The Worldwide Insurance Analytics Industry is Projected to Reach $20.6 Billion by 2026 at a CAGR of 15.1% from 2020

DUBLIN, April 23, 2021 /PRNewswire/ — The «Insurance Analytics Market by Component (Tools and Services), Application (Claims Management, Risk Management,…

DUBLIN, April 23, 2021 /PRNewswire/ — The «Insurance Analytics Market by Component (Tools and Services), Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Mode, Organization Size, End User, and Region – Global Forecast to 2026» report has been added to’s offering.

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The global insurance analytics market size is projected to grow from USD 8.8 billion in 2020 to USD 20.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.

Several insurance providers are accelerating investments in digitization and closing gaps in business continuity models. The integration of third-party data to mitigate risk is increasing in urgency. Throughout this time, customers are reminded of how significant the role of insurance is in their lives. For example, health coverage assists with drug and treatment plans for the ill, employment insurance helps those impacted by the economic turmoil, and business interruption coverage supports businesses unable to operate. Companies must continue investing and enabling access for customers while ensuring underwriters are well-informed of upcoming risks. Emergencies, such as COVID-19, highlight the need for insurers to seamlessly integrate reliable data sources, actionable insights, and responsive control measures to help navigate the uncertain landscape. By leveraging data and investing in digitization and analytics, insurers can navigate this challenging period and move the industry forward.

Process Optimization: The fastest-growing segment of the insurance analytics market, by application.

Based on application, the insurance analytics market is bifurcated into claims management, risk management, customer management and personalization, process optimization, and others (workforce management and fraud detection). Insurers are widely using analytics solutions to understand the potential risks and deploy countermeasures to mitigate losses, or at least screen, pre-empt, and assess the cost of risks in the underwriting process. Risk management involves the identification, assessment, and management of potential risks, incorporating analytics to support decision-making by clearly stating business goals and objectives, and facilitating precise information management with a better understanding of the trade-offs between risks and rewards. Risk management provides insurers with the risk capacity to maintain specific credit ratings, manage capital, and reduce earnings volatility across insurance companies.

Insurance Companies: The largest growing end-user segment of the insurance analytics market.

Insurance companies are the end-user companies that provide various types of insurance, such as consumer insurance (including life and health insurance, and vehicle/auto insurance) and commercial insurance (employee insurance and asset insurance for manufacturing companies). Insurance companies are now widely adopting various technology solutions, including analytics, for their internal and customer-facing services. For example, multi-line carriers that supply consumer policies – for homes, cars, and small groups – in addition to business services, such as P&C insurance, run several applications to handle underwriting, claims, and Customer Relationship Management (CRM).

Increasing service demand coupled with critical end-of-year fiscal reporting forces these organizations to adopt advanced technological solutions, leading to a larger market size during the forecast period. Bajaj Allianz Life Insurance, a Pune, India-based life insurance provider, is among the leading insurers in India who are using predictive analytics across their insurance operations. The company is leveraging predictive analytics across its customer life cycle to assess customer risk, to determine the potential of a customer to renew or lapse a policy, and to act accordingly. Risk management, fraud detection, customer management, and personalization are some of the key application areas where the India-based insurer is applying analytics to improve operational efficiency, reduce cost, and enrich customer experience.

APAC: The fastest growing region in the insurance analytics market.

The growing digitalization across the APAC region to deal with a massive amount of data would drive the adoption of insurance analytics platforms in the region. APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. BRIDGEi2i is one such company that offers user-focused insurance analytics solutions and which has continued to record growth in APAC. The company has achieved one of the leading positions in the insurance analytics market due to its well-practiced strategy of expanding its customer base through acquisitions as well as partnerships with significant players in the market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Insurance Analytics Market

4.2 Market: Top Three End-users

4.3 Market, by Region

4.4 North American Market, by Component and End-user

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers Rising Need of Big Data and Predictive Modeling Capability During the COVID-19 Pandemic Drives the Adoption of Insurance Analytics Solutions Rise in Adoption of IoT Products

5.2.2 Restraints Rising Cyberattacks and Their Threats Difficulty to Integrate Insurance Platforms with Legacy Systems

5.2.3 Opportunities COVID-19 Accelerated Organizations to New Customer Engagement Through Digital Experiences Need for Cloud-Based Digital Solutions by Insurer to Obtain Higher Scalability

5.2.4 Challenges Data Security and Privacy Concerns

5.2.5 Cumulative Growth Analysis

5.3 Insurance Analytics Market: Ecosystem

5.4 Case Study Analysis

5.4.1 Cnseg and Fenseg Uses Sas Insurance Analytics to Eliminate Insurance Fraud and Boost Accuracy

5.4.2 Farmers Insurance Group Uses Salesforce Einstein Analytics to Streamline Processes

5.4.3 Die Mobilier Insurance Accelerates Operational Data Analytics with Oracle Database In-Memory

5.4.4 Great American Insurance Group Embraced Pega Customer Service to Eliminate Complexities and Deliver Exceptional Customer Experience

