Insurance Analytics Market Reaches USD 22.45 Billion by 2027 and Grows at a CAGR of 14.2%


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

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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.

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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.

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By Component

By type of implementation

By company size

  • Large companies
  • Small and Medium Enterprises (SMEs)

Per application

  • Claims management
  • Risk management
  • Customer management
  • Sales & Marketing
  • Others

By end user

  • Insurance companies
  • Government agencies
  • External administrators, brokers and consultancies

Per region

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • The Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Main market players

  • Applied systems
  • IBM Corp.
  • Microsoft
  • Open Text Corporation
  • Oracle
  • Pegasystems Inc.
  • inc.
  • SAP SE
  • SAS Institute Inc.
  • Vertafore, Inc.

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