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
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.
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Report Coverage |
Details |
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Published Year: |
2021 |
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Estimated Market Size in 2020: |
USD 8.94 billion |
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Estimated Period: |
2020 |
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Compound Annual Growth Rate (CAGR) from 2020 to 2028: |
17.1 % |
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Predicted 2028 Value: |
USD 31.62 billion |
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Forecast Years: |
2021-2028 |
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Tables, Graphs& Figures |
204 |
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Chapters Covered: |
Organization Size, Component, Deployment Mode, Application, End User and Region |
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Core Drivers and Opportunities: |
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Restraining Factors & Market Threats: |
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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.
Table of Contents
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.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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