BANGALORE, India, May 4, 2021 / PRNewswire / – Insurance Analytics market by component (solution and service), deployment type (on-premises and cloud), company size (large enterprises and small and medium-sized enterprises (SMEs)), application (claims management, risk management, customer management, sales and marketing and others)), End user (insurance companies, government agencies and external managers, brokers and consultants). This report was published on Appreciates reports in the Software Utilities Category.
The global size of the Insurance Analytics Market was valued at $ 7.91 billion in 2019 and is expected to reach $ 22.45 billion by 2027, growing at a CAGR of 14.2% between 2020 and 2027.
The main drivers of the insurance analytics market are:
- The increase in the need and implementation of advanced technologies to identify new business insights / trends to unlock new value-added services for customers and reduce operational costs.
- Insurance analytics optimizes customer relationship processes and uses predictive analytics in insurance models to generate reliable reports across different product lines.
- Analysis risk assessment features help insurers predict insurance costs associated with coverage and reduce uncertainty in the business
TRENDS AFFECTING THE INSURANCE ANALYSIS MARKET SIZE
Companies are encouraged to update their current business model, streamline operations and improve processes as the market becomes more competitive. This increase in competition in the insurance landscape is expected to bolster the growth of the insurance analytics market. Insurance analysis is a collection of resources and software that can be used to process and analyze data to create information that can be used to make better decisions.
Companies are focused on optimizing customer service and providing solutions based on an in-depth understanding of customer behavior and needs. Therefore, the demand for an enhanced customer experience through value-added services is expected to drive the insurance analytics market. The insurers can review and redevelop new strategies and products based on consumer behavior data, potentially increasing sales results in the marketplace.
Analytics can also enable insurers to provide tools and solutions to distributors or agents to help them find new market opportunities and serve existing customers. With these solutions, businesses can also reduce the overall cost and time for handling customers. This function of analytics is expected to drive the growth of the insurance analytics market size.
Insurers around the world are concerned about rising insurance costs. On the other hand, the analyzes help insurers manage risk by estimating the cost of insurance associated with a particular coverage. Additionally, analytics help reduce losses by identifying and preventing fraudulent activity.
The increasing need for big data and predictive models during the COVID-19 pandemic is driving the adoption of insurance analysis tools. The potential of predictive modeling in insurance software will aid in the more effective definition and delivery of rate increases and new products. Insurers can gain useful insights from predictive analytics and big data by predicting consumer behavior and supporting underwriting processes.
INSURANCE ANALYSIS ANALYSIS OF THE MARKET SHARE
The service segment will grow at a CAGR of 15.5 percent in the 2020-2027 period. This is because insurance analytics cover a wide spectrum of sources, including claims analysis, subrogation analysis, and fraud and consumer analysis.
The cloud segment is the fastest growing segment in 2019 and is expected to maintain its dominance over the forecast period. Cloud Deployment is a subscription-based service that allows companies or entities to harness the power of data analytics, accelerating the growth of the insurance analytics industry.
In terms of application, the risk management category dominated the insurance analytics market in 2019, and it is expected to continue throughout the forecast period. This is due to the fact that insurance analysis solutions help insurance providers reduce premium recovery costs, while still protecting consumers from a variety of risks. As a result of these factors, the growth of insurance analytics in the risk management segment is accelerating.
North America dominated the global insurance analytics market in 2019, and this pattern is expected to continue over the forecast horizon. The market for insurance analytics in this field is growing due to increased knowledge of insurance analytics at insurance companies and technological advancements.
Inquire about regional reports: https://reports.valuates.com/request/regional/ALLI-Manu-4N44/Insurance_Analytics_Market
MAIN MARKET SEGMENTS
By type of implementation
By company size
- Large companies
- Small and Medium Enterprises (SMEs)
- Claims management
- Risk management
- Customer management
- Sales & Marketing
By end user
- Insurance companies
- Government agencies
- External administrators, brokers and consultancies
- North America
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Main market players
- Applied systems
- IBM Corp.
- Open Text Corporation
- Pegasystems Inc.
- salesforce.com inc.
- SAP SE
- SAS Institute Inc.
- Vertafore, Inc.
Buy now for one user: https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4N44&lic=single-user
Buy Now for Enterprise User: https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4N44&lic=enterprise-license
We have introduced a tailor-made subscription for our customers. Leave a message in the comment section to learn more about our plans.
– Globally Insurance market for big data analysis by product type: service, software, application: premiums, fraud prevention and reduction, gaining customer insight, other, by key players, by region: North America, Europe, China and Japan, etc.
– The main driving factors for the growth of the IOT insurance market is the growing adoption of the Internet of Things (IoT) for various insurance applications such as health, life, automotive, travel and agriculture, among others. APAC region to be the fastest growing IoT insurance market.
– Digital innovation in the insurance market by product type: health insurance, motor insurance, home insurance, travel insurance, commercial insurance, other, application: cloud computing, internet of things (IoT), advanced analytics, telematics, other, by key players, by region: North America, Europe, China and Japan, etc.
– Global insurance analysis software market by product type: cloud-based, web-based, application: insurance companies, others, by key players, by region: North America, Europe, China and Japan, etc.
– It’s global travel insurance market was appreciated on $ 19.2 billion in 2019 and is expected to reach $ 39.3 billion by 2027, growing at a CAGR of 17.4% between 2020 and 2027. In terms of revenue, the one-way travel insurance category dominated the travel insurance market in 2019. On the other hand, based on the end user, the segment of family travelers account for the largest share and by region., Asia Pacific had the largest market share in 2019.
– It’s global usage-based insurance market was appreciated on $ 28.7 billion in 2019, and is expected to reach $ 149.2 billion by 2027, growing at a CAGR of 25.1% between 2020 and 2027. The global usage-based insurance market is growing due to the increasing adoption of usage-based insurance by end-users as it offers several features such as providing reliable and timely data collection methods and flexible insurance premiums.
– It’s global Reinsurance market is projected to achieve USD 354 540 million by 2026, from USD 282 460 million in 2019, at a CAGR of 3.3% in 2021-2026. In 2016, global economic growth slowed, with both mature and emerging markets experiencing slower growth. While both stock markets and interest rates improved in the last quarter of 2017, this improvement can at best be gradual as the political landscape is in flux.
Click here to view related reports Insurance analysis
Valuates offers in-depth market insights in various industries. Our comprehensive report repository is constantly updated to meet your evolving industry analytics needs.
Our team of market analysts can help you select the best report for your industry. We understand your niche region-specific requirements, which is why we offer customization of reports. Our customization allows you to request specific information from a report that meets your market analysis needs.
In order to get a consistent view of the market, data is collected from different primary and secondary sources, data triangulation methods are applied at every step to reduce deviations and find a consistent view of the market. Each sample we share contains a detailed research methodology used to generate the report. Please also contact our sales team for the full list of our data sources.
For toll-free calls in the US + 1- (315) -215-3225
For IST Call + 91-8040957137
WhatsApp: +91 9945648335
Twitter – https://twitter.com/valuatesreports
Linkedin – https://in.linkedin.com/company/valuatesreports
Facebook – https://www.facebook.com/valuatesreports
SOURCE Values reports