TMCnet News

Insurance Analytics Market To Reach USD 22.45 Billion By 2027 Growing at a CAGR of 14.2% - Valuates Reports
[May 04, 2021]

Insurance Analytics Market To Reach USD 22.45 Billion By 2027 Growing at a CAGR of 14.2% - Valuates Reports


BANGALORE, India, May 4, 2021 /PRNewswire/ -- Insurance Analytics Market by Component (Solution and Service), Deployment Type (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), Application (Claims Management, Risk Management, Customer Management, Sales & Marketing, and Others), End User (Insurance Companies, Government Agencies, and Third-party Administrators, Brokers & Consultancies). This report is published on Valuates Reports in the Software Utilities Category.

Valuates_Reports_Logo

The global  Insurance Analytics Market size was valued at USD 7.91 billion in 2019 and is projected to reach USD 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027. 

The major factor driving the insurance analytics market are:

  • The surge in requirement & implementation of advanced technologies to identify new business insights/trends to unlock new value-added services to customers and reduce operational cost.
  • Insurance analytics optimizes customer relationship processes and uses predictive analytics in insurance models to create reliable reports across several product lines.
  • Risk assessment features of analytics are helping the insurers in predicting the cost of insurance associated with the coverage and reduce uncertainty in the business

View Full Report:  https://reports.valuates.com/market-reports/ALLI-Manu-4N44/insurance-analytics

TRENDS INFLUENCING THE INSURANCE ANALYTICS MARKET SIZE

Companies are being encouraged to update their current business model, streamline operations, and improve processes as the market becomes more competitive. This rise in competition in the insurance landscape is expected to increase the growth of the insurance analytics market. Insurance analytics is a collection of resources and software that can be used to process and analyze data in order to create information that can be used to make better decisions.

Companies are focused on optimizing customer service and providing solutions based on a deep understanding of customer behavior and needs. Thus the demand for providing an improved customer experience by providing value-added service is expected to drive the insurance analytics market. The insurers can revise and redevelop new strategies and products based on consumer behavioral data, potentially increasing market sales performance.

Analytics can also enable insurers to provide tools & solutions to distributors or agents to help them find new market opportunities and serve existing customers. These solutions also allow businesses to reduce total customer handling costs and time. This feature of analytics is expected to drive the growth of the insurance analytics market size. 

Insurers all over the world are concerned about rising insurance costs. The analytics, on the other hand, aid insurers in risk management by estimating the cost of insurance associated with a given coverage. Furthermore, analytics help to reduce losses by identifying and preventing fraudulent activity.

The rising need for big data and predictive modeling capability during the COVID-19 pandemic drives the adoption of insurance analytics 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.

Inquire For Sample: https://reports.valuates.com/request/sample/ALLI-Manu-4N44/Insurance_Analytics_Market

INSURANCE ANALYTICS MARKET SHARE ANALYSIS

During the period 2020-2027, the service segment will expand at a CAGR of 15.5 percent. This is due to the fact that insurance analytics encompasses a broad spectrum of resources, including claims analytics, subrogation analytics, and fraud and consumer analytics.

The cloud segment is he fastest-growing segment in 2019 and is expected to retain its dominance over the forecast period. Cloud deployment is a subscription-based service that allows companies or entities to leverage 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 to do so over the forecast period. This is due to the fact that insurance analytics solutions assist insurance providers in lowering premium recovery costs while still shielding 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 throughout the forecast period. The insurance analytics market in this area is growing due to increased knowledge of insurance analytics among insurance companies and technological advancements.


Inquire For Regional Reports: https://reports.valuates.com/request/regional/ALLI-Manu-4N44/Insurance_Analytics_Market

KEY MARKET SEGMENTS

By Component

  • Solution
  • Service

By Deployment type

  • On-premises
  • Cloud

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By Application

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

By End User

  • Insurance Companies
  • Government Agencies
  • Third-party Administrators, Brokers & Consultancies

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players

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

Buy Now for Single User: https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4N44&lic=single-user

Buy Now for Enterprise User:  https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4N44&lic=enterprise-license

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS :

-  Global Insurance Big Data Analytics Market by Product-Type: Service, Software, Application: Pricing Premiums, Prevent and Reduce Fraud, Gain Customer Insight, Others,by key players, by Regions: North America, Europe, China and Japan, etc.

-  The key driving factors for the growth of the IOT Insurance market is the growing adoption of Internet of Things (IoT) for various insurance applications such as health, life, automobiles, travel, and agriculture sectors, among others. APAC region to be the fastest-growing market for IoT insurance.

Digital Innovation in Insurance Market by Product-Type: Health Insurance, Motor Insurance, Home insurance, Travel Insurance, Commercial Insurance, Others, Application: Cloud Computing, Internet of Things (IoT), Advanced Analytics, Telematics, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

Global Insurance Analytics Software Market  by Product-Type: Cloud Based, Web Based, Application: Insurance Companies, Others, by key players, by Regions: North America, Europe, China and Japan, etc.

-  The global travel insurance market was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027. In terms of revenue, the single trip travel insurance category dominated the travel insurance market in 2019. On the other hand, based-on end-user, the family travellers segment accounted for the largest share and by region., Asia-Pacific held the largest market share in 2019.

-  The global usage-based insurance market was valued at USD 28.7 billion in 2019, and is projected to reach USD 149.2 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027. The global usage-based insurance market is growing due to the increasing acceptance of usage-based insurance by end users as it offer various features such as providing reliable and timely data collection methods and flexible insurance premiums.

-  The global Reinsurance market is projected to reach USD 354540 million by 2026, from USD 282460 million in 2019, at a CAGR of 3.3% during 2021-2026. In 2016, global economic growth slowed, with both mature and emerging markets experiencing slower growth. Although both stock markets and interest rates improved in the final quarter of 2017, improvement can at best be gradual with the political landscape being in a flux.

Click Here To See Related Reports On Insurance Analytics

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:

Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call  +1-(315)-215-3225
For IST Call  +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com 
Twitter - https://twitter.com/valuatesreports 
Linkedin - https://in.linkedin.com/company/valuatesreports
Facebook - https://www.facebook.com/valuatesreports

Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg

 


[ Back To TMCnet.com's Homepage ]