Insights on the Insurance Analytics Global Market to 2027 - by Component, Deployment Mode, Enterprise Size, Application, End-user and Region


Dublin, March 23, 2022 (GLOBE NEWSWIRE) -- The "Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to's offering.

The global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 21.78 Billion by 2027, exhibiting a CAGR of 13.30% during 2022-2027. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor

Insurance analytics refers to the process of collecting, analyzing and extracting insights from data sources for minimizing the risks associated with underwriting, pricing, rating, claims and marketing of insurance policies. It utilizes a software platform integrated with data analysis tools, artificial intelligence (AI) and big data solutions to generate leads and identify market trends.

The software enables the organizations and individuals to track insurance payments, liquidity and other financial operations. Insurance analytics also aids in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations and utilizing predictive analytics in insurance models. These solutions can be deployed on-premises or on the cloud and are widely used by insurance organizations, third-party administrators, brokers and consultants

Insurance Analytics Market Trends:

Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Large and medium-sized organizations are widely adopting insurance analytics tools integrated with cloud computing, application programming interfaces (APIs), data analytics, robotic process automation (RPA), chatbots and machine learning solutions for enhanced operational efficiency. Insurance analytics aids in preventing internal frauds, rate evasions and underwriting and cybersecurity fraud committed by applicants, policyholders, third-party claimants and professionals.

Moreover, the increasing number of fraudulent activities, such as insurance padding, inflated claims, staged accidents and submission of inaccurate information evidence, is also providing a thrust to the market growth. Additionally, the widespread adoption of big data and predictive modeling-integrated insurance analytics solutions is acting as another growth-inducing factor. These solutions can collect information from internal and external sources, such as telematics, agent and customer interactions and social media platforms and develop countermeasures to mitigate losses and risks. Other factors, including the implementation of stringent government policies to prevent cyberattacks, along with the increasing requirement to reduce claim management time, are anticipated to drive the market toward growth

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global insurance analytics market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment mode, enterprise size, application and end user

Breakup by Component:

  • Solution
  • Service

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

Breakup by Enterprise Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Breakup by Application:

  • Claims Management
  • Risk Management
  • Customer Management
  • Sales and Marketing
  • Others

Breakup by End User:

  • Insurance Companies
  • Government Agencies
  • Third-party Administrators, Brokers and Consultancies

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Applied Systems Inc., Hexaware Technologies Limited, International Business Machines Corporation, LexisNexis Risk Solutions (RELX PLC), Microsoft Corporation, MicroStrategy Incorporated, Open Text Corporation, Oracle Corporation, Pegasystems Inc., inc., SAP SE and Sapiens International Corporation

Key Questions Answered in This Report:

  • How has the global insurance analytics market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global insurance analytics market?
  • What are the key regional markets?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the deployment mode?
  • What is the breakup of the market based on the enterprise size?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global insurance analytics market and who are the key players?
  • What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Insurance Analytics Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Component
6.1 Solution
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Service
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Deployment Mode
7.1 On-premises
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cloud-based
7.2.1 Market Trends
7.2.2 Market Forecast

8 Market Breakup by Enterprise Size
8.1 Small and Medium-sized Enterprises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Large Enterprises
8.2.1 Market Trends
8.2.2 Market Forecast

9 Market Breakup by Application
9.1 Claims Management
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Risk Management
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Customer Management
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Sales and Marketing
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast

10 Market Breakup by End User
10.1 Insurance Companies
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Government Agencies
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Third-party Administrators, Brokers and Consultancies
10.3.1 Market Trends
10.3.2 Market Forecast

11 Market Breakup by Region

12 SWOT Analysis

13 Value Chain Analysis

14 Porters Five Forces Analysis

15 Price Analysis

16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Applied Systems Inc. Company Overview Product Portfolio
16.3.2 Hexaware Technologies Limited Company Overview Product Portfolio
16.3.3 International Business Machines Corporation Company Overview Product Portfolio Financials SWOT Analysis
16.3.4 LexisNexis Risk Solutions (RELX PLC) Company Overview Product Portfolio
16.3.5 Microsoft Corporation Company Overview Product Portfolio Financials SWOT Analysis
16.3.6 MicroStrategy Incorporated Company Overview Product Portfolio Financials SWOT Analysis
16.3.7 Open Text Corporation Company Overview Product Portfolio Financials SWOT Analysis
16.3.8 Oracle Corporation Company Overview Product Portfolio Financials SWOT Analysis
16.3.9 Pegasystems Inc. Company Overview Product Portfolio Financials SWOT Analysis
16.3.10 inc. Company Overview Product Portfolio Financials SWOT Analysis
16.3.11 SAP SE Company Overview Product Portfolio Financials SWOT Analysis
16.3.12 Sapiens International Corporation Company Overview Product Portfolio

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Global Insurance Analytics Market

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