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Global Insurance Analytics Market By Component (Tools and Services), By Application (Claim Management, Risk Management, Process Optimization, Customer Management & Personalization, and Others), By End Use (Insurance Companies, Government Agencies, and Brokers & Consultancies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2028

Published Date: 18-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-6293 Status : Published

The Global Insurance Analytics Market accounted for USD 9.04 Billion in 2020 and is expected to reach USD 27.32 Billion by 2028, growing at a CAGR of 14.9% from 2021 to 2028.

Description

Market Overview

The Global Insurance Analytics Market accounted for USD 9.04 Billion in 2020 and is expected to reach USD 27.32 Billion by 2028, growing at a CAGR of 14.9% from 2021 to 2028.

Insurance analytics is widely utilized in the insurance industry to control risk in underwriting, pricing, rating, claims, marketing, and reserving. Furthermore, this analytic solution aids insurance businesses in risk management and the provision of better insurance contracts in domains such as health, life, and property and casualty. Furthermore, the primary goal of insurance analytics is to cut costs, improve customer interaction procedures, and provide credible reports across several product lines by using predictive analytics into insurance models.

COVID-19 Impact Analysis

Several insurance companies are stepping up their digital efforts and correcting holes in their business continuity plans. Integration of third-party data to reduce risk is becoming increasingly important. Customers are reminded of the need of insurance in their life during this whole period. Health insurance, for example, helps with medicines and treatment plans for the sick, employment insurance aids people affected by the economic downturn, and business interruption insurance aids firms that are unable to operate. Companies keep investing and provide access to clients while also ensuring that insurers are aware of potential hazards.

Emergencies like COVID-19 underscore the importance of insurers seamlessly integrating trustworthy data sources, actionable insights, and responsive control mechanisms to assist them manage the unpredictable terrain. Insurers can handle this difficult time and propel the sector ahead by utilizing data and investing in digitalization and analytics.

Growth Factors

One of the major growth drivers for the Global Insurance Analytics Market is data driven decision making techniques. Insurers may now exploit data and redefine their products to gold standards due to the expanding bulk of data and technological advancements. As a result, firms that use a data-driven strategy have been able to develop new business prospects, forecast future trends, increase revenue, provide actionable insights, and improve present operational operations. As a result, the insurance analytics market is developing due to insurers' increasing focus on data-driven decision-making processes and the use of sophisticated analytics solutions.

Another factor for the growth in this market is rise in the adoption of advance analytics predictive modelling capabilities, which is driving the use of insurance analytics solutions. Predictive analytics has been helping organisations make the most of their data, which is one of the most important things an insurer can have. The capacity of predictive modelling in insurance software can aid in the more efficient definition and delivery of rate modifications and new products. Insurers may get important insights from predictive analytics and big data by anticipating consumer behaviour and assisting underwriting operations.

Report Scope :

Component Segment Analysis Preview

The market is divided into tools and services based on component. Professional services and managed services are sub-segments of the services segment. The increasing use of smartphones has resulted in a rise in demand for mobile-based insurance services all over the world. Furthermore, financial crime is exposed, demand for insurance analytics solutions is likely to rise throughout the projection period.

Insurers have been able to gain a better knowledge of client expectations as a result of the use of analytics and have been able to offer more tailored goods and services as a result. Insurers may now integrate data from insurance analytics solutions to further inform and enhance frictionless claims, risk exposure management, and underwriting processes. For both corporations and individuals, the insurance analytics tool improves security.

End Use Segment Analysis Preview

The market is divided into insurance companies, government organizations, and brokers and consultants based on end use. In 2020, the category of insurance companies dominated the market with 48% of share. Increasing demand for insurance services, as well as the need to prepare a vital fiscal year report, forces businesses to use sophisticated analytics technologies. The dissemination of third-party data sources reduces insurers' reliance on internal information. Data from cellphones, social media, computers, and other industrial and consumer devices has become the insurer's primary source of behavioral insights.

The market sector is likely to be driven by rising demand for online insurance solutions and enhanced online insurance services. Furthermore, the demand for analytics tools to provide customer-centric services is likely to rise as insurers' desire for personalized consultancy services grows. Companies may also use analytics to speed up procedures like policy issuance and post-sale communication, which helps them retain consumers. Furthermore, these analytics systems offer actionable information on potential consumers who are prone to conduct insurance fraud prior to the occurrence of the incident.

Regional Analysis Preview

The market has been divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America was the most important regional market in 2020 and will continue to be so in the coming years. The increased usage of insurance analytics technologies, as well as the significant presence of large corporations in the region, may be credited for this increase. In addition, end-user businesses in the area, including as government agencies, insurance firms, and third-party administrators, are putting a strong emphasis on leveraging insurance analytics to provide customer-centric products.

