Product Code: r4716
“Insurance Analytics Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurance analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for insurance analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insurance analytics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Component: Solution; Service
- 2) By Deployment Model: On premises; Cloud
- 3) By Enterprise Size: Large Enterprises; Small And Medium Enterprises (SMEs)
- 4) By Application: Claims Management; Risk Management; Customer Management And Personalization; Process Optimization; Other Applications
- 5) By End User: Insurance Companies; Government Agencies; Third Party Administrators; Brokers And Consultancies
- Companies Mentioned: Applied Systems Inc.,; Microsoft Corporation; Open Text Corporation; Oracle Corporation; Pegasystems Inc.,
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the insurance analytics market are: Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Vertafore Inc., Hexaware Technologies, LexisNexis Risk Solutions, MicroStrategy Inc., International Business Machines Corporation, Tableau Software LLC, and Verisk Analytics Inc.,
The global insurance analytics market grew from $11.66 billion in 2022 to $13.52 billion in 2023 at a compound annual growth rate (CAGR) of 16.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The insurance analytics market is expected to grow to $24.46 billion in 2027 at a CAGR of 16.0%.
The insurance analytics market consists of revenues earned by entities by providing insurance analytics tools such as policy manipulation and fraud detection. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth. The insurance analytics are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on.
North America was the largest region in the insurance analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components in the insurance analytics market are solutions and services. Solution refers to the process of collecting, analyzing, and extracting relevant insights from various data sources. The applications include claims management, risk management, customer management and personalization, process optimization, and other applications. The various end users include insurance companies, government agencies, third-party administrators, brokers, and consultancies.
Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry. For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience.
Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are adopting big data, machine learning, and AI technologies to build insurance products and systems. AI stands for artificial intelligence and it is used in underwriting, claims management, and fraud detection. It is the replication by machines, particularly computer systems, of human intelligence processes. AI helps the insurance analytics market by automating all mundane tasks and solving complex problems. For instance, in February 2021, EXL released its LifePRO 20 Digital Insurance Platform, which is an AI-enabled end-to-end digital transformation solution. LifePRO 20 is an assertive end-to-end digital solution that supports the complete insurance policy administration lifecycle from new business to claim for a comprehensive array of a worksite, individual, and group life, health, and annuity products. LifePRO 20 enables companies to quickly bring new products to fuel growth, market, and manage operations to drive down costs.
In November 2021, Verisk, a US-based data analytics, and risk assessment firm, acquired Data-Driven Safety for an undisclosed amount. This acquisition is expected to increase Verisk's strong auto insurance analytics, giving insurers knowledge to enhance underwriting, enhance customer satisfaction, and advance public safety. Data-driven safety is a US-based public record data aggregation firm.
The countries covered in the insurance analytics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The insurance analytics market research report is one of a series of new reports from The Business Research Company that provides insurance analytics market statistics, including insurance analytics industry global market size, regional shares, competitors with an insurance analytics market share, detailed insurance analytics market segments, market trends and opportunities, and any further data you may need to thrive in the insurance analytics industry. This insurance analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Insurance Analytics Market Characteristics
3. Insurance Analytics Market Trends And Strategies
4. Insurance Analytics Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Insurance Analytics Market
- 4.2. Ukraine-Russia War Impact On Insurance Analytics Market
- 4.3. Impact Of High Inflation On Insurance Analytics Market
5. Insurance Analytics Market Size And Growth
- 5.1. Global Insurance Analytics Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Insurance Analytics Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Insurance Analytics Market Segmentation
- 6.1. Global Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solution
- Service
- 6.2. Global Insurance Analytics Market, Segmentation By Deployment Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On Premises
- Cloud
- 6.3. Global Insurance Analytics Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small And Medium Enterprises (SMEs)
- 6.4. Global Insurance Analytics Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Claims Management
- Risk Management
- Customer Management And Personalization
- Process Optimization
- Other Applications
- 6.5. Global Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Insurance Companies
- Government Agencies
- Third Party Administrators, Brokers And Consultancies
7. Insurance Analytics Market Regional And Country Analysis
- 7.1. Global Insurance Analytics Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Insurance Analytics Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Insurance Analytics Market
- 8.1. Asia-Pacific Insurance Analytics Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Insurance Analytics Market
- 9.1. China Insurance Analytics Market Overview
- 9.2. China Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Insurance Analytics Market
- 10.1. India Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Insurance Analytics Market
- 11.1. Japan Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Insurance Analytics Market
- 12.1. Australia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Insurance Analytics Market
- 13.1. Indonesia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Insurance Analytics Market
- 14.1. South Korea Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Insurance Analytics Market
- 15.1. Western Europe Insurance Analytics Market Overview
- 15.2. Western Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Insurance Analytics Market
- 16.1. UK Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Insurance Analytics Market
- 17.1. Germany Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Insurance Analytics Market
- 18.1. France Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Insurance Analytics Market
- 19.1. Eastern Europe Insurance Analytics Market Overview
- 19.2. Eastern Europe Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Insurance Analytics Market
- 20.1. Russia Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Insurance Analytics Market
- 21.1. North America Insurance Analytics Market Overview
- 21.2. North America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Insurance Analytics Market
- 22.1. USA Insurance Analytics Market Overview
- 22.2. USA Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Insurance Analytics Market
- 23.1. South America Insurance Analytics Market Overview
- 23.2. South America Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Insurance Analytics Market
- 24.1. Brazil Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Insurance Analytics Market
- 25.1. Middle East Insurance Analytics Market Overview
- 25.2. Middle East Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Insurance Analytics Market
- 26.1. Africa Insurance Analytics Market Overview
- 26.2. Africa Insurance Analytics Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Insurance Analytics Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Insurance Analytics Market Competitive Landscape And Company Profiles
- 27.1. Insurance Analytics Market Competitive Landscape
- 27.2. Insurance Analytics Market Company Profiles
- 27.2.1. Applied Systems Inc.
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Microsoft Corporation
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Open Text Corporation
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Oracle Corporation
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Pegasystems Inc.
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Insurance Analytics Market
29. Insurance Analytics Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer