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Insurance Analytics Market Is Thriving Worldwide | Latest Innovation, Advance Technology, Top Companies

12-20-2019 01:44 PM CET | IT, New Media & Software

Press release from: ReportsandReports

Insurance Analytics Market Is Thriving Worldwide | Latest

The Global Insurance Analytics Market is committed fulfilling the requirements of the clients by giving them thorough insights into the market. An exclusive data offered in this report is collected by research and industry experts team. Insurance Analytics Market report spread across 179 Pages, Profiling 25 Companies and Supported with 73 Tables and 51 Figures is now available in this Research report.

The Global Insurance Analytics Market to grow from US$ 6.63 Billion in 2018 to US$ 11.96 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.

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“The Risk Management business application is expected to hold the largest market size by 2023”
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process. Risk management involves identification, assessment, and management incorporating use of analytics to support decision-making process through clearly stating business goals and objectives, precise information management with better understanding of the trade-offs between risk and reward.

“Insurance Companies are estimated to be the largest adopter of insurance analytics solution in 2018”
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 both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM.

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“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the insurance analytics vendors, over the next 5 years.

Breakdown of primary participants’ profile:
• By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
• By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
• By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%

#Key Players- IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), BRIDGEi2i (India).

Report Highlights:
The Objective of the report is to define, describe, and forecast the insurance analytics market trends based on component, business application, end-user, deployment model, organization size, industry, and region. The report provides detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the market growth.

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Target Audiences for Insurance Analytics Market : Insurance analytics tools vendors, Cloud Service Providers (CSPs), Managed Service Providers (MSPs), System integrators, Networking companies, Third-party providers, Value-added Resellers (VARs), Government agencies, Consultants/consultancies/advisory firms, Support and maintenance service providers, Technology providers.

List of Tables:
Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Insurance Analytics Market Size, By Component, 2016–2023 (USD Million)
Table 3 Tools: Market Size, By Region, 2016–2023 (USD Million)
Table 4 Services: Market Size, By Type, 2016–2023 (USD Million)
Table 5 Services: Market Size, By Region, 2016–2023 (USD Million)
Table 6 Managed Services Market Size, By Region, 2016–2023 (USD Million)
Table 7 Professional Services Market Size, By Type, 2016–2023 (USD Million)
Table 8 Professional Services Market Size, By Region, 2016–2023 (USD Million)
Table 9 Deployment and Integration Market Size, By Region, 2016–2023 (USD Million)
Table 10 Support and Maintenance Market Size, By Region, 2016–2023 (USD Million)
Table 11 Consulting Market Size, By Region, 2016–2023 (USD Million)
Table 12 Insurance Analytics Market Size, By Business Application, 2016–2023 (USD Million)
Table 13 Claims Management: Market Size, By Region, 2016–2023 (USD Million)
Table 14 Risk Management: Market Size, By Region, 2016–2023 (USD Million)
Table 15 Customer Management and Personalization: Market Size, By Region, 2016–2023 (USD Million)
…..and More

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