The Global Insurance Analytics Market size is expected to reach $25. 1 billion by 2027, rising at a market growth of 16. 9% CAGR during the forecast period. Insurance analytics is a solution that is broadly used in the insurance industry for managing risks in pricing, rating, underwriting, marketing, claims and reserving.
New York, May 26, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Insurance Analytics Market By Component, By Application, By Deployment Type, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06075905/?utm_source=GNW
Along with managing risks, the analytic solution also helps insurance companies to provide improved insurance contracts in different areas like life insurance, health insurance and property insurance. Some of the major roles of the solution are to improve the customer relationship processes, minimize the cost, and properly utilize predictive analytics in insurance models to make better and reliable reports across various product lines.
The growth of the Insurance analytics market would be accelerated due to the increasing adoption of data-driven decision-making methods and ultra-modern analytics methods in the insurance sector. In addition, the market would witness bright prospects due to the growing adoption of insurance analytics tools & services by small & medium size organization. The loT insurance would gain high popularity because it enables insurers to provide the latest services and communicate to their customers, thereby pushing the market growth. There are many insurance companies, which are increasing their investments in digitization and filling the gaps in business continuity models.
COVID 19 Impact
The insurance sector is becoming a data-driven industry and thus insurance companies are persistently implementing, adopting, and investing in upgraded analytical technologies that are the key trends of the market. With the outbreak of the COVID-19 pandemic, several governments have imposed lockdowns & business shutdowns that disrupted the value chain of businesses. Thus, several insurance companies have altered their business model and shifted to using online solutions. These are certain changing trends across the insurance companies & insurance analytics solution vendors during the Covid-19 pandemic. Though, a significant number of organizations observe that they have the least exposure to the insurance analytics solution. This situation is changing and has registered a boost in the sale of insurance analytics solution due to the increasing adoption of improved technologies and rising competition among the companies operating in the insurance industry over the forecast years.
Based on Component, the market is segmented into Tools and Services. The tools segment is estimated to record the highest market share over the forecast period. Insurance analytics tools are majorly adopted by different end-users like third-party administrators, insurance companies, agents, and brokers, to achieve competitive benefits over others by utilizing information as the strategic asset.
Based on Application, the market is segmented into Risk Management, Customer Management & Personalization, Claim Management, Process Optimization, and Others. The Risk management segment would acquire a significant market share over the forecast period. Insurance companies are broadly utilizing the analytics solutions to know about the potential risks and implement some effective measures to reduce the losses, or at least screen, prevent and evaluate the cost of risks involved in the underwriting process.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud deployment model would witness the highest growth rate over the forecast period. Cloud-based solutions are becoming more popular in the market owing to their several benefits like resource pooling, cost management, and reduced implementation time. This deployment type provides scalability, flexibility, and cost-efficiency benefits.
Based on Application, the market is segmented into Large Enterprises and Small & Medium Enterprises. There are several large-scale enterprises, which are aiming at employing insurance analytics to enhance customer loyalty and reduce the total infrastructure costs. Moreover, insurance analytics tools enable large enterprises to fulfil the continuous changing government regulations and standards framed by HIPAA, Federal Government and Payment Card Industry Data Security Standard, which is projected to accelerate the growth of the market.
End User Outlook
Based on End User, the market is segmented into Insurance Companies, Government Agencies and Third-party Administrators, Brokers, & Consultancies. Insurance companies need a significant amount of data, which can be easily gathered and evaluated by using insurance analytics. Insurers can collect and analyze structured data related to the policyholders & unstructured data from public platforms like social media. The insurance analytics tool also enables large enterprises to produce easy and transparent products. Moreover, the analytics tool also helps large enterprises to forecast customer behavior and generate insights to make more customized policies that lead to enhanced customer satisfaction.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. By region, North America emerged as a leading region in 2020 and will showcase similar trend even during the forecast period. It is due to the factors like increasing adoption of insurance analytics tools and the presence of key market players in the region. Moreover, end-use industries, like insurance companies, government agencies, and third-party administrators, in this region are majorly aiming at adopting the insurance analytics tools to provide customer-centric products.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Insurance Analytics Market. Companies such as Pegasystems, Inc., Salesforce.com, Inc., IBM Corporation, and Oracle Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Salesforce.com, Inc., Oracle Corporation, Microsoft Corporation, SAP SE, OpenText Corporation, Pegasystems, Inc., MicroStrategy, Inc., SAS Institute, Inc., and Roper Technologies, Inc. (Vertafore, Inc.)
