The global insurance analytics market size is expected to reach USD 18.3 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.
Emergence of internet and social media along with increased affordability of storage systems has led to assimilation and generation of the large amount of unstructured data. Insurance companies today, are watching out for intends to effectively use the available information for better decision-making. The analytics solution helps the insurance organizations to predict the expected cost of insurance related with the coverage, enhance risk assessment process, and allow organization to prevent and detect fraudulent activities.
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Rising adoption of machine learning and AI in developing insurance analytics tools is gaining popularity across the globe as it offers security control and real-time intelligence with enhanced user experience. Furthermore, increasing adoption of IoT insurance as it increases customer satisfaction, mitigate risks, and lower costs is expected to drive the market growth. Insurance organizations focus on prioritizing technology investments to analyze and gain new insights from customer data, which allow organizations to offer better services to their clients.
Vendors focus on expanding their capabilities in insurance offerings through merger & acquisitions and new product development. For instance, in January 2018, Sapiens International acquired KnowledgePrice, a provider of digital consulting services to insurers. The acquisition helped the former company to expand its capabilities in digital customer services for insurers.
Insurance Analytics Market Report Highlights
• The service segment is expected to register the fastest growth from 2020 to 2027 due to rising demand for analysis and protection of critical data, and professional guidance for new technologies
• The customer management & personalization segment is anticipated to register the fastest CAGR over the forecast period on account of rising adoption of advanced analytics techniques and data-driven decision-making process
• Cloud deployment is anticipated to be the largest as well as the fastest segment from 2020 to 2027
• The Small & Medium Enterprises (SME) segment is expected to have the highest CAGR over the forecast period due to increasing number of SMEs and growing demand for customer-centric insurance policies
• The third-party administrators, brokers, & consultancies segment is expected to register fastest growth over the forecast period due to rising number of online channels and growing awareness about the investment market
• North America was the dominant region in 2019 and is anticipated to retain its leading position over the next eight years
• The key players in the insurance analytics market include Oracle Corporation; Microsoft Corp.; OpenText; Verisk Analytics, Inc.; PEGASYSTEMS INC.; Tableau Software, LLC; Hexaware Technologies; MicroStrategy Incorporated; Sapiens International; and LexisNexis Risk Solutions
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Insurance Analytics Market Market Segmentation
Grand View Research has segmented the global insurance analytics market based on component, application, deployment, enterprise size, end use, and region:
Insurance Analytics Component Outlook (Revenue, USD Million, 2016 - 2027)
• Tool
• Service
o Managed Services
o Professional Services
Insurance Analytics Application Outlook (Revenue, USD Million, 2016 - 2027)
• Claim Management
• Risk Management
• Process Optimization
• Customer Management & Personalization
• Others
Insurance Analytics Deployment Outlook (Revenue, USD Million, 2016 - 2027)
• Cloud
• On-premise
Insurance Analytics Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprises
• Small & Medium Enterprises
Insurance Analytics End-Use Outlook (Revenue, USD Million, 2016 - 2027)
• Insurance Companies
• Government Agencies
• Third-party administrators, Brokers, & Consultancies
Insurance Analytics Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
• MEA
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.