Insurance Analytics Market by Component, Business Application (Claims Management, Pricing & Risk Management, Customer Management & Personalization), Deployment, Organization Size, End-User (Agencies, Brokers), and Geography– Global Forecast to 2027

  • Report ID:MRICT - 104419
  • Pages: 200
  • Aug 2020
  • Formats*: PDF
  • Category: Information & Communications Technology
  • Delivery: 2 to 4 Hours

1. Introduction 
    1.1. Market Definition 
    1.2. Currency and Limitations 
           1.2.1. Currency 
           1.2.2. Limitations 

2. Research Methodology 
    2.1. Research Approach 
    2.2. Data Collection & Validation 
           2.2.1. Secondary Research 
           2.2.2. Primary Research 
    2.3. Market Assessment 
           2.3.1. Market Size Estimation 
                    2.3.1.1. Bottom-Up Approach 
                    2.3.1.2. Top-Down Approach 
                    2.3.1.3. Growth Forecast 
    2.4. Assumptions for the Study 

3. Executive Summary 
    3.1. Overview 
    3.2. Market Analysis, by Component 
    3.3. Market Analysis, by Application 
    3.4. Market Analysis, by Industry Vertical 
    3.5. Market Analysis, by Geography 
    3.6. Competitive Analysis 

4. Market Insights 
    4.1. Introduction 
    4.2. Drivers 
           4.2.1. Rising Adoption of Advanced Analytics and Data Driven Decision Making Techniques 
           4.2.2. Growing Digitalization in the Insurance Industry 
    4.3. Restraints 
           4.3.1. Lack of Skilled Workforce
    4.4. Opportunities 
           4.4.1. Adoption of Insurance Analytics Solutions and Services among the SME
           4.4.2. Increasing Adoption of IoT Insurance 
    4.5. Challenges 
           4.5.1. Reluctance in Adoption of Insurance Analytics Solutions due to Data Privacy and Security Concerns 
    4.6. Trend 
           4.6.1. Adoption of New Models for Personalized Products
           4.6.2. Telematics Insurance
    4.7. Impact of COVID-19 Pandemic on the Insurance Analytics Market 

5. Insurance Analytics Market, by Component 
    5.1. Introduction 
    5.2. Solutions 
    5.3. Services 
           5.3.1. Managed Services 
           5.3.2. Professional Services
                    5.3.2.1.  Consulting Services
                    5.3.2.2.  Deployment Services
                    5.3.2.3.  Support and Maintenance   

6. Insurance Analytics Market, by Business Application 
    6.1. Introduction 
    6.2. Claims Management
    6.3.  Pricing and Risk Management
    6.4. Customer Management and Personalization
    6.5. Process Optimization
    6.6. Others

7. Insurance Analytics Market, by Deployment Type 
    7.1. Introduction 
    7.2. Cloud 
    7.3. On-Premise

8. Insurance Analytics Market, by Organization Size 
    8.1. Introduction 
    8.2. Small and Medium Sized Enterprises (SME)
    8.3. Large Enterprises

9. Insurance Analytics Market, by End-User 
    9.1. Introduction 
    9.2. Insurance Companies
    9.3. Government Agencies
    9.4. Third-Party Administrators, Brokers, and Consultancies    

10. Insurance Analytics Market, by Geography 
      10.1. Introduction 
      10.2. North America 
              10.2.1. U.S. 
              10.2.2. Canada 
      10.3. Europe 
              10.3.1. Germany 
              10.3.2. U.K. 
              10.3.3. France 
              10.3.4. Italy 
              10.3.5. Spain 
              10.3.6. Rest of Europe 
      10.4. Asia Pacific 
              10.4.1. Japan 
              10.4.2. China 
              10.4.3. India 
              10.4.4. South Korea 
              10.4.5. Rest of Asia Pacific 
      10.5. Latin America 
              10.5.1. Brazil 
              10.5.2. Mexico 
              10.5.3. Rest of Latin America
      10.6. Middle East & Africa 
              10.6.1. United Arab Emirates (UAE) 
              10.6.2. South Africa
              10.6.3. Rest of Middle East & Africa 