Recent strategies deployed in Insurance Analytics Market
Partnerships, Collaborations, and Agreements:
Mar-2021: Oracle Insurance Policy Administration (OIPA) collaborated with ClearView Wealth Limited. Under this collaboration, ClearView selected OIPA to support its digital transformation journey. This collaboration is a part of broader technology investment by the company to advance its systems & processes. Through the technologies, ClearView would enhance efficiencies, decrease operating costs, fulfill the latest regulatory requirements, and enhance the digital experience for both employees & customers.
Mar-2021: Pegasystems joined Willis Towers Watson’s Radar Live Collaboration program. The program was designed to provide insurers quicker and streamlined integrations with Radar Live, Willis Towers Watson’s price delivery, and decision engine platform, via an ecosystem of insurance software houses & system integrators.
Mar-2021: Vertafore came into partnership with Nationwide, a leading insurer of small businesses. Under this partnership, Nationwide joined Vertafore’s Commercial Submissions platform to lead innovation in market connectivity. The partnership would allow Nationwide agency partners to simply and quickly generate & compare commercial line quotes for customers.
Jan-2021: IBM collaborated with Thai Reinsurance Public Company Limited (Thai Re). Under this collaboration, Thai Re introduced Insurer Network, a reinsurance smart contract production network utilizing IBM blockchain technology on IBM Cloud. It is available via ThaiRe Innovation Co., the Thai Re subsidiary and IT engine, Insurer Network is developed to bring transparency and speed to its customers in Thailand.
Jan-2021: MicroStrategy partnered with Kyvos Insights, a leading cloud, and big data analytics company. Under this partnership, MicroStrategy is built and introduced the latest Kyvos gateway connector with its new version MicroStrategy 2021. This connector is the next step in Kyvos and MicroStrategy’s partnership to assist companies to make the most out of their data and attain quick business insights. Kyvos develops a BI acceleration layer directly on advanced data platforms, enabling customers to attain quick, interactive, multi-dimensional analytics on data at a huge scale on their MicroStrategy interface.
Dec-2020: Microsoft teamed up with Reliance General Insurance (RGI), a subsidiary of Reliance Capital. Under this collaboration, RGI boosted its vehicle claim process by releasing Rapid incorporated with image analytics powered by Microsoft Azure Cognitive Services and Azure Machine Learning capabilities. This end-to-end solution would help to offer a quick and effortless customer experience at the time of making vehicle claims.
Dec-2020: Vertafore entered into collaboration with AssuredPartners, an insurance company. Under this collaboration, AssuredPartners selected Vertafore as the InsurTech provider for its Project Fusion. This project aims to bring AssuredPartners’ operations onto one platform to offer a fully integrated, enterprise-wide InsurTech solution.
Oct-2020: Microsoft Azure partnered with UC San Francisco’s Center for Digital Health Innovation (CDHI), Fortanix, and Intel. Together, the entities would design a privacy-preserving data analytics platform, which would advance healthcare artificial intelligence. The platform can offer a zero-trust environment to safeguard both the intellectual property of an algorithm and the privacy of healthcare data and simultaneously CDHI’s proprietary BeeKeeperAI would deliver the workflows to enable more effective transformation, data access, and orchestration over various data providers.
Jul-2020: SAS came into partnership with the National Health Authority (NHA), the apex government body of India. By the Fraud Analytics Control and Tracking System (FACTS) of NHA, SAS would also support the prevention & detection of fraud via a health-care-specific fraud and abuse data model, which combines data from internal & external sources that include claims systems, third parties, and also unstructured text.
Jun-2020: IBM came into an agreement with Aegon, Dutch multinational life insurance, pensions, and asset Management Company. This agreement aims to further digitally improve the services for around 800,000 clients. IBM Services would operate Aegon’s run-off life insurance till the last life insurance policy in the portfolio expires in 2066.
Jun-2020: SAS formed a partnership with Microsoft, an American multinational technology company. This partnership aimed to enable people to easily operate their SAS workloads in the cloud and expand their business solutions & unwrapping critical value from their digital transformation initiatives. The companies would also shift SAS’ analytical products and industry solutions to Microsoft Azure as it is the preferred cloud provider for the SAS Cloud.
Mar-2020: IBM joined hands with Thélem assurances, a French property and casualty insurer. This collaboration focuses on developing a fraud detection solution. Thélem assurances introduced an artificial intelligence program, prioritizing a fraud detection use case as its introductory project.
