Insurance Analytics - Market is Booming Worldwide with IBM, Microsoft, Oracle, SAP SE (Germany), Salesforce

Insurance Analytics Market:

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.
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.

Rising adoption of advanced analytics techniques and data-driven decision-making techniques, surging adoption of insurance analytics tools and services by the small- & medium-scale companies, rapidly maturing digital infrastructure, and increasing fraudulent activities in the insurance industry fuel the market growth. However, the data security concern is anticipated to hamper the 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, a significant increase in the number of fraudulent activities is witnessed in the insurance industry, which includes producing forged documents, non-disclosure of critical information, buying of policies in the name of a dead person or a person with a terminal illness, stating false reasons for claims, misappropriating assets, and inflating expenses. For instance, as per the industry, insurance companies lost over USD 6.25 billion to fraud in the year 2017–18, which results in higher premiums for genuine consumers.

The professional services segment is projected to grow with the highest CAGR on account of the increasing demand for support and maintenance services to keep the solutions updated in order to improve the efficiency of the organization. Furthermore, surging demand for up-gradation to meet the increasing customer needs is also one of the factors escalating professional services. Moreover, the growing usage of smartphones has led to an increased demand for mobile-based insurance facilities across the globe, further increasing the demand for professional services.

Obtain Brochure For Latest Technology Advancements @ 
https://straitsresearch.com/report/insurance-analytics-market/request-sample

The Major Prominent 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)

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

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

View this report with a detailed description and TOC @ 
https://straitsresearch.com/report/insurance-analytics-market/toc

Surging Demand for Proactive Risk Management Services to Drive the Market -
The customer management and personalization segment are largely driven by the surging demand for additional policy discounts and proactive risk management services. Furthermore, increasing understanding of the customers’ lifestyle to create customized coverage and match their requirements fuels the market growth. Moreover, increasing the adoption of digitization to get real-time updates also leads to the development of the insurance analytics market. For instance, insurers are now able to send automated messages to inform drivers in case of adverse weather conditions or major road repair, enabling their clients to take alternative routes providing an enriching experience.

Cloud Segment to Hold the Highest Market Share on Account of Its Cost-Effectiveness -
The cloud segment holds the highest market share on account of the availability of a subscription-based service of cloud deployment mode, which enables organizations to utilize the power of data analytics while being cost-effective. Furthermore, a broad offering of cloud deployment model that includes 24/7 support and maintenance services and real-time access to data from remote location fosters the market. Moreover, offering higher security and the presence of a large number of SMEs across the globe, which prefers cloud deployment mode on account of budget constraint, boosts the segment growth.

SMEs to Dominate the Market in Terms of the Adoption of Insurance Analytics Solutions -
The SMEs dominates the market in terms of the adoption of insurance analytics solutions. The cloud deployment mode offers a reduction in infrastructure cost and better support and maintenance services, further driving its adoption. Furthermore, increasing trends of digitization among the newly entered companies to meet the growing need of the customers and cater to their attractions are also one of the factors propelling the market growth.  

Third-party administrators hold higher CAGR and are anticipated to witness growth during the forecast period. Third-party administrators (TPAs) can handle general liability, water damage, restoration, construction defect, automobile, property and casualty, product liability, professional liability, and other claims. The growth is attributed to increasing demand for insurance services and critical fiscal year report force companies to opt for advanced analytics tools. Furthermore, surging demand for online insurance solutions and improved online insurance propels the market growth. Moreover, increasing demand for tailored consultation services from insurers is expected to drive the demand for analytics tools to offer customer-centric services.

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 Questions Answered in The Report:
What will the Insurance Analytics market growth rate?
What are the key factors driving the global Insurance Analytics market?
Who are the key manufacturers in the Insurance Analytics market space?
What are the market opportunities, market risk, and market overview of the Insurance Analytics market?
What are sales, revenue, and price analysis of top manufacturers of the Insurance Analytics market?
Who are the distributors, traders, and dealers of the Insurance Analytics market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Insurance Analytics Industry?
What are sales, revenue, and price analysis by regions of Insurance Analytics industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Browse Full Report @ 
https://straitsresearch.com/report/insurance-analytics-market/

Even if your business is a multinational venture or a single storefront, we believe innovation is the key to progress, in both what you build and how you promote your products and brands.

Buy Full Report with Detail Analysis with COVID-19 Impact – https://straitsresearch.com/buy-now/insurance-analytics-market/global/

So let's put our minds together. We'll make your vision a reality and help you grow.

For more details, please contact us -
Straits Research
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Website: https://straitsresearch.com/

About Us:
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches. This approach of using various research and analysis strategies enables us to determine greater insights by eliminating the research costs.

This release was published on openPR.