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.

New York, April 16, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Insurance Analytics Market by Component, Application, Deployment Mode, Organization Size, End User And Region - Global Forecast to 2026" -
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 platform 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.

Breakdown of primaries
The studies contain insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
• By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The insurance analytics market is dominated by a few globally established players such as IBM(US), Salesforce(US), Oracle(US), Microsoft(US), Sapiens (Israel), OpenText (Canada), SAP (Germany), Verisk Analytics (US), SAS Institute (US), Vertafore (US), TIBCO (US), Qlik (US), Board International (Switzerland), BRIDGEi2i (US), MicroStrategy (US), Guidewire Software (US), LexisNexis Risk Solutions (US), WNS (India), Hexaware Technologies (India), Pegasystems (US), Applied Systems (US), InsuredMine (US), ReFocus AI (US), RiskVille (Ireland), Pentation Analytics (US), Habit Analytics (US), (India), CyberCube (US), and (US).

Research Coverage
The report segments the insurance analytics market and forecasts its size, by volume and value, based on region (North America, Europe, APAC, MEA, and Latin America), component (tool and services), services (managed services and professional services), by application (claim management, risk management, process optimization, customer management and personalization, and others), by organization size (SMEs and large enterprises), by deployment mode (cloud and on-premises), and by end user (insurance companies, government agencies, third-party administrators, brokers, and consultancies).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the insurance analytics market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall insurance analytics market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.

It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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