Over the projection period, Asia Pacific is expected to have the highest CAGR. The growth of mobile and real-time insurance platforms across the region has boosted fraud incidences, driving up need for secure analytics technologies. The market in Asia Pacific is also likely to be driven by rising use of cloud-based technologies and more digitalization among insurance companies. A growing number of insurers and third-party administrators in the region are concentrating on delivering cheap plans, which is projected to help drive market development.

Key Market Players & Competitive Landscape

Some of the significant players in the global insurance analytics market are Verisk Analytics, Inc, Tableau Software, LLC, Sapiens International, PEGASYSTEMS INC., Oracle Corporation, OpenText, MicroStrategy Inc., Microsoft Corporation, Metromile Inc., Liberty Mutual..

Industry players are increasing their R&D spending to develop new goods and improve existing ones. Verisk Analytics, Inc., for example, spent USD 47.6 million on R&D in 2018 to update its product range and create new products and services. To increase their market position, companies are using techniques including mergers and acquisitions, mutual agreements, and partnerships. For example, Sapiens International purchased Adaptik Corporation, an insurance policy provider, in February 2018.

The Global Insurance Analytics Market is segmented as follows:

By Component

  • Tools
  • Service

By Application

  • Claim Management
  • Risk Management
  • Process Optimization
  • Customer Management & Personalization
  • Others

By End use

  • Insurance Companies
  • Government Agencies
  • Brokers & Consultancies

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1. Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2. Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Component
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By End Use
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Insurance Analytics Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3. COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4. Insurance Analytics Market – Component Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Component, 2020 & 2028
    • 4.2. Touls
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Service
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5. Insurance Analytics Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Claim Management
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Risk Management
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Process Optimization
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.5. Customer Management & Personalization
      • 5.5.1. Market Size and Forecast, By Region (USD Billion)
      • 5.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.6. Others
      • 5.6.1. Market Size and Forecast, By Region (USD Billion)
      • 5.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.6.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6. Insurance Analytics Market – End Use Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By End Use, 2020 & 2028
    • 6.2. Insurance Companies
      • 6.2.1. Market Size and Forecast, By Region (USD Billion)
      • 6.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.3. Government Agencies
      • 6.3.1. Market Size and Forecast, By Region (USD Billion)
      • 6.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.4. Brokers & Consultancies
      • 6.4.1. Market Size and Forecast, By Region (USD Billion)
      • 6.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 7. Insurance Analytics Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.2.2. North America Market Revenue, By Component, 2016 – 2028
      • 7.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 7.2.4. North America Market Revenue, By End Use, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Component, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By End Use, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Component, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By End Use, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Component, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By End Use, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.3.2. Europe Market Revenue, By Component, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By End Use, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Component, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By End Use, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Component, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Application, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By End Use, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Component, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By End Use, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Component, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By End Use, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Component, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By End Use, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Component, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By End Use, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.4.2. Asia Pacific Market Revenue, By Component, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By End Use, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Component, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Application, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By End Use, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Component, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By End Use, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Component, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Application, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By End Use, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Component, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By End Use, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Component, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By End Use, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Component, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By End Use, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.5.2. Latin America Market Revenue, By Component, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By End Use, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Component, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By End Use, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Component, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By End Use, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Component, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By End Use, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Component, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By End Use, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Component, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By End Use, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Component, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By End Use, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Component, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By End Use, 2016 – 2028
  • Chapter No. 8. Insurance Analytics Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Technulogy Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9. Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Insurance Analytics Market: Company Market Share, 2019
      • 9.1.2. Global Insurance Analytics Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 9.1.3. Global Insurance Analytics Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Insurance Analytics Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Product Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10. Company Profiles
    • 10.1. Verisk Analytics Inc
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Product Portfulio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. Tableau Software
    • 10.3. LLC
    • 10.4. Sapiens International
    • 10.5. PEGASYSTEMS INC.
    • 10.6. Oracle Corporation
    • 10.7. OpenText
    • 10.8. MicroStrategy Inc.
    • 10.9. Microsoft Corporation
    • 10.10. Metromile Inc.
    • 10.11. Liberty Mutual
  • Chapter No. 11. Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Environmental Change
  • Chapter No. 12. Research Methodulogy
    • 12.1. Research Methodulogy
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

Methodology


Frequently Asked Questions

The Global Insurance Analytics Market was valued at USD 9.04 Billion in 2020.
Global Insurance Analytics Market is expected to reach USD 27.32 Billion by 2028, growing at a CAGR of 14.90% between 2021 to 2028.
Some of the key factors driving the Global Insurance Analytics Market growth are data driven decision making techniques and rise in the adoption of advance analytics predictive modelling capabilities.

North America accounted for the largest share market segment with 16.8% CAGR in Global Insurance Analytics Market in 2020.

Some of the significant players in the global insurance analytics market are Verisk Analytics, Inc, Tableau Software, LLC, Sapiens International, PEGASYSTEMS INC., Oracle Corporation, OpenText, MicroStrategy Inc., Microsoft Corporation, Metromile Inc., Liberty Mutual., LexisNexis Risk Solutions, Lemonade Inc., and Hexaware Technologies.

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