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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.

  •, Inc., 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., 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 study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Insurance Analytics Market

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