Insurance Analytics Market - Introduction

  • Insurance analytics is a software platform that allows insurance companies to collect, analyze, and identify important insights from huge insurance databases to handle business risk and improve business in different insurance sectors.
  • Insurance companies are adopting digital technologies and insurance analytics to improve the generation of leads, reduce fraudulent cases, improve customer satisfaction, prediction, and manage risk factors for improving business processes.
  • Fraudulent cases regarding claim processing is one of the biggest challenges to the insurance industry. By using data analysis tools, an insurance company can identify the trend repeated for the claims process that helps to reduce fraudulent cases.
  • Insurance companies are investing in analytics technologies to understand customer behavior, market patterns, and improve the business decision process. Insurance analytics allows companies to use advanced technologies such as Big Data and artificial intelligence (AI) which helps to enhance insurance-related services and competitive market strategies by analyzing huge data.
  • Insurance analytics is majorly adopted by companies and brokers to efficiently track insurance payments, liquidity, and other financial operations, and monitor various operational expenses related to marketing, sales, customer support, and operations.
insurance analytics market size and forecast

Key Drivers of the Insurance Analytics Market

  • Increasing demand for data analysis and predictive modelling solutions among insurance companies to improve business processes in various insurance operations is expected to drive the growth of the market. Increasing awareness about insurance analytics and digitalization among insurance companies and agencies to improve insurance services is also expected to boost the growth of the market.
  • Increasing adoption of insurance analytics with advanced technologies such as predictive analysis and Big Data is expected to generate revenue opportunities for solution providers during the forecast period.

Lack of skilled professionals and increasing security threat (cyber-attacks) expected to hinder the growth of the insurance analytics market

  • Increasing adoption of advanced data technologies in insurance sectors also creates multiple ways for cyber-attacks on a company’s confidential information related to banking, payment transactions, and policy details, which may restrain the growth of the market.
  • Lack of skilled professionals among insurance companies and agencies to manage the different databases by using analytics solutions and business operations based on various technology platforms is also expected to hamper the growth of the market.
insurance analytics market dynamics

Impact of COVID-19 on the Global Insurance Analytics Market

  • Insurance companies are expanding their geographical presence to capture more market share in Asia Pacific and Middle East & Africa due to the increasing impact of COVID-19 on business growth. Insurance companies and leading agencies are adopting new business strategies in claim processing and analyzing insurance records for services which creates revenue opportunities during lockdown conditions.
  • Demand for insurance analytics is increasing during COVID-19 and is also set to increase during the forecast period due to increasing awareness about the benefits of insurance analytics among insurance companies with the increasing impact of COVID-19.

North America to Hold Major Share of the Global Insurance Analytics Market

  • North America holds a prominent share of the insurance analytics market due to the early adoption of new technologies in the insurance sector by leading insurance companies and agencies to improve claim processing and transaction processing related to insurance in the region.
  • The insurance analytics market in Asia Pacific is expected to expand the fastest during the forecast period due to the increasing adoption of technologically advanced software platforms to manage fraudulent claim cases, payment operational risk, and business risk in the region.
insurance analytics market size by competition landscape

Key Players Operating in the Global Insurance Analytics Market

  • Oracle Corporation

Oracle Corporation is a U.S.-based information technology company. The company provides applications, platforms, and IT infrastructure products and services. It has three business segments: Cloud and Licensing, Hardware, and Services. The company offers Oracle Insurance Analytics solutions for insurance and healthcare sectors.

  • Salesforce.com, Inc.

Salesforce.com, Inc. is a global provider of customer relationship management services to different industries. The company provides a technological platform for businesses to build and run business applications. Salesforce.com, Inc. offers a solution that helps users to manage their customer records, sales, and other enterprise operational data.   

Other key players operating in the global insurance analytics market include IBM Corporation, Microsoft Corporation, OpenText Corporation, Vertafore, Inc., MicroStrategy Incorporated, Hexaware Technologies Limited, and Pegasystems Inc.

Global Insurance Analytics Market: Research Scope

Global Insurance Analytics Market, by Component

  • Software/Tools
  • Services
    • Professional
    • Managed

Global Insurance Analytics Market, by Deployment

  • Cloud Based
  • On-premises

Global Insurance Analytics Market, by Application

  • Claims Management
  • Customer Management and Personalization
  • Risk Management
  • Process Optimization
  • Others

Global Insurance Analytics Market, by End-user

  • Insurance Companies
  • Government Agencies
  • Agencies/Brokers

Global Insurance Analytics Market Segmentation, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordic
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

Alternative Keywords

  • Insurance Technology Solutions
  • Insurance Big Data Analytics

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

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Insurance Analytics Market