Insurance Analytics comprises the application of services and tools to analyze data to generate insights. These flairs are helpful in strategy and decision-making. The rising competition in the market has compelled the companies to streamline operations, upgrade existing business models, and improve the overall processes. Besides, maturing digital infrastructure along with growing fraudulent activities across the insurance industry is further augmenting the analytics solutions demand.
Adroit Market Research study on the global market for Insurance Analytics offers a holistic view of the industry from 2020 to 2028 as a forecast period, including factors such as market drivers, limitations, opportunities, threats, and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porter's analysis of five strengths and places leading players based on their product range, regional presence, strategic initiatives, and overall sales. Prominent players in the global composite resin market have been analyzed in depth.
The ongoing adoption of analytics by the companies to suffice customers by offering improved experience helping to offer solutions as per the deep understanding of customer need and behavior is stimulating the industry growth. The customer’s behavioral data enables the insurer to revise and revamp new strategies and products, to attain high revenues. Moreover, it allows insurers to empower agents or distributors with tools to explore various business opportunities from existing customers. These solutions help companies to reduce overall customer handling time, cost and minimize fraud cases, which is further expected to boost the market demand.
The services segment is anticipated to hold a significant share in the terms of components for the Insurance Analytics market. The rising penetration of smartphones has led to an escalation in demand for mobile-based insurance facilities. Furthermore, increasing financial fraudulent activities is further paving the way for the demand for insurance analytics.
Asia Pacific region is anticipated to witness a substantial growth rate over the forecast period. The ongoing proliferation of real-time and mobile & insurer platforms in the region has surged fraud events, which in turn, is contributing to the demand. In addition, rising cloud-based technologies adoption coupled with growing digitization across insurance organizations associated industries is further expected to drive the market in the Asia Pacific. The increasing number of third-party administrators and insurers in the region are focusing on offering affordable plans, which in turn is further expected t catapult the market growth.
The key players of the global Insurance Analytics market report include- IBM, Microsoft, Oracle, SAP SE, Salesforce, SAS Institute, OpenText, Verisk Analytics, Tableau Software, and Pegasystems.
Key Segments of the Global Insurance Analytics Market
Component Overview, 2018-2028 (USD Million)
- Software
- Services
Organization Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- SMEs
Vertical Overview 2018-2028 (USD Million)
- BFSI
- Retail
- Media & Entertainment
- Healthcare
- Telecom & IT
- Others
Regional Overview, 2018-2028 (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America