Press release
Insurance Analytics Market To Reach USD 22.45 Billion By 2027 Growing at a CAGR of 14.2% - Valuates Reports
The major factor driving the insurance analytics market are:
The surge in requirement & implementation of advanced technologies to identify new business insights/trends to unlock new value-added services to customers and reduce operational cost.
Insurance analytics optimizes customer relationship processes and uses predictive analytics in insurance models to create reliable reports across several product lines.
Risk assessment features of analytics are helping the insurers in predicting the cost of insurance associated with the coverage and reduce uncertainty in the business
View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-4N44/insurance-analytics
TRENDS INFLUENCING THE INSURANCE ANALYTICS MARKET SIZE
Companies are being encouraged to update their current business model, streamline operations, and improve processes as the market becomes more competitive. This rise in competition in the insurance landscape is expected to increase the growth of the insurance analytics market. Insurance analytics is a collection of resources and software that can be used to process and analyze data in order to create information that can be used to make better decisions.
Companies are focused on optimizing customer service and providing solutions based on a deep understanding of customer behavior and needs. Thus the demand for providing an improved customer experience by providing value-added service is expected to drive the insurance analytics market. The insurers can revise and redevelop new strategies and products based on consumer behavioral data, potentially increasing market sales performance.
Analytics can also enable insurers to provide tools & solutions to distributors or agents to help them find new market opportunities and serve existing customers. These solutions also allow businesses to reduce total customer handling costs and time. This feature of analytics is expected to drive the growth of the insurance analytics market size.
Insurers all over the world are concerned about rising insurance costs. The analytics, on the other hand, aid insurers in risk management by estimating the cost of insurance associated with a given coverage. Furthermore, analytics help to reduce losses by identifying and preventing fraudulent activity.
The rising need for big data and predictive modeling capability during the COVID-19 pandemic drives the adoption of insurance analytics tools. The potential of predictive modeling in insurance software will aid in the more effective definition and delivery of rate increases and new products. Insurers can gain useful insights from predictive analytics and big data by predicting consumer behavior and supporting underwriting processes.
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KEY MARKET SEGMENTS
By Component
- Solution
- Service
-
By Deployment type
- On-premises
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Application
- Claims Management
- Risk Management
- Customer Management
- Sales & Marketing
- Others
By End User
- Insurance Companies
- Government Agencies
- Third-party Administrators, Brokers & - -
- Consultancies
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Applied Systems
- BM Corp.
- Microsoft
- Open Text Corporation
- Oracle
- Pegasystems Inc.
- salesforce.com inc.
- SAP SE
- SAS Institute Inc.
- Vertafore, Inc.
SIMILAR REPORTS
Insurance Big Data Analytics Market -
https://reports.valuates.com/market-reports/QYRE-Auto-36L2669/global-insurance-big-data-analytics
IoT Insurance Market -
https://reports.valuates.com/market-reports/QYRE-Auto-11U2357/global-iot-insurance
Digital Innovation in Insurance Market -
https://reports.valuates.com/market-reports/QYRE-Auto-17J2376/global-digital-innovation-in-insurance
Insurance Analytics Software Market -
https://reports.valuates.com/market-reports/QYRE-Auto-12L2586/covid-19-impact-on-global-insurance-analytics-software
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