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INSURANCE ANALYTICS MARKET GROWING AT A CAGR 15.1% | KEY PLAYER SALESFORCE,
ORACLE, MICROSOFT, OPENTEXT, VERISK ANALYTICS

By

GetNews

Published

November 29, 2021



“IBM (US), Salesforce (US), Oracle (US), Microsoft (US), Sapiens (Israel),
OpenText (Canada), SAP (Germany), Verisk Analytics (US), SAS Institute (US),
Vertafore (US), TIBCO (US), Qlik (US), Board International (Switzerland),
BRIDGEi2i (US), MicroStrategy (US), Guidewire Software (US), LexisNexis Risk
Solutions (US), WNS (India), Hexaware Technologies (India), Pegasystems (US)”

Insurance Analytics Market by Component (Tools and Services), Application
(Claims Management, Risk Management, Customer Management and Personalization,
Process Optimization), Deployment Mode, Organization Size, End User, and Region
– Global Forecast to 2026

The global insurance analytics market size is expected to grow from USD 8.8
billion in 2020 to USD 20.6 billion by 2026, at a Compound Annual Growth Rate
(CAGR) of 15.1% during the forecast period. The major driving factors in the
insurance analytics industry are increasing focus on enhancing customer
experience and the growing trend of digitalization.

Demand to reduce the time for efficient management of claims and insurance
policies is expected to boost insurance companies segment to hold a larger
market size

Insurance companies are the end-user companies that provide various types of
insurance, such as consumer insurance (including life and health insurance, and
vehicle/auto insurance) and commercial insurance (employee insurance and asset
insurance for manufacturing companies). Insurance companies are now widely
adopting various technology solutions, including analytics, for their internal
and customer-facing services. For example, multi-line carriers that supply
consumer policies — for homes, cars, and small groups — in addition to business
services, such as P&C insurance, run several applications to handle
underwriting, claims, and Customer Relationship Management (CRM). Increasing
service demand coupled with critical end-of-year fiscal reporting forces these
organizations to adopt advanced technological solutions, leading to a larger
market size during the forecast period. Bajaj Allianz Life Insurance, a Pune,
India-based life insurance provider, is among the leading insurers in India who
are using predictive analytics across their insurance operations. The company is
leveraging predictive analytics across its customer life cycle to assess
customer risk, to determine the potential of a customer to renew or lapse a
policy, and to act accordingly. Risk management, fraud detection, customer
management, and personalization are some of the key application areas where the
India-based insurer is applying analytics to improve operational efficiency,
reduce cost, and enrich customer experience.

Download PDF
Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58298536

The growing demand to reduce the response time for various claims management
processes and the increasing adoption of IoT insurance driving the demand for
process optimization during the forecast period

Insurers are widely using analytics solutions to understand the potential risks
and deploy countermeasures to mitigate losses, or at least screen, pre-empt, and
assess the cost of risks in the underwriting process. Risk management involves
the identification, assessment, and management of potential risks, incorporating
analytics to support decision-making by clearly stating business goals and
objectives, and facilitating precise information management with a better
understanding of the trade-offs between risks and rewards. Risk management
provides insurers with the risk capacity to maintain specific credit ratings,
manage capital, and reduce earnings volatility across insurance companies.

The major insurance analytics vendors include IBM(US), Salesforce(US),
Oracle(US), Microsoft(US), Sapiens (Israel), OpenText (Canada), SAP (Germany),
Verisk Analytics (US), SAS Institute (US), Vertafore (US), TIBCO (US), Qlik
(US), Board International (Switzerland), BRIDGEi2i (US), MicroStrategy (US),
Guidewire Software (US), LexisNexis Risk Solutions (US), WNS (India), Hexaware
Technologies (India), Pegasystems (US), Applied Systems (US), InsuredMine (US),
ReFocus AI (US), RiskVille (Ireland), Pentation Analytics (US), Habit Analytics
(US),  Artivatic.ai (India), CyberCube (US), and Arceo.ai (US).

These players have adopted various growth strategies, such as partnerships,
agreements, and collaborations, and new product launches, to further expand
their presence in the global insurance analytics market. Partnerships and new
product launches have been the most dominating strategy adopted by the major
players from 2017 to 2020, which has helped them innovate on their offerings and
broaden their customer base.

IBM operates in five business segments: cognitive solutions, global business
services, technology services, and cloud platforms, systems, and global
financing. The global business services segment contributes the maximum as it
helps to improve customer performance with a major focus on IT. IBM has shifted
its development from experimental-based to hybrid cloud-based AI-driven
applications that focus on digital reinvention. It offers a robust product
portfolio and majorly focuses on improving the product efficiency of analytics,
cloud, cognitive, commerce, IoT, industry solutions, systems, mobile, security,
social, and Watson technologies. IBM’s product portfolio includes the analytics
cloud platform, blockchain platform, Watson IoT platform, and Watson Customer
Engagement. The company has a significant presence in over 175 countries and
mainly caters to North America, Southeast Asia, Eastern Europe, MEA, and Latin
America. In the insurance analytics market, IBM offers insurance analytics. IBM
Insurance Analytics has a suite of solutions comprising customer retention,
cross-sell and up-sell analytics, distribution optimization, claims optimization
and fraud prevention, underwriting optimization, financial performance
management, and risk management and compliance. Moreover, IBM Watson also gives
insurance companies the ability to better understand customer behaviors. This
insight allows best-in-class companies to create personalized offers and
optimize every interaction to deliver an outstanding customer experience that
will increase retention rates.

Request a Sample
Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=58298536

Microsoft develops software, services, devices, and solutions to compete in the
era of the intelligent cloud and intelligent edge. With the increase in
investments in a mix-reality cloud, Microsoft enables its customers to
digitalize their business processes. The company’s offerings include cloud-based
solutions that provide customers with software, platforms, content, and deliver
solution support and consulting services for its clients. Its product offerings
include Operating Systems (OS), cross-device productivity applications, server
applications, business solution applications, desktop and server management
tools, software development tools, and video games. Microsoft’s offering of
platforms and tools helps drive the productivity of small businesses, the
competitiveness of large businesses, and efficiency of the public sector. It
works on three pillars, which include privacy, cybersecurity, and responsible
AI, to provide tools and frameworks for its customers to encourage policy
change. The company focuses on investing in data centers and other hybrid and
edge infrastructure to enhance its service offerings. Microsoft operates in
three segments that include productivity and business processes, intelligent
cloud, and more personal computing. The company caters to a wide range of
verticals, including finance and insurance, manufacturing and retail, energy and
utilities, media and entertainment, public sector, healthcare, and IT and
telecommunications. It has a geographical presence in more than 190 countries
across North America, APAC, Latin America, MEA, and Europe. In insurance
analytics, Microsoft offers Azure for Insurance which helps insurance companies
manage their high-performance computing needs. It also provides Cortana
Intelligence Suite.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website:
https://www.marketsandmarkets.com/Market-Reports/insurance-analytics-market-58298536.html



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