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Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region - Global Forecast to 2023
“The rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the insurance analytics market”
MarketsandMarkets expects the global insurance analytics market to grow from USD 6.63 billion in 2018 to USD 11.96billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Rapid adoption of data-driven decision-making process and advanced analytics techniques is driving the market. However, the lack of integration with legacy systems and varying structure of regulation policies are anticipated to limit the growth of the insurance analytics market.
“The risk management business application is expected to hold the largest market size by 2023”
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.
“Insurance companies are estimated to be the largest adopter of insurance analytics solution in 2018”
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 both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM. Increasing service demand and critical end-of-year fiscal reporting force these organizations to adopt advanced technological solutions. This, in turn, drives the insurance companies’ market size in the insurance analytics market during the forecast period.
“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5years. This is mainly due to the presence of developed economies, such as Canada and US, and the high focus on innovations in R&D and technology across industry verticals.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the insurance analytics marketplace.
By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%
The insurance analytics ecosystem comprises the following major vendors:
IBM (US)
Microsoft (US)
Oracle (US)
SAP SE (Germany)
Salesforce (US)
SAS Institute (US)
OpenText (Canada)
Verisk Analytics (US)
Tableau Software (US)
Pegasystems (US)
Hexaware (India)
Guidewire (US)
MicroStrategy (US)
Sapiens International (Israel)
LexisNexis (US)
Palantir (US)
TIBCO Software (US)
Applied Systems (US)
Birst (US)
BOARD International (Switzerland)
Mitchell International (US)
QlikTech (US)
Vertafore (US)
PrADS Inc. (US)
BRIDGEi2i (India)
Research Coverage
The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services. The market is also segmented on the basis of business application, end-user, organization size, deployment model, and region.
Reasons to Buy the Report
To get a comprehensive overview of the global insurance analytics market
To gain a wide range information about the top players in this market space, their product portfolios, and the key strategies adopted by them
To gain insights of the major countries/regions, in which the insurance analytics market is flourishing in various industry verticals
Table of Contents
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 2.1.2.1 Breakdown of Primaries 2.1.2.2 Key Industry Insights 2.2 Market Size Estimation 2.3 Research Assumptions 2.4 Limitations
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Insurance Analytics Market 4.2 Market Share Across Various Regions 4.3 Market By Business Application and Region 4.4 Market Professional Services, By Region
