According to the latest report by IMARC Group, titled, “Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.78 Billion by 2027, exhibiting at a CAGR of 13.30% during 2022-2027.
Insurance analytics is the process of analyzing, collecting, and extracting insights from various data sources for minimizing the risks associated with pricing, underwriting, rating, and marketing of insurance policies. It utilizes software platforms that enable organizations to track liquidity, insurance payments, and several financial operations and indicators. Insurance analytics assists in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations, etc. As a result, it is extensively used by third-party administrators, brokers, consultants, etc.
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Market Trends
The rising number of fraudulent activities, including insurance padding, inflated claims, staged accidents, etc., is among the primary factors driving the insurance analytics market. Moreover, insurance analytics aids in preventing rate evasions, internal frauds, and cybersecurity frauds committed by applicants, policyholders, third-party claimants, etc. This, in turn, is further catalyzing the market growth. In addition to this, the launch of favorable initiatives by government bodies to prevent cyberattacks and improve digital infrastructures is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of these solutions to collect information from numerous internal and external sources, such as telematics, social media platforms, customer interactions, etc., is also augmenting the global market. Apart from this, the increasing integration of insurance analytics tools with application programming interfaces (APIs), cloud computing, data analytics, robotic process automation (RPA), chatbots, etc., for enhancing operational efficiency is anticipated to fuel the insurance analytics market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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.
- com inc.
- SAP SE
- Sapiens International Corporation.
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The report has segmented the market based on component, deployment mode, enterprise size, application and end user.
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Claims Management
- Risk Management
- Customer Management
- Sales and Marketing
- Others
Breakup by End User:
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers and Consultancies
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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