The global insurance analytics market size is expected to reach USD 18.3 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising use of big data and artificial intelligence (AI) by insurance organizations to automate decision-making process and customer targeting is anticipated to propel the market growth. Furthermore, increasing usage of smartphones and growing demand for digitalization across organizations to streamline their operations is expected to propel the demand for insurance analytics in the market.
Emergence
of internet and social media along with increased affordability of storage
systems has led to assimilation and generation of the large amount of
unstructured data. Insurance companies today, are watching out for intends to
effectively use the available information for better decision-making. The
analytics solution helps the insurance organizations to predict the expected
cost of insurance related with the coverage, enhance risk assessment process,
and allow organization to prevent and detect fraudulent activities.
Rising
adoption of machine learning and AI in developing insurance analytics tools is
gaining popularity across the globe as it offers security control and real-time
intelligence with enhanced user experience. Furthermore, increasing adoption of
IoT insurance as it increases customer satisfaction, mitigate risks, and lower
costs is expected to drive the market growth. Insurance organizations focus on
prioritizing technology investments to analyze and gain new insights from
customer data, which allow organizations to offer better services to their
clients.
Vendors
focus on expanding their capabilities in insurance offerings through merger
& acquisitions and new product development. For instance, in January 2018,
Sapiens International acquired KnowledgePrice, a provider of digital consulting
services to insurers. The acquisition helped the former company to expand its
capabilities in digital customer services for insurers.
Full Research Report On Insurance Analytics Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/insurance-analytics-market
Insurance
Analytics Market Report Highlights
- The service
segment is expected to register the fastest growth from 2020 to 2027 due
to rising demand for analysis and protection of critical data, and
professional guidance for new technologies
- The customer
management & personalization segment is anticipated to register the
fastest CAGR over the forecast period on account of rising adoption of
advanced analytics techniques and data-driven decision-making process
- Cloud
deployment is anticipated to be the largest as well as the fastest segment
from 2020 to 2027
- The Small
& Medium Enterprises (SME) segment is expected to have the highest
CAGR over the forecast period due to increasing number of SMEs and growing
demand for customer-centric insurance policies
- The
third-party administrators, brokers, & consultancies segment is expected
to register fastest growth over the forecast period due to rising number
of online channels and growing awareness about the investment market
- North America
was the dominant region in 2019 and is anticipated to retain its leading
position over the next eight years
- The key
players in the insurance analytics market include Oracle Corporation;
Microsoft Corp.; OpenText; Verisk Analytics, Inc.; PEGASYSTEMS INC.;
Tableau Software, LLC; Hexaware Technologies; MicroStrategy Incorporated;
Sapiens International; and LexisNexis Risk Solutions
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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