5 Market Overview and Industry Trends 5.1 Market Overview 5.1.1 Introduction 5.1.2 Market Dynamics 5.1.3 Drivers 5.1.3.1 Rapid Adoption of Data-Driven Decision Making 5.1.3.2 Increasing Adoption of Advanced Analytics Techniques 5.1.4 Restraints 5.1.4.1 Lack of Integration With Legacy Systems 5.1.4.2 Varying Regulation Laws and Policies 5.1.5 Opportunities 5.1.5.1 Higher Adoption of Insurance Analytics Tools and Services Among the SMEs 5.1.5.2 Increasing Adoption of IoT Insurance 5.1.6 Challenges 5.1.6.1 Data Quality and Security Issues 5.1.6.2 Lack of Skilled Workforce 5.2 Industry Trends 5.2.1 Insurance Analytics Market: Top Trends 5.2.1.1 Digitalization 5.2.1.2 Advanced Analytics 5.2.1.3 Automation and AI in Insurance 5.2.1.4 Introduction of New Insurance Distribution Channels Such as Direct Small Insurance Business and Chatbots 5.2.2 Insurance Analytics Market: Use Cases 5.2.2.1 Use Case 1: the Value of Synthetic Peer Benchmarking, By Mitchell International 5.2.2.2 Use Case 2: Optimizing Investigation Process for Identifying Additional Premium Opportunities, By Prads Inc. 5.2.2.3 Use Case 3: Building A Framework to Scale the Experience Given to High Net Worth Individuals to the Entire Customer Universe, By Bridgei2i 5.2.2.4 Use Case 4: Claims Fraud Detection in Insurance, By Aureus Analytics
6 Insurance Analytics Market, By Component 6.1 Introduction 6.2 Tools 6.3 Services 6.3.1 Managed Services 6.3.2 Professional Services 6.3.2.1 Deployment and Integration 6.3.2.2 Support and Maintenance 6.3.2.3 Consulting
7 Insurance Analytics Market, By Business Application 7.1 Introduction 7.2 Claims Management 7.3 Risk Management 7.4 Customer Management and Personalization 7.5 Process Optimization 7.6 Others
8 Insurance Analytics Market, By Deployment Model 8.1 Introduction 8.2 On-Premises 8.3 0n-Cloud
9 Insurance Analytics Market, By Organization Size 9.1 Introduction 9.2 Large Enterprises 9.3 Small and Medium-Sized Enterprises
10 Insurance Analytics Market, By End-User 10.1 Introduction 10.2 Insurance Companies 10.3 Government Agencies 10.4 Third-Party Administrators, Brokers, and Consultancies
11 Insurance Analytics Market, By Region 11.1 Introduction 11.2 North America 11.2.1 By Country 11.2.1.1 United States 11.2.1.2 Canada 11.2.2 By Component 11.2.3 By Business Application 11.2.4 By Deployment Model 11.2.5 By Organization Size 11.2.6 By End-User 11.3 Europe 11.3.1 By Country 11.3.1.1 United Kingdom 11.3.1.2 Germany 11.3.1.3 France 11.3.1.4 Rest of Europe 11.3.2 By Component 11.3.3 By Business Application 11.3.4 By Deployment Model 11.3.5 By Organization Size 11.3.6 By End-User 11.4 Asia Pacific 11.4.1 By Country 11.4.1.1 Japan 11.4.1.2 China 11.4.1.3 South Korea 11.4.1.4 Australia 11.4.1.5 Rest of Asia Pacific 11.4.2 By Component 11.4.3 By Business Application 11.4.4 By Deployment Model 11.4.5 By Organization Size 11.4.6 By End-User 11.5 Latin America 11.5.1 By Country 11.5.1.1 Brazil 11.5.1.2 Mexico 11.5.1.3 Rest of Latin America 11.5.2 By Component 11.5.3 By Business Application 11.5.4 By Deployment Model 11.5.5 By Organization Size 11.5.6 By End-User 11.6 Middle East and Africa 11.6.1 By Country 11.6.1.1 United Arab Emirates 11.6.1.2 Kingdom of Saudi Arabia 11.6.1.3 South Africa 11.6.1.4 Rest of Middle East and Africa 11.6.2 By Component 11.6.3 By Business Application 11.6.4 By Deployment Model 11.6.5 By Organization Size 11.6.6 By End-User
12 Competitive Landscape 12.1 Overview 12.2 Competitive Scenario 12.2.1 New Product Launches and Product Upgradations 12.2.2 Partnerships and Collaborations 12.2.3 Acquisitions 12.2.4 Business Expansions 12.3 Insurance Analytics Market: Prominent Players
13 Company Profiles (Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)* 13.1 Microsoft 13.2 IBM 13.3 Oracle 13.4 SAP 13.5 Salesforce 13.6 SAS Institute 13.7 Opentext 13.8 Verisk Analytics 13.9 Tableau Software 13.10 Pegasystems 13.11 Hexaware 13.12 Guidewire 13.13 Microstrategy 13.14 SAPiens International 13.15 Lexisnexis 13.16 Palantir 13.17 Tibco Software 13.18 Applied Systems 13.19 Birst 13.20 Board International 13.21 Bridgei2i 13.22 Mitchell International 13.23 Qlik 13.24 Vertafore 13.25 Prads Inc.
