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 – 2023-2029
- 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
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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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