DUBLIN--(BUSINESS WIRE)--The "Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 21.78 Billion by 2027, exhibiting a CAGR of 13.30% during 2022-2027.
Companies Mentioned
- Applied Systems Inc.
- Hexaware Technologies Limited
- International Business Machines Corporation
- LexisNexis Risk Solutions (RELX PLC)
- Microsoft Corporation
- MicroStrategy Incorporated
- Open Text Corporation
- Oracle Corporation
- Pegasystems Inc.
- Salesforce.com inc.
- SAP SE
- Sapiens International Corporation
Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor
Insurance analytics refers to the process of collecting, analyzing and extracting insights from data sources for minimizing the risks associated with underwriting, pricing, rating, claims and marketing of insurance policies. It utilizes a software platform integrated with data analysis tools, artificial intelligence (AI) and big data solutions to generate leads and identify market trends.
The software enables the organizations and individuals to track insurance payments, liquidity and other financial operations. Insurance analytics also aids in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations and utilizing predictive analytics in insurance models. These solutions can be deployed on-premises or on the cloud and are widely used by insurance organizations, third-party administrators, brokers and consultants
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Large and medium-sized organizations are widely adopting insurance analytics tools integrated with cloud computing, application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots and machine learning solutions for enhanced operational efficiency. Insurance analytics aids in preventing internal frauds, rate evasions and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants and professionals.
Moreover, the increasing number of fraudulent activities, such as insurance padding, inflated claims, staged accidents and submission of inaccurate information evidence, is also providing a thrust to the market growth. Additionally, the widespread adoption of big data and predictive modeling-integrated insurance analytics solutions is acting as another growth-inducing factor. These solutions can collect information from internal and external sources, such as telematics, agent and customer interactions and social media platforms and develop countermeasures to mitigate losses and risks. Other factors, including the implementation of stringent government policies to prevent cyberattacks, along with the increasing requirement to reduce claim management time, are anticipated to drive the market toward growth
Key Questions Answered in This Report:
- How has the global insurance analytics market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global insurance analytics market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the enterprise size?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global insurance analytics market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Insurance Analytics Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
7 Market Breakup by Deployment Mode
8 Market Breakup by Enterprise Size
9 Market Breakup by Application
10 Market Breakup by End User
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/44mvap
