Insurance Analytics Market Sluggish Growth Rate Foreseen by 2023-2029

The global insurance analytics market is projected to grow at a CAGR of around 12% during the forecast period. Insurance analytics provide services and tools that can be used to process and analyze data to generate insights, which are helpful in decision making. Growing competition in the market is encouraging companies to upgrade their existing business model, streamline operations, and enhance processes. Moreover, rapidly maturing digital infrastructure and increasing fraudulent activities in the insurance industry are expected to increase the demand for analytics solutions. Owing to the changing financial policies and regulations across the globe, insurance facilities are compelled to opt for analytics to control their operations..

Through the adoption of analytics, companies are focusing on improving customer experience as well as offering solutions based on a deep understanding of customer behavior and needs. By using customer's behavioral data, the insurer can revise and redevelop new strategies and products, which may get more sales success in the market. Furthermore, it allows insurers to empower distributors or agents with tools to identify various business opportunities and service existing customers. These solutions also allow companies to minimize overall customer handling cost, time, and fraud cases, which is expected to drive market demand.

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Market Coverage

The market number available for - 2022-2029
Base year- 2022
Forecast period- 2023-2029

Segment Covered-

By Application
By Deployment
By End-User

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- Hexaware Technologies, LexisNexis Risk Solutions, OpenText, Sapiens International, and Verisk Analytics, Inc.

Insurance Analytics Market - Segmentation

By Application

Claims Management
Risk Management
Customer Management and Personalization
Process Optimization
Others

 By Deployment

On-premise
Cloud

By End-User

Insurance Companies
Government Agencies
Third-party Administrators, Brokers, & Consultancies

A full report of Insurance Analytics Market is available at: https://www.omrglobal.com/industry-reports/insurance-analytics-market

Insurance Analytics Market- Segment by Region

North America          

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific   

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Middle East & Africa
Latin America

Company Profiles

Applied Systems, Inc.
Aptitive
Board International SA
BRIDGEi2i
CyberCube Analytics Inc.
Damco Group
Hexaware Technologies Ltd.
IBM Corp.
InsuredMine Inc.
LexisNexis Risk Solutions Group
Luminant Analytics GmbH
OpenText Corp.
Pentation AnalyticsPvt Ltd.
Qlik International AB
RiskVille Ltd.
SAP SE
Sapiens International Corp.

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