Mar-2020: Salesforce partnered with Incapsulate, the insurance industry expert for Salesforce.com implementations. The partnership aims to make a migration practice focused on updating prevailing Salesforce implementations to Financial Services Cloud (FSC). With the combination of specialized onshore & offshore teams, which are certified in Financial Service Cloud (FSC), they offer expert knowledge of FSC, calculators, migration methodology, and accelerators.
Mar-2020: Microsoft came into partnership with Swiss Re, a reinsurance company. This partnership aimed to advance insurance innovation and expand financial protection to more individuals across the globe. Under this partnership, the companies would launch Swiss Re’s Digital Market Center that would help in developing next-generation large-scale tools to change the way the insurance sector predicts and manages risks, and also the way industry makes tangible products built on Swiss Re’s risk knowledge.
Feb-2020: Oracle extended its cloud collaboration with Microsoft with the latest cloud interconnect location in Amsterdam, Netherlands. The new interconnect would allow the companies to share data over applications running in Microsoft Azure and Oracle Cloud.
Jan-2020: MicroStrategy came into partnership with Yellowbrick Data, the world’s only modern analytical data warehouse developed for the hybrid cloud. Under this partnership, Yellowbrick Data warehouse integrates with MicroStrategy 2020, MicroStrategy’s flagship enterprise analytics platform.
Acquisition and Mergers:
Mar-2021: SAP acquired Signavio, a leader in the enterprise business process intelligence and process management space. The addition of Signavio into SAP’s Business Process Intelligence unit to assist companies faster understand, enhance, transform and manage their business processes at scale
Jan-2021: Pegasystems took over Qurious.io, a cloud-based real-time speech analytics solution. The software offers agents real-time insights and coaching to enhance customer interactions, make improved recommendations, and accelerate customer loyalty and sales.
Jan-2021: SAS acquired Boemska, a privately held technology company. Through this acquisition, SAS would further improve SAS Viya, a cloud-native, advanced analytics platform with a broad set of offerings, which accelerate SAS’ objective of supporting the whole analytics life cycle and promoting customer migration to the cloud.
Jun-2020: Salesforce acquired Vlocity, a leading provider of industry-specific cloud and mobile software. Through this acquisition, customers of both the companies can get benefit from the most advanced industries platform for digital transformation, and also tools & expert guidance completely personalized to their specific requirements.
Product Launches and Product Expansions:
Apr-2021: OpenText released a new content services platform Core Content and OpenText Core Case Management. It is developed to link content to the systems and people that require it, Core Content combines with business applications, which clients already utilize. By integrating content management, case management, and integration into lead applications, the solution would provide a unified approach to manage an organization’s content lifecycle in its formal and informal business processes.
Mar-2021: Salesforce’s subsidiary Tableau introduced a new version of its business analytics & data visualization platform, which incorporates Salesforce’s Einstein Discovery predictive modeling & machine learning technology that propels Tableau’s predictive analysis capabilities.
Sep-2020: IBM released a new risk-based service IBM Risk Analytics. It is developed to assist companies to apply the same analytics utilized for conventional business decisions to cybersecurity spending priorities.
Aug-2020: Vertafore introduced a tool to assist independent insurance companies to grow customer retention rates. Vertafore’s RiskMatch Retention Prediction tool assists companies to detect policies at risk for cancellation or non-renewal. This tool is an integrated part of Vertafore’s RiskMatch platform.
Jul-2020: Vertafore released AMS360 Connect on Salesforce AppExchange. It empowers users to offer both sales and service teams at independent agencies a comprehensive view of an insurance customer’s requirements. By linking data between the Vertafore & Salesforce platforms, AMS360 Connect makes Vertafore’s agency management system more powerful for users to serve their customers fastly and efficiently.
May-2020: Pegasystems launched Ethical Bias Check, a new capability of Pega Customer Decision Hub. It helps in removing biases hidden in the artificial intelligence (AI) driving customer engagements. The feature flags possible discriminatory offers & messages developed by AI over all channels before they reach the customer.
Apr-2020: OpenText unveiled the new OpenText Trading Grid, the world’s leading cloud integration services platform. This platform integrates multi-enterprise integration capabilities with an advance, microservices architecture and also top data visualization from OpenText ALLOY.
Scope of the Study
Market Segments covered in the Report:
• Risk Management
• Customer Management & Personalization
• Claim Management
• Process Optimization
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Insurance Companies
• Government Agencies
• Third-party Administrators, Brokers, & Consultancies
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• Salesforce.com, Inc.
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• OpenText Corporation
• Pegasystems, Inc.
• MicroStrategy, Inc.
• SAS Institute, Inc.
• Roper Technologies, Inc. (Vertafore, Inc.)
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06075905/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001
Powered by WPeMatico