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Insurance Analytics Market

Insurance Analytics Market Forecasts to 2028 – Global Analysis By Organization Size (SMEs, Large Enterprises), Application (Claims Management, Process Optimization), End User (BFSI, Insurance Companies) and By Geography

4.2 (68 reviews)
Published: July 2021 ID: SMRC20744
4.2 (68 reviews)
Published: July 2021 ID: SMRC20744

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Insurance Analytics Market is accounted for $8.94 billion in 2020 and is expected to reach $31.62 billion by 2028 growing at a CAGR of 17.1% during the forecast period. Rise in adoption of IoT products, increasing adoption of advanced analytics techniques and data-driven decision-making techniques in insurance are driving the market growth. However, stringent government regulations and security & data privacy concerns are hampering the growth of the market.
 
Insurance analytics is the use of data analytics in an insurance company. It transforms the way businesses operate due to the generation of leads, improving customer satisfaction, reduction in fraudulent cases, prediction of risk factors, and enabling business growth. In addition, this analytic solution helps insurance companies to manage risks & offer better insurance contracts in fields such as health, life, and property or casualty.
 
Based on the deployment mode, the cloud segment is going to have lucrative growth during the forecast period as cloud-based solutions are gaining a firm hold in the market owing to various benefits and also cloud deployment offers flexibility, scalability, and cost-effectiveness benefits. It enables an enterprise to have more control over the server, infrastructure, and systems that can be configured as per the business needs. By geography, Asia Pacific is going to have high growth during the forecast period owing to the increasing contribution toward the development of data analytics solutions and various end-users such as insurance companies and government agencies leading the race in terms of cloud adoption.

Some of the key players profiled in the Insurance Analytics Market include WNS, Vertafore, ReFocus AI, TIBCO , SAS Institute, Artivatic.ai, Habit Analytics, Salesforce, RiskVille, Board International, Qlik, Pentation Analytics, Hexaware Technologies, Oracle, InsuredMine, MicroStrategy, Sapiens, LexisNexis Risk Solutions, Verisk Analytics, IBM, OpenText, SAP, Guidewire Software, CyberCube, BRIDGEi2i, Pegasystems, Microsoft and Applied Systems.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 8.94 billion

Estimated Period:

2020

Compound Annual Growth Rate (CAGR) from 2020 to 2028:

17.1 %

Predicted 2028 Value:

USD 31.62 billion

Forecast Years:

2021-2028

Tables, Graphs& Figures

204

Chapters Covered:

Organization Size, Component, Deployment Mode, Application, End User and Region

Core Drivers and Opportunities:

  • Increasing adoption of advanced analytics techniques and data-driven decision-making techniques
  • Rise in adoption of IoT products
  • Increasing need of big data and predictive modeling capability

Restraining Factors & Market Threats:

  • Security & data privacy concerns
  • Stringent government regulations

 
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises

Components Covered:
• Tools
• Solution
• Services   

Deployment Modes Covered:
• Cloud
• On-Premises 

Applications Covered:
• Subrogation Analysis
• Claims Management
• Pricing and Risk Management
• Customer Management and Personalization
• Process Optimization
• Sales & Marketing
• Other Applications

End Users Covered:
• Travel & Hospitality
• Media & Entertainment
• Retail & Consumer Goods
• Telecommunications & IT
• Government Agencies & Public Sector
• Health & Life Sciences
• Banking, Financial Services and Insurance (BFSI)
• Insurance Companies
• Third-Party Administrators, Brokers and Consultancies  

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Insurance Analytics Market is majorly driven by rising adoption of advanced analytics techniques and data-driven decision-making techniques in insurance, rising need of big data and predictive modeling capability and increasing adoption of IoT products.

The cloud segment is growing at a highest CAGR as the cloud deployment offers flexibility, scalability, and cost-effectiveness benefits and it also enables an enterprise to have more control over the server, infrastructure, and systems that can be configured as per the business needs.

North America dominated with a significant market share due to the rising adoption of insurance analytics tools and the strong presence of major companies, rapid advancements in data analytics software programs, cloud computing, and government initiatives to spread awareness about the need for insurance.

Asia Pacific region is growing at a highest CAGR owing to the increasing contribution towards the development of data analytics solutions and various end users such as insurance companies and government agencies leading the race in terms of cloud adoption in the Asia Pacific region.

