Insurance Analytics 2021 Global Insights and Business Scenario - IBM, OpenText, Verisk Analytics, Salesforce, SAP SE, Sapiens International
The insurance analytics market is expected to reach a CAGR of 12.6% during the forecast period (2021 - 2026).
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Top Key Players in the Global Insurance Analytics Market: IBM Corporation, LexisNexis Risk Solutions, Hexaware Technologies Limited, Guidewire Software Inc., Applied Systems Inc., Microsoft Corporation, MicroStrategy Incorporated, OpenText Corporation, Oracle Corporation, Sapiens International Corporation, and Others.
- In June 2020 - Merchants Insurance Group has adopted eDocs and Messages download via IVANS, a division of Applied Systems, to automate the exchange of policy-related documents and communications. Leveraging eDocs and Messages download, Merchants Insurance Group can support their agents' digital demands to increase ease of doing business while working remotely by providing access to the latest documents and communications directly in their management systems.
- In April 2020 - OpenText Corporation had a strategic collaboration agreement with Amazon Web Services (AWS). Through this agreement, OpenText can provide customers more excellent choice in deploying their business-critical information management solutions.
Key Market Trends:
Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to witness the fastest growth in the insurance analytics market, owing to increased take-up of analytics tools among consumers and businesses. The high adoption of digital infrastructure primarily drives the region's analytics markets due to the growing development in algorithm development, machine learning, and the rising need for the customer and behavioral analytics.
- National governments play a pivotal role in the future growth of the insurance analytics market across the Asia-Pacific region by implementing initiatives to build more business confidence in the cloud. Leading the way in cloud readiness are countries like Hong Kong and Singapore, which have defined data privacy regulations and strong governmental support for the cloud.
- Moreover, countries in the region have a strong base and growing insurance industry, further driving the growth for the market. According to IBEF, In India, the gross premium collected by life insurance companies in India increased from USD 39.7 billion in FY12 to USD 94.7 billion in FY20. During FY12-FY20, premiums from the new business of life insurance companies in India increased at a CAGR of 15% to reach USD 37 billion in FY20.
- Due to the COVID-19 pandemic, the insurance distribution model is disrupted. The Asian insurers are adjusting governance and management and building new technical capabilities to satisfy the growing customer needs. For instance, China has experienced a dramatic increase in health insurance-related activities as a result of COVID-19. Ping An Good Doctor, the world's leading healthcare ecosystem platform, saw 1.11 billion visits between late January and early February 2020. These instances are likely to fuel up the market growth.
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Insurance Analytics Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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