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Insurance Analytics Market Worth $18.5 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

(IT-NEWSWIRE.COM, August 03, 2022 ) According to a new market research report titled “Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Geography - Global Forecast to 2027,” published by Meticulous Research®, the insurance analytics market is expected to grow at a CAGR of 12.2% from 2021 to 2027 to reach $18.5 billion by 2027.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5115

Insurance analytics refers to the process of collecting, analyzing, and retrieving meaningful insights from several data sources to efficiently manage risks and offer the best possible insurance contracts to the customers in the fields of life, health, assets, property, or casualty, among others. This technology is gaining considerable momentum across the BFSI industry. It helps insurers identify and target potential markets while deriving insights by leveraging data to better the businesses. The incorporation of insurance analytics had proven sufficient to manage several business operations leading to the growth of the users.

The growth of this market is primarily attributed to the rising adoption of advanced analytics and data-driven techniques and growing digitalization in the insurance industry. Moreover, the increasing adoption of IoT insurance and growing acceptance of insurance analytics among small and medium-sized enterprises are poised to offer immense growth opportunities for players in the insurance analytics market. However, lack of skilled professionals to manage analytics solutions, and reluctance to adopt insurance analytics solutions due to data privacy and security concerns are causing hindrances to the market growth.

The Impact of COVID-19 on the Insurance Analytics Market

The outbreak of COVID-19 has immensely affected the insurance analytics firms on different levels. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it even more difficult for industry players to anticipate the recovery of the insurance industry. Thus, the crisis caused structural shifts that had significant implications for the insurance industry.

As the pandemic has affected the insurance business, demand for digital solutions, such as insurance analytics is expected to stay elevated. As a result, the digitally-driven intermediaries are proving to be effective, benefiting the insurance analytics market. The growing awareness among consumers regarding their health and personal risks is expected to increase the demand for efficiently managing their risks. This transition in customer behavior and economic pressure is expected to compel insurers to develop radical business and operating models, increasing the demand for insurance analytics solutions.

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Rising adoption of advanced analytics and data-driven techniques to drive the growth of this market

The growing need for insurers to identify opportunities for innovation in their products and services has enabled them to adopt advanced analytics solutions, which also helped them enhance sales productivity, create robust performance management dashboards, and forecast sales for improved revenue visibility. Moreover, by analyzing patterns and facts from collected data, insurers have developed strategies and activities that benefit their businesses in several ways. As a result, high adoption of insurance analytics is witnessed amongst insurance and other banking firms.

The easy availability of analytics solutions with user-friendly interfaces coupled with the power of business intelligence has also triggered the adoption rate of insurance analytics solutions. Several companies in this sector rely heavily on insurance analytics to create new business opportunities, predict future trends, generate more revenue, produce actionable insights, and optimize efforts in operations. Thus, the rising focus of insurers on advanced analytics and technologies that enable data-driven decision-making to improve business operations and gain a competitive edge in the industry is expected to drive the growth of the insurance analytics market significantly.

Key findings in the insurance analytics market study

To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions services), business applications (claims management, pricing & risk management, customer management & personalization, process optimization, and others), deployment (cloud and on-premise), organization size (small and medium-sized and large enterprises), end users (insurance companies, government agencies, third-party administrators, brokers, and consultancies), and geography.

Based on component, the insurance analytics market is segmented into solutions and services. In 2020, the solution segment accounted for the largest share of the overall insurance analytics market due to the increased adoption of analytics software to improve underwriting practices and enhance pricing precisions of policies. Besides, this segment is also expected to grow with the highest CAGR over the forecast period.

Based on application, the insurance analytics market is segmented into claims management, pricing and risk management, customer management and personalization, process optimization, and others. In 2020, the pricing and risk management segment accounted for the largest share of the overall insurance analytics market. This segment's large share is mainly attributed to insurers' growing dependency on insurance analytics to derive automated results for better pricing and risk management decision-making. However, the customer management segment is expected to grow at the highest CAGR over the forecast period.

Based on deployment mode, the insurance analytics market is segmented into cloud-based and on-premise. In 2020, the cloud-based segment accounted for the largest share of the insurance analytics market due to extensive benefits in SaaS, PaaS, and IaaS for insurance analytics provided by cloud providers. Moreover, this segment is also projected to grow with the highest CAGR in the forecast period.

Quick Buy – Insurance Analytics Market Research Report: https://www.meticulousresearch.com/Checkout/55379713

Based on organization size, the insurance analytics market is primarily segmented into small & medium-sized and large enterprises. In 2020, the large enterprise segment accounted for the largest share of the overall Insurance analytics market owing to the increasing focus of these enterprises on enhancing their customer engagement by opting for data-driven methodologies and insurance analytics solutions. However, the SMEs segment is expected to propel in coming years with a high growth rate due to the growing number of insure-tech start-ups and rising awareness regarding the benefits of insurance analytics solutions.

Based on end user, the insurance analytics market is segmented into insurance companies, government agencies, third-party administrators and brokers, and consultancies. In 2020, the insurance companies segment accounted for the largest share of the overall insurance analytics market. However, the government agencies segment is expected to grow at the highest CAGR due to increasing government initiatives to digitalize the public sector and adopt a data-driven approach to solve real-world problems.

Geographically, the global insurance analytics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, the North America accounted for the largest share of the overall insurance analytics market. The large share is primarily attributed to the availability of supporting infrastructure, high adoption of data-driven methods in business operations, and increasing advanced insurance analytics solutions deployment.

Some of the key players operating in the global insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/insurance-analytics-market-5115

Scope of the Report

Insurance Analytics Market, by Component

Solutions
Services
Managed Services
Professional Services
Consulting
Deployment and Integration
Support and Maintenance

Insurance Analytics Market, by Business Application

Claims Management
Pricing and Risk Management
Customer management and personalization
Process Optimization
Others
Insurance Analytics Market, by Deployment Mode

Cloud-based
On-premise

Insurance Analytics Market, by Organization Size

Small & Medium Enterprises (SMEs)
Large Enterprises

Insurance Analytics Market, by End User

Insurance Companies
Government Agencies
Third-party Administrators, Brokers, and Consultancies

Insurance Analytics Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of LATAM
The Middle East and Africa
UAE
South Africa
Rest of MEA

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5115

Meticulous Research™

chhagan yadav

+91 744-7780008

chhagan.y@meticulousresearch.com

Source: EmailWire.Com

Source: EmailWire.com


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