11. Competitive Landscape
      11.1. Introduction 
      11.2. Key Growth Strategies 
      11.3. Competitive Benchmarking 
      11.4. Market Share Analysis, by Key Player (2019)      

12. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
      12.1. MicroStrategy Incorporated 
      12.2. Tibco Software Inc. 
      12.3. SAS institute, Inc. 
      12.4. IBM Corporations
      12.5. Microsoft Corporation 
      12.6. SAP SE 
      12.7. Oracle Corporation 
      12.8. Tableau Software LLC 
      12.9. Applied Systems 
      12.12. Open Text Corporation 
      12.11. Pegasystems Inc. 
      12.12. Verisk Analytics, Inc. 
      12.13. Hexaware Technologies Limited 
      12.14. Salesforce.com, Inc. 
      12.15. Palantir Technologies 
      12.16. Sapiens International Corporation
      12.17. Guidewire Software Inc., 
      12.18. LexisNexis Risk Solutions 
      12.19. Vertafore, Inc.       

13. Appendix 
      13.1. Questionnaire 
      13.2. Available Customization 

List of Tables 

Table 1  Currency Conversion Rate, 2016-2019
Table 2  Impact Assessment of Covid-19 on the Insurance Analytics Market ($Billion)
Table 3  Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 4  Insurance Analytics Market Size, by Solution, 2018-2027 ($Million)
Table 5 Insurance Analytics Solutions Market Size, by Country/Region, 2018-2027 ($Million)
Table 6  Insurance Analytics Market Size, by Service, 2018-2027 ($Million)
Table 7 Insurance Analytics Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 8  Insurance Analytics Managed Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 9  Insurance Analytics Professional Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 10 Insurance Analytics Consulting Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 11 Insurance Analytics Deployment Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 12 Insurance Analytics Support and Maintenance Market Size, by Country/Region, 2018-2027 ($Million)
Table 13 Insurance Analytics Market Size, by Business Application 2018-2027 ($Million)
Table 14 Insurance Analytics Market Size for Claims Management, by Country/Regions, 2018-2027 ($Million)
Table 15 Insurance Analytics Market Size for Pricing and Risk Management, by Country/Regions, 2018-2027 ($Million)
Table 16 Insurance Analytics Market Size for Customer Management and Personalization, by Country/Regions, 2018-2027 ($Million)
Table 17 Insurance Analytics Market Size for Process Optimization, by Country/Regions, 2018-2027 ($Million)
Table 18 Insurance Analytics Market Size for Others, by Country/Regions, 2018-2027 ($Million)
Table 19 Insurance Analytics Market Size, by Deployment type 2018-2027 ($Million)
Table 20 Cloud Insurance Analytics Market Size, by Country/Region, 2018-2027 ($Million)
Table 21 On-Premise Insurance Analytics Market Size, by Country/Region, 2018-2027 ($Million)
Table 22 Insurance Analytics Market Size, by Organization size 2018-2027 ($Million)
Table 23 Insurance Analytics Market Size for SME, by Country/Region, 2018-2027 ($Million)
Table 24 Insurance Analytics Market Size for Large Enterprises, by Country/Region, 2018-2027 ($Million)
Table 25 Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 26 Insurance Analytics Market Size for Insurance Companies, by Country/Region, 2018-2027 ($Million)
Table 27 Insurance Analytics Market Size for Government Agencies, by Country/Region, 2018-2027 ($Million)
Table 28 Insurance Analytics Market Size for TPA, by Country/Region, 2018-2027 ($Million)
Table 29 Insurance Analytics Market Size, by Country/Region, 2018-2027 ($Million)
Table 30 North America: Insurance Analytics Market Size, by Country, 2018-2027 ($Million)
Table 31 North America: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 32 North America: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 33 North America: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 34 North America: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 35 North America: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 36 North America: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 37 North America: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 38 U.S.: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 39 U.S.: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 40 U.S.: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 41 U.S.: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 42 U.S.: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 43 U.S.: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 44 U.S.: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 45 Canada: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 46 Canada: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 47 Canada: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 48 Canada: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 49 Canada: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 50 Canada: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 51 Canada: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 52 Europe: Insurance Analytics Market Size, by Country, 2018-2027 ($Million)
Table 53 Europe: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 54 Europe: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 55 Europe: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 56 Europe: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 57 Europe: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 58 Europe: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 59 Europe: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 60 Germany: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 61 Germany: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 62 Germany: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 63 Germany: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 64 Germany: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 65 Germany: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 66 Germany: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 67 U.K.: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 68 U.K.: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 69 U.K.: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 70 U.K.: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 71 U.K.: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 72 U.K.: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 73 U.K.: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 74 France: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 75 France: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 76 France: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 77 France: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 78 France: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 79 France: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 80 France: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 81 Italy: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 82 Italy: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 83 Italy: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 84 Italy: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 85 Italy: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 86 Italy: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 87 Italy: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 88 Spain: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 89 Spain: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 90 Spain: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 91 Spain: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 92 Spain: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 93 Spain: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 94 Spain: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 95 Rest of Europe: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 96 Rest of Europe: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 97 Rest of Europe: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 98 Rest of Europe: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 99 Rest of Europe: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 100 Rest of Europe: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 101 Rest of Europe: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 102 Asia Pacific: Insurance Analytics Market Size, by Country, 2018-2027 ($Million)