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix 14.1 Insights of Industry Experts 14.2 Discussion Guide 14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal 14.4 Introducing RT: Real-Time Market Intelligence 14.5 Available Customization 14.6 Related Reports 14.7 Author Details
List of Tables
Table 1 United States Dollar Exchange Rate, 2015–2017 Table 2 Insurance Analytics Market Size, By Component, 2016–2023 (USD Million) Table 3 Tools: Market Size, By Region, 2016–2023 (USD Million) Table 4 Services: Market Size, By Type, 2016–2023 (USD Million) Table 5 Services: Market Size, By Region, 2016–2023 (USD Million) Table 6 Managed Services Market Size, By Region, 2016–2023 (USD Million) Table 7 Professional Services Market Size, By Type, 2016–2023 (USD Million) Table 8 Professional Services Market Size, By Region, 2016–2023 (USD Million) Table 9 Deployment and Integration Market Size, By Region, 2016–2023 (USD Million) Table 10 Support and Maintenance Market Size, By Region, 2016–2023 (USD Million) Table 11 Consulting Market Size, By Region, 2016–2023 (USD Million) Table 12 Insurance Analytics Market Size, By Business Application, 2016–2023 (USD Million) Table 13 Claims Management: Market Size, By Region, 2016–2023 (USD Million) Table 14 Risk Management: Market Size, By Region, 2016–2023 (USD Million) Table 15 Customer Management and Personalization: Market Size, By Region, 2016–2023 (USD Million) Table 16 Process Optimization: Market Size, By Region, 2016–2023 (USD Million) Table 17 Others: Market Size, By Region, 2016–2023 (USD Million) Table 18 Insurance Analytics Market Size, By Deployment Model, 2016–2023 (USD Million) Table 19 On-Premises: Market Size, By Region, 2016–2023 (USD Million) Table 20 On-Cloud: Market Size, By Region, 2016–2023 (USD Million) Table 21 Market Size By Organization Size, 2016–2023 (USD Million) Table 22 Large Enterprises: Market Size, By Region, 2016–2023 (USD Million) Table 23 Small and Medium-Sized Enterprises: Market Size, By Region, 2016–2023 (USD Million) Table 24 Market Size By End-User, 2016–2023 (USD Million) Table 25 Insurance Companies: Market Size, By Region, 2016–2023 (USD Million) Table 26 Government Agencies: Market Size, By Region, 2016–2023 (USD Million) Table 27 Third-Party Administrators, Brokers, and Consultancies: Market Size, By Region, 2016–2023 (USD Million) Table 28 Insurance Analytics Market Size, By Region, 2016–2023 (USD Million) Table 29 North America: Market Size By Country, 2016–2023 (USD Million) Table 30 North America: Market Size By Component, 2016–2023 (USD Million) Table 31 North America: Market Size By Service, 2016–2023 (USD Million) Table 32 North America: Market Size By Professional Service, 2016–2023 (USD Million) Table 33 North America: Market Size By Business Application, 2016–2023 (USD Million) Table 34 North America: Market Size By Deployment Model, 2016–2023 (USD Million) Table 35 North America: Market Size By Organization Size, 2016–2023 (USD Million) Table 36 North America: Market Size By End-User, 2018–2023 (USD Million) Table 37 Europe: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million) Table 38 Europe: Market Size By Component, 2016–2023 (USD Million) Table 39 Europe: Market Size By Service, 2016–2023 (USD Million) Table 40 Europe: Market Size By Professional Service, 2016–2023 (USD Million) Table 41 Europe: Market Size By Business Application, 2016–2023 (USD Million) Table 42 Europe: Market Size By Deployment Model, 2016–2023 (USD Million) Table 43 Europe: Market Size By Organization Size, 2016–2023 (USD Million) Table 44 Europe: Market Size By End-User, 2016–2023 (USD Million) Table 45 North America: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million) Table 46 Asia Pacific: Market Size By Component, 2016–2023 (USD Million) Table 47 Asia Pacific: Market Size By Service, 2016–2023 (USD Million) Table 48 Asia Pacific: Market Size By Professional Service, 2016–2023 (USD Million) Table 49 Asia Pacific: Market Size By Business Application, 2016–2023 (USD Million) Table 50 Asia Pacific: Market Size By Deployment Model, 2016–2023 (USD Million) Table 51 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million) Table 52 Asia Pacific: Market Size By End-User, 2016–2023 (USD Million) Table 53 Latin America: Insurance Analytics Market Size, By Country, 2016–2023 (USD Million) Table 54 Latin America: Market Size By Component, 2016–2023 (USD Million) Table 55 Latin America: Market Size By Service, 2016–2023 (USD Million) Table 56 Latin America: Market Size By Professional