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Global Insurance Analytics Market Report 2023: Increased Digitalization of the Insurance Industry Fuels the Sector
DUBLIN, May 8, 2023 /PRNewswire/ -- The "Insurance Analytics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global insurance analytics market grew from $11.66 billion in 2022 to $13.52 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The insurance analytics market is expected to grow to $24.46 billion in 2027 at a CAGR of 16.0%.
Major players in the insurance analytics market are Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc.,
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Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth. The insurance analytics are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on.
The main components in the insurance analytics market are solutions and services. Solution refers to the process of collecting, analyzing, and extracting relevant insights from various data sources. The applications include claims management, risk management, customer management and personalization, process optimization, and other applications. The various end users include insurance companies, government agencies, third-party administrators, brokers, and consultancies.
The insurance analytics market research report is one of a series of new reports that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with an insurance analytics market share, detailed insurance analytics market segments market trends and opportunities, and any further data you may need to thrive in the insurance analytics industry. This insurance analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems.
North America was the largest region in the insurance analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the insurance analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on.
These were some of the key reasons for the increase of digitalization in the insurance industry. For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience.
The insurance analytics market consists of revenues earned by entities by providing insurance analytics tools such as policy manipulation and fraud detection. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
1. Executive Summary
2. Insurance Analytics Market Characteristics
3. Insurance Analytics Market Trends And Strategies
4. Insurance Analytics Market - Macro Economic Scenario
4.1. COVID-19 Impact On Insurance Analytics Market
4.2. Ukraine-Russia War Impact On Insurance Analytics Market
4.3. Impact Of High Inflation On Insurance Analytics Market
5. Insurance Analytics Market Size And Growth
5.1. Global Insurance Analytics Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Insurance Analytics Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Insurance Analytics Market Segmentation
6.1. Global Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Insurance Analytics Market, Segmentation By Deployment Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Insurance Analytics Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small And Medium Enterprises (SMEs)
6.4. Global Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Claims Management
- Risk Management
- Customer Management And Personalization
- Process Optimization
- Other Applications
6.5. Global Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Insurance Companies
- Government Agencies
- Third Party Administrators, Brokers And Consultancies
7. Insurance Analytics Market Regional And Country Analysis
7.1. Global Insurance Analytics Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Insurance Analytics Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/1t2c6o
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