TMCnet News
Insurance Analytics Market by Component, Application, Deployment Mode, Organization Size, End-user and Region - Global Forecast to 2026 - ResearchAndMarkets.comThe "Insurance Analytics Market by Component (Tools and Services), Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Mode, Organization Size, End User, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering. The global insurance analytics market size is projected to grow from USD 8.8 billion in 2020 to USD 20.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. Several insurance providers are accelerating investments in digitization and closing gaps in business continuity models. The integration of third-party data to mitigate risk is increasing in urgency. Throughout this time, customers are reminded of how significant the role of insurance is in their lives. For example, health coverage assists with drug and treatment plans for the ill, employment insurance helps those impacted by the economic turmoil, and business interruption coverage supports businesses unable to operate. Companies must continue investing and enabling access for customers while ensuring underwriters are well-informed of upcoming risks. Emergencies, such as COVID-19, highlight the need for insurers to seamlessly integrate reliable data sources, actionable insights, and responsive control measures to help navigate the uncertain landscape. By leveraging data and investing in digitization and analytics, insurers can navigate this challenging period and move the industry forward. Process Optimization: The fastest-growing segment of the insurance analytics market, by application. Based on application, the insurance analytics market is bifurcated into claims management, risk management, customer management and personalization, process optimization, and others (workforce management and fraud detection). Insurers are widely using analytics solutions to understand the potential risks and deploy countermeasures to mitigate losses, or at least screen, pre-empt, and assess the cost of risks in the underwriting process. Risk management involves the identification, assessment, and management of potential risks, incorporating analytics to support decision-making by clearly stating business oals and objectives, and facilitating precise information management with a better understanding of the trade-offs between risks and rewards. Risk management provides insurers with the risk capacity to maintain specific credit ratings, manage capital, and reduce earnings volatility across insurance companies. Insurance Companies: The largest growing end-user segment of the insurance analytics market. Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies). Insurance companies are now widely adopting various technology solutions, including analytics, for their internal and customer-facing services. For example, multi-line carriers that supply consumer policies - for homes, cars, and small groups - in addition to business services, such as P&C insurance, run several applications to handle underwriting, claims, and Customer Relationship Management (CRM). Increasing service demand coupled with critical end-of-year fiscal reporting forces these organizations to adopt advanced technological solutions, leading to a larger market size during the forecast period. Bajaj Allianz Life Insurance, a Pune, India-based life insurance provider, is among the leading insurers in India who are using predictive analytics across their insurance operations. The company is leveraging predictive analytics across its customer life cycle to assess customer risk, to determine the potential of a customer to renew or lapse a policy, and to act accordingly. Risk management, fraud detection, customer management, and personalization are some of the key application areas where the India-based insurer is applying analytics to improve operational efficiency, reduce cost, and enrich customer experience. APAC: The fastest growing region in the insurance analytics market. The growing digitalization across the APAC region to deal with a massive amount of data would drive the adoption of insurance analytics platforms in the region. APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. BRIDGEi2i is one such company that offers user-focused insurance analytics solutions and which has continued to record growth in APAC. The company has achieved one of the leading positions in the insurance analytics market due to its well-practiced strategy of expanding its customer base through acquisitions as well as partnerships with significant players in the market. Market Dynamics Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ky9l96
View source version on businesswire.com: https://www.businesswire.com/news/home/20210420005817/en/ |
