Insurance Analytics Market Expected to Reach 11.96 Billion USD by 2023

Published: Wed Sep 12 2018

Customer management and personalization business application is expected to grow at the highest CAGR

Insurers are now leveraging analytics solutions to offer additional policy discounts and proactive risk management services. They are now able to understand their customers’ lifestyle and create customized coverage to match their requirements. For instance, if an insurer learns about a customer’s forthcoming travel plans, they can create a personalized travel coverage to take care of their travel insurance. 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.

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Third-party administrators, brokers, and consultancies end-user segment is expected to grow at the highest rate 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. In many cases, TPAs act as a buffer between insurers and their customers. Insurance analytics solution provides TPAs, agents, and brokers with easy access to previously siloed data, so they can get actionable intelligence and provide customers with a valuable, tailored service saving time and costs, and giving insurers the opportunity to do more high value work.

North America is expected to dominate the insurance analytics market during the forecast period

North America is estimated to hold the largest share of the insurance analytics market in 2018, as it remains the largest insurance market by premium in addition to early adoption of technology advancements and analytics. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2018 to 2023, owing to the increasing adoption of automation and huge opportunities across industries in the APAC countries, especially in Australia, China, and Japan.

The report also encompasses different strategies, such as acquisitions, partnerships and collaborations, new product launches, and product upgradations, adopted by major players to expand their shares in the market. Major technology vendors include IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), Salesforce (US), SAS Institute (US), OpenText (Canada), Verisk Analytics (US), Tableau Software (US), Pegasystems (US), Hexaware (India), Guidewire (US), MicroStrategy (US), Sapiens International (Israel), LexisNexis (US), Palantir (US), TIBCO Software (US), Applied Systems (US), Birst (US), BOARD International (Switzerland), Mitchell International (US), QlikTech (US), Vertafore (US), PrADS Inc. (US), and BRIDGEi2i (India).

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