimization

7.6 Others

8 Insurance Analytics Market, By Deployment Model

8.1 Introduction

8.2 On-Premises

8.3 0n-Cloud

9 Insurance Analytics Market, By Organization Size

9.1 Introduction

9.2 Large Enterprises

9.3 Small and Medium-Sized Enterprises

10 Insurance Analytics Market, By End-User

10.1 Introduction

10.2 Insurance Companies

10.3 Government Agencies

10.4 Third-Party Administrators, Brokers, and Consultancies

….And More

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