Insurance Analytics Market Is Likely to Experience a Tremendous Growth by 2029 Covid-19 Analysis | IBM, Microsoft, Oracle

Insurance analytics is the use of data analytics in an insurance company. It transforms the way businesses operate due to the generation of leads, improving customer satisfaction, reduction in fraudulent cases, prediction of risk factors, and enabling business growth. Moreover, it also enables insurance companies to generate leads on the basis of the availability of unstructured data available on the web.

The insurance analytics market was valued USD 6.83 billion in 2019 and is anticipated to grow with a CAGR of 12.5% during the forecast period.

The growth is attributed to surge in advance analytics tools and data-driven decision-making techniques. Furthermore, increase in demand for digital infrastructure among enterprises is also one of the factors propelling market growth.

Furthermore, the implementation of a regulatory framework by the government is also one of the factors fuelling the market growth. For instance, as per the Insurance Regulatory and Development Authority (IRDA), every insurance company is required to set up a fraud monitoring framework. This framework shall include measures to protect, prevent, detect, and mitigate the risk of fraud from policyholders/claimants, intermediaries, and employees of the insurance companies.

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The Major Players Covered in this Report: IBM, Microsoft, Oracle, SAP SE (Germany), Salesforce, SAS Institute, OpenText (Canada), Verisk Analytics, Tableau Software, Pegasystems, Hexaware (India), Guidewire, MicroStrategy, Sapiens International (Israel), LexisNexis, Palantir, TIBCO Software, Applied Systems, Birst, BOARD International (Switzerland), Mitchell International, QlikTech, Vertafore, PrADS Inc., BRIDGEi2i (India), & More...

By Component, Tool, Services, Managed services, Professional services, Consulting, Deployment and integration, Support and maintenance,
By Business Application, Claim management, Risk management, Process optimization, Customer management and personalization,
By Deployment Mode, On-premises, Cloud, By Organization Size, Large enterprises, Small and Medium Enterprises (SMEs),
By End-User, Insurance companies, Government agencies, Third-party administrators, brokers, and consultancies

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Insurance Analytics in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Insurance Analytics market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Insurance Analytics and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Insurance Analytics. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Impact of COVID-19:
The impact of COVID-19 has a devastating effect on all industry verticals globally. However, the COVID-19 pandemic is the turning point for the insurance industry. The COVID-19 pandemic will force many insurance providers to reimagine their business operations and customer experience. The unique and unparalleled nature of this crisis brought about challenging new circumstances with economic shutdowns and physical distancing. Furthermore, the integration of third-party data to mitigate risk is increasing in urgency. Also, during this time, customers are reminded of how significant the role of insurance is in their lives. 

Key Highlights:
By component, service segment holds higher CAGR and is anticipated to witness growth during the forecast period on account of surge in demand for continuous high quality services among the enterprises.

By business application, the customer management and personalization holds higher CAGR and is anticipated to witness growth during the forecast period. The growth is attributed to surge in demand for additional policy discounts and proactive risk management services.

By deployment mode, cloud segment register higher CAGR and is presumed to witness growth during the forecast period on account of greater adoption among SMEs in order to maintain budget constraint.

By organization size, SMEs holds dominant position and is presumed to grow during the forecast period on account of broad offering of cloud segment that includes; reduction in infrastructure cost and better support and maintenance services among others.

By end –users, third party administrators holds higher CAGR and is anticipated to witness growth on account of surge in demand for online insurance solutions.

By region, North America holds higher CAGR and is presumed to grow during forecast period on account of presence of large number of vendors offering insurance analytics solutions.

Asia-Pacific is the fastest growing region and is anticipated to witness growth during forecast period on account of rising adoption cloud based technologies and digitization.

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