Service, 2016–2023 (USD Million) Table 57 Latin America: Market Size By Business Application, 2016–2023 (USD Million) Table 58 Latin America: Market Size By Deployment Model, 2016–2023 (USD Million) Table 59 Latin America: Market Size By Organization Size, 2016–2023 (USD Million) Table 60 Latin America: Market Size By End-User, 2016–2023 (USD Million) Table 61 North America: Market Size By Country, 2016–2023 (USD Million) Table 62 Middle East and Africa: Insurance Analytics Market Size, By Component, 2016–2023 (USD Million) Table 63 Middle East and Africa: Market Size By Service, 2016–2023 (USD Million) Table 64 Middle East and Africa: Market Size By Professional Service, 2016–2023 (USD Million) Table 65 Middle East and Africa: Market Size By Business Application, 2016–2023 (USD Million) Table 66 Middle East and Africa: Market Size By Deployment Model, 2016–2023 (USD Million) Table 67 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million) Table 68 Middle East and Africa: Market Size By End-User, 2016–2023 (USD Million) Table 69 New Product Launches and Product Upgradations, 2016–2018 Table 70 Partnerships and Collaborations, 2016–2017 Table 71 Acquisitions, 2016–2017 Table 72 Business Expansions, 2016–2017 Table 73 Key Players in the Insurance Analytics Market
List of Figures
Figure 1 Insurance Analytics Market Segmentation Figure 2 Market Research Design Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region Figure 4 Data Triangulation Figure 5 Market Size Estimation Methodology: Bottom-Up Approach Figure 6 Market Size Estimation Methodology: Top-Down Approach Figure 7 Insurance Analytics Market: Assumptions Figure 8 Insurance Analytics Market is Expected to Witness High Growth During the Forecast Period Figure 9 Market By Component, 2018 vs 2023 Figure 10 Market By Service, 2018–2023 Figure 11 Market By Professional Service, 2018–2023 Figure 12 Market By End-User, 2018–2023 Figure 13 Market By Deployment Model, 2018–2023 Figure 14 Market By Organization Size, 2018–2023 Figure 15 Market By Business Application, 2018 vs 2023 Figure 16 Increasing Need for Insurance Analytics Tools and Services Across Industries is Expected to Drive the Growth of the Insurance Analytics Market Figure 17 North America is Estimated to Have the Largest Market Share in 2018 Figure 18 Risk Management Business Application and North American Region are Estimated to Have the Largest Market Shares in 2018 Figure 19 Support and Maintenance Segment is Estimated to Hold the Largest Market Share Across the Globe, Except in Asia Pacific, in 2018 Figure 20 Insurance Analytics Market: Drivers, Restraints, Opportunities, and Challenges Figure 21 Tools Segment is Expected to Have the Larger Market Size During the Forecast Period Figure 22 Professional Services Segment is Expected to Have the Larger Market Size During the Forecast Period Figure 23 Deployment and Integration Segment is Projected to Have the Largest Market Size By 2023 Figure 24 Risk Management Segment is Expected to Have the Largest Market Size During the Forecast Period Figure 25 On-Premises Segment is Expected to Have the Larger Market Size During the Forecast Period Figure 26 Large Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period Figure 27 Insurance Companies Segment is Expected to Have the Largest Market Size During the Forecast Period Figure 28 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period Figure 29 North America is Expected to Have the Largest Market Size During the Forecast Period Figure 30 North America: Market Snapshot Figure 31 Asia Pacific: Market Snapshot Figure 32 Key Developments By the Leading Players in the Insurance Analytics Market, 2015–2018 Figure 33 Microsoft: Company Snapshot Figure 34 Microsoft: SWOT Analysis Figure 35 IBM: Company Snapshot Figure 36 IBM: SWOT Analysis Figure 37 Oracle: Company Snapshot Figure 38 Oracle: SWOT Analysis Figure 39 SAP: Company Snapshot Figure 40 SAP: SWOT Analysis Figure 41 Salesforce: Company Snapshot Figure 42 Salesforce: SWOT Analysis Figure 43 SAS Institute: Company Snapshot Figure 44 Opentext: Company Snapshot Figure 45 Verisk Analytics: Company Snapshot Figure 46 Tableau Software: Company Snapshot Figure 47 Pegasystems: Company Snapshot Figure 48 Hexaware: Company Snapshot Figure 49 Guidewire: Company Snapshot Figure 50 Microstrategy: Company Snapshot Figure 51 Sapiens International: Company Snapshot
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Published By: MarketsandMarkets
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