Key players in Insurance Analytics Market include WNS, Vertafore, ReFocus AI, TIBCO, SAS Institute, Artivatic.ai, Habit Analytics, Salesforce, RiskVille, Board International, Qlik, Pentation Analytics, Hexaware Technologies, Oracle, InsuredMine, MicroStrategy, Sapiens, LexisNexis Risk Solutions, Verisk Analytics, IBM, OpenText, SAP, Guidewire Software, CyberCube, BRIDGEi2i, Pegasystems, Microsoft and Applied Systems.

1 Executive Summary             
               
2 Preface    
          
 2.1 Abstract             
 2.2 Stake Holders            
 2.3 Research Scope            
 2.4 Research Methodology           
  2.4.1 Data Mining           
  2.4.2 Data Analysis           
  2.4.3 Data Validation           
  2.4.4 Research Approach           
 2.5 Research Sources            
  2.5.1 Primary Research Sources          
  2.5.2 Secondary Research Sources          
  2.5.3 Assumptions            
               
3 Market Trend Analysis            
 3.1 Introduction            
 3.2 Drivers             
 3.3 Restraints            
 3.4 Opportunities            
 3.5 Threats             
 3.6 Application Analysis           
 3.7 End User Analysis            
 3.8 Emerging Markets            
 3.9 Impact of Covid-19            
               
4 Porters Five Force Analysis            
 4.1 Bargaining power of suppliers           
 4.2 Bargaining power of buyers           
 4.3 Threat of substitutes           
 4.4 Threat of new entrants           
 4.5 Competitive rivalry            
               
5 Global Insurance Analytics Market, By Organization Size         
 5.1 Introduction            
 5.2 Small and Medium-Sized Enterprises (SMEs)         
 5.3 Large Enterprises            
               
6 Global Insurance Analytics Market, By Component          
 6.1 Introduction            
 6.2 Tools             
 6.3 Solution             
 6.4 Services             
  6.4.1 Managed Services           
  6.4.2 Professional Services          
   6.4.2.1 Consulting          
   6.4.2.2 Support and Maintenance         
   6.4.2.3 Deployment and Integration         
               
7 Global Insurance Analytics Market, By Deployment Mode         
 7.1 Introduction            
 7.2 Cloud             
 7.3 On-Premises            
               
8 Global Insurance Analytics Market, By Application         
 
 8.1 Introduction            
 8.2 Subrogation Analysis            
 8.3 Claims Management           
 8.4 Pricing and Risk Management           
 8.5 Customer Management and Personalization         
 8.6 Process Optimization           
 8.7 Sales & Marketing            
 8.8 Other Applications             
  8.8.1 Workforce Management           
  8.8.2 Fraud Detection           
               
9 Global Insurance Analytics Market, By End User          
 9.1 Introduction            
 9.2 Travel & Hospitality            
 9.3 Media & Entertainment            
 9.4 Retail & Consumer Goods           
 9.5 Telecommunications & IT           
 9.6 Government Agencies & Public Sector          
 9.7 Health & Life Sciences           
 9.8 Banking, Financial Services and Insurance (BFSI)         
 9.9 Insurance Companies           
 9.10 Third-Party Administrators, Brokers and Consultancies        
               
10 Global Insurance Analytics Market, By Geography          
 10.1 Introduction            
 10.2 North America            
  10.2.1 US             
  10.2.2 Canada            
  10.2.3 Mexico            
 10.3 Europe             
  10.3.1 Germany            
  10.3.2 UK            
  10.3.3 Italy            
  10.3.4 France            
  10.3.5 Spain            
  10.3.6 Rest of Europe            
 10.4 Asia Pacific            
  10.4.1 Japan            
  10.4.2 China            
  10.4.3 India            
  10.4.4 Australia            
  10.4.5 New Zealand           
  10.4.6 South Korea           
  10.4.7 Rest of Asia Pacific            
 10.5 South America            
  10.5.1 Argentina           
  10.5.2 Brazil            
  10.5.3 Chile            
  10.5.4 Rest of South America          
 10.6 Middle East & Africa           
  10.6.1 Saudi Arabia           
  10.6.2 UAE            
  10.6.3 Qatar            
  10.6.4 South Africa           
  10.6.5 Rest of Middle East & Africa          
               
11 Key Developments             
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures        
 11.2 Acquisitions & Mergers           
 11.3 New Product Launch           
 11.4 Expansions            
 11.5 Other Key Strategies           
               