5.4.5 Promutuel Insurance Embraced Guidewire to Transform Its Claims Business

5.4.6 Ydrogios Insurance Choose Sas Detection and Investigation of Insurance to Reduce Costs

5.5 Insurance Analytics Market: COVID-19 Impact

5.6 Patent Analysis

5.6.1 Methodology

5.6.2 Document Type

5.6.3 Innovation and Patent Applications Top Applicants

5.7 Value Chain Analysis

5.8 Technology Analysis

5.8.1 5G and Insurance Analytics

5.8.2 AI and Insurance Analytics

5.8.3 IoT and Insurance Analytics

5.9 Porter’s Five Force Analysis

5.9.1 Threat of New Entrants

5.9.2 Threat of Substitutes

5.9.3 Bargaining Power of Suppliers

5.9.4 Bargaining Power of Buyers

5.9.5 Intensity of Competitive Rivalry

6 Insurance Analytics Market, by Component

6.1 Introduction

6.1.1 Components: Market Drivers

6.1.2 Components: COVID-19 Impact

6.2 Tools

6.3 Services

6.3.1 Managed Services

6.3.2 Professional Services Consulting Support and Maintenance Deployment and Integration

7 Insurance Analytics Market, Application

7.1 Introduction

7.1.1 Applications: Market Drivers

7.1.2 Applications: COVID-19 Impact

7.2 Claims Management

7.3 Risk Management

7.4 Customer Management and Personalization

7.5 Process Optimization

7.6 Others

8 Insurance Analytics Market, by Deployment Mode

8.1 Introduction

8.1.1 Deployment Modes: Market Drivers

8.1.2 Deployment Modes: COVID-19 Impact

8.2 On-Premises

8.3 Cloud

9 Insurance Analytics Market, by Organization Size

9.1 Introduction

9.1.1 Organization Size: Market Drivers

9.1.2 Organization Size: COVID-19 Impact

9.2 Large Enterprises

9.3 Small and Medium-Sized Enterprises

10 Insurance Analytics Market, by End-user

10.1 Introduction

10.1.1 End-users: Market Drivers

10.1.2 End-users: COVID-19 Impact

10.2 Insurance Companies

10.3 Government Agencies

10.4 Third-Party Administrators, Brokers, and Consultancies

11 Insurance Analytics Market, by Region

11.1 Introduction

11.2 North America

11.3 Europe

11.4 Asia-Pacific

11.5 Middle East and Africa

11.6 Latin America

12 Competitive Landscape

12.1 Overview

12.2 Market Evaluation Framework

12.3 Market Share, 2020

12.4 Historical Revenue Analysis of Key Market Players

12.5 Ranking of Key Market Players in Market, 2020

12.6 Company Product Footprint Analysis

12.7 Competitive Scenario

12.7.1 New Product Launches and Product Enhancements

12.7.2 Business Expansions

12.7.3 Mergers and Acquisitions

12.7.4 Partnerships, Agreements, Contracts, and Collaborations

12.8 Company Evaluation Matrix Definitions and Methodology

12.8.1 Star

12.8.2 Emerging Leaders

12.8.3 Pervasive

12.8.4 Participants

12.8.5 Strength of Product Portfolio (Global)

12.8.6 Business Strategy Excellence (Global)

12.9 Startup/SME Evaluation Matrix, 2020

12.9.1 Progressive Companies

12.9.2 Responsive Companies

12.9.3 Dynamic Companies

12.9.4 Starting Blocks

12.9.5 Strength of Product Portfolio (Startup/SME)

12.9.6 Business Strategy Excellence (Startup/SME)

13 Company Profiles

13.1 Introduction

13.2 IBM

13.3 Salesforce

13.4 Oracle

13.5 Microsoft

13.6 Opentext

13.7 Sap

13.8 Verisk Analytics

13.9 Sas Institute

13.10 Vertafore

13.11 Tibco

13.12 Qlik

13.13 Sapiens

13.14 Board International

13.15 Bridgei2I

13.16 Microstrategy

13.17 Guidewire Software

13.18 Lexisnexis Risk Solutions

13.19 WNS

13.20 Hexaware Technologies

13.21 Pegasystems

13.22 Applied Systems

13.23 Insuredmine

13.24 Refocus AI

13.25 Riskville

13.26 Pentation Analytics

13.27 Habit Analytics

13.28 Artivatic.AI

13.29 Cybercube

13.30 Arceo.AI

14 Adjacent and Related Markets

14.1 Introduction

14.2 Digital Insurance Market – Global Forecast to 2021

14.2.1 Market Definition

14.2.2 Market Overview Digital Insurance Market, by Component Digital Insurance Market, by Service Digital Insurance Market, by End-user Digital Insurance Market, by Insurance Application Digital Insurance Market, by Deployment Mode Digital Insurance Market, by Organization Size Digital Insurance Market, by Region

14.3 AI in Fintech Market – Global Forecast to 2025

14.3.1 Market Definition

14.3.2 Market Overview AI in Fintech Market, by Solution AI in Fintech Market, by Service AI in Fintech Market, by Deployment Mode Mobile Uc&C Market, by Application Area AI in Fintech Market, by Region

15 Appendix

15.1 Industry Experts

15.2 Discussion Guide

15.3 Knowledge Store: Subscription Portal

15.4 Available Customizations

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