Table 103 Asia Pacific: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 104 Asia Pacific: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 105 Asia Pacific: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 106 Asia Pacific: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 107 Asia Pacific: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 108 Asia Pacific: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 109 Asia Pacific: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 110 Japan: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 111 Japan: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 112 Japan: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 113 Japan: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 114 Japan: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 115 Japan: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 116 Japan: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 117 China: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 118 China: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 119 China: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 120 China: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 121 China: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 122 China: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 123 China: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 124 India: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 125 India: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 126 India: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 127 India: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 128 India: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 129 India: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 130 India: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 131 South Korea: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 132 South Korea: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 133 South Korea: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 134 South Korea: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 135 South Korea: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 136 South Korea: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 137 South Korea: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 138 Rest of Asia-Pacific: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 139 Rest of Asia-Pacific: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 140 Rest of Asia-Pacific: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 141 Rest of Asia-Pacific: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 142 Rest of Asia-Pacific: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 143 Rest of Asia-Pacific: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 144 Rest of Asia-Pacific: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 145 Latin America: Insurance Analytics Market Size, by Country, 2018-2027 ($Million)
Table 146 Latin America: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 147 Latin America: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 148 Latin America: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 149 Latin America: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 150 Latin America: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 151 Latin America: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 152 Latin America: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 153 Brazil: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 154 Brazil: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 155 Brazil: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 156 Brazil: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 157 Brazil: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 158 Brazil: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 159 Brazil: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 160 Mexico: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 161 Mexico: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 162 Mexico: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 163 Mexico: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 164 Mexico: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 165 Mexico: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 166 Mexico: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 167 Rest of Latin America: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 168 Rest of Latin America: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 169 Rest of Latin America: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 170 Rest of Latin America: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 171 Rest of Latin America: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 172 Rest of Latin America: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 173 Rest of Latin America: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 174 Middle East & Africa: Insurance Analytics Market Size, by Country, 2018-2027 ($Million)
Table 175 Middle East & Africa: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 176 Middle East & Africa: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 177 Middle East & Africa: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 178 Middle East & Africa: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 179 Middle East & Africa: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 180 Middle East & Africa: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 181 Middle East & Africa: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 182 United Arab Emirates: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 183 United Arab Emirates: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 184 United Arab Emirates: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 185 United Arab Emirates: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 186 United Arab Emirates: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 187 United Arab Emirates: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 188 United Arab Emirates: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 189 South Africa: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 190 South Africa: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 191 South Africa: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 192 South Africa: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 193 South Africa: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 194 South Africa: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 195 South Africa: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Table 196 Rest of Middle East & Africa: Insurance Analytics Market Size, by Component, 2018-2027 ($Million)
Table 197 Rest of Middle East & Africa: Insurance Analytics Services Market Size, by Type, 2018-2027 ($Million)
Table 198 Rest of Middle East & Africa: Insurance Analytics Professional Services Market Size, by Type, 2018-2027 ($Million)
Table 199 Rest of Middle East & Africa: Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Table 200 Rest of Middle East & Africa: Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Table 201 Rest of Middle East & Africa: Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Table 202 Rest of Middle East & Africa: Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)