12 Company Profiling             
 12.1 WNS              
 12.2 Vertafore             
 12.3 ReFocus AI            
 12.4 TIBCO              
 12.5 SAS Institute            
 12.6 Artivatic.ai            
 12.7 Habit Analytics            
 12.8 Salesforce            
 12.9 RiskVille             
 12.10 Board International             
 12.11 Qlik              
 12.12 Pentation Analytics             
 12.13 Hexaware Technologies            
 12.14 Oracle             
 12.15 InsuredMine             
 12.16 MicroStrategy             
 12.17 Sapiens              
 12.18 LexisNexis Risk Solutions           
 12.19 Verisk Analytics            
 12.20 IBM             
 12.21 OpenText            
 12.22 SAP             
 12.23 Guidewire Software            
 12.24 CyberCube             
 12.25 BRIDGEi2i             
 12.26 Pegasystems             
 12.27 Microsoft             
 12.28 Applied Systems             


List of Tables              
1 Global Insurance Analytics Market Outlook, By Region (2019-2028) ($MN)       
2 Global Insurance Analytics Market Outlook, By Organization Size (2019-2028) ($MN)      
3 Global Insurance Analytics Market Outlook, By Small and Medium-Sized Enterprises (SMEs) (2019-2028) ($MN)    
4 Global Insurance Analytics Market Outlook, By Large Enterprises (2019-2028) ($MN)      
5 Global Insurance Analytics Market Outlook, By Component (2019-2028) ($MN)       
6 Global Insurance Analytics Market Outlook, By Tools (2019-2028) ($MN)        
7 Global Insurance Analytics Market Outlook, By Solution (2019-2028) ($MN)       
8 Global Insurance Analytics Market Outlook, By Services (2019-2028) ($MN)       
9 Global Insurance Analytics Market Outlook, By Managed Services (2019-2028) ($MN)      
10 Global Insurance Analytics Market Outlook, By Professional Services (2019-2028) ($MN)      
11 Global Insurance Analytics Market Outlook, By Deployment Mode (2019-2028) ($MN)      
12 Global Insurance Analytics Market Outlook, By Cloud (2019-2028) ($MN)        
13 Global Insurance Analytics Market Outlook, By On-Premises (2019-2028) ($MN)        
14 Global Insurance Analytics Market Outlook, By Application (2019-2028) ($MN)       
15 Global Insurance Analytics Market Outlook, By Subrogation Analysis (2019-2028) ($MN)      
16 Global Insurance Analytics Market Outlook, By Claims Management (2019-2028) ($MN)      
17 Global Insurance Analytics Market Outlook, By Pricing and Risk Management (2019-2028) ($MN)     
18 Global Insurance Analytics Market Outlook, By Customer Management and Personalization (2019-2028) ($MN)    
19 Global Insurance Analytics Market Outlook, By Process Optimization (2019-2028) ($MN)      
20 Global Insurance Analytics Market Outlook, By Sales & Marketing (2019-2028) ($MN)      
21 Global Insurance Analytics Market Outlook, By Other Applications (2019-2028) ($MN)       
22 Global Insurance Analytics Market Outlook, By Workforce Management (2019-2028) ($MN)      
23 Global Insurance Analytics Market Outlook, By Fraud Detection (2019-2028) ($MN)       
24 Global Insurance Analytics Market Outlook, By End User (2019-2028) ($MN)       
25 Global Insurance Analytics Market Outlook, By Travel & Hospitality (2019-2028) ($MN)      
26 Global Insurance Analytics Market Outlook, By Media & Entertainment (2019-2028) ($MN)      
27 Global Insurance Analytics Market Outlook, By Retail & Consumer Goods (2019-2028) ($MN)      
28 Global Insurance Analytics Market Outlook, By Telecommunications & IT (2019-2028) ($MN)      
29 Global Insurance Analytics Market Outlook, By Government Agencies & Public Sector (2019-2028) ($MN)    
30 Global Insurance Analytics Market Outlook, By Health & Life Sciences (2019-2028) ($MN)      
31 Global Insurance Analytics Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2019-2028) ($MN)    
32 Global Insurance Analytics Market Outlook, By Insurance Companies (2019-2028) ($MN)      
33 Global Insurance Analytics Market Outlook, By Third-Party Administrators, Brokers and Consultancies (2019-2028) ($MN)   
               
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above. 

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