List of Figures

Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdowns of Primary Interviews (Supply Side & Demand Side)
Figure 7 Market Sizing and Growth Forecast Approach
Figure 8 Key Insights
Figure 9 Meticulous Research Estimates: Solutions vs. Services
Figure 10 Meticulous Research Estimates: Insurance Analytics Market Size, by Business Application
Figure 11 Meticulous Research Estimates: Insurance Analytics Market Size, by Deployment Type
Figure 12 Meticulous Research Estimates: Insurance Analytics Market Size, by Organization Size
Figure 13 Meticulous Research Estimates: Insurance Analytics Market Size, by End-User
Figure 14 Insurance Analytics Market, by Region
Figure 15 Market Dynamics
Figure 16 Impact Assessment of Covid-19 on Insurance Analytics Market (Market Size)
Figure 17 Global Insurance Analytics Market Size, by Component, 2020-2027 ($Million)
Figure 18 Global Insurance Analytics Market Size, by Business Application, 2018-2027 ($Million)
Figure 19 Global Insurance Analytics Market Size, by Deployment Type, 2018-2027 ($Million)
Figure 20 Global Insurance Analytics Market Size, by Organization Size, 2018-2027 ($Million)
Figure 21 Global Insurance Analytics Market Size, by End-User, 2018-2027 ($Million)
Figure 22 Global Insurance Analytics Market Size, by Geography, 2019-2027 ($Million)
Figure 23 North America: Insurance Analytics Market: Snapshot
Figure 24 Europe: Insurance Analytics Market: Snapshot
Figure 25 Asia-Pacific: Insurance Analytics Market: Snapshot
Figure 26 Latin America: Insurance Analytics Market: Snapshot
Figure 27 Middle East & Africa: Insurance Analytics Market: Snapshot
Figure 28 Key Growth Strategies Adopted by Leading Players, 2016-2019
Figure 29 Insurance Analytics: Competitive Benchmarking
Figure 30 Market Share Analysis: Insurance Analytics Industry, 2019
Figure 31 Micro Strategy: Financial Overview (2017-2019)
Figure 32 IBM Corporation: Financial Overview (2017-2019)
Figure 33 SAS Institute, Inc.: Financial Overview (2017-2019)
Figure 34 Microsoft Corporation: Financial Overview (2017-2019)
Figure 35 SAP SE: Financial Overview (2017-2019)
Figure 36 Oracle Corporation: Financial Overview (2017-2019)
Figure 37 OpenText Corporation: Financial Overview (2017-2019)
Figure 38 Pegasystems Inc.: Financial Overview (2017-2019)
Figure 39 Verisk Analytics, Inc.: Financial Overview (2017-2019)
Figure 40 Hexaware Technologies Limited: Financial Overview (2017-2019)
Figure 41 Salesforce: Financial Overview (2017-2019)
Figure 42 Guidewire Software Inc.: Financial Overview (2017-2019)
Figure 43 LexisNexis Risk Solutions: Financial Overview (2017-2019)

COVID-19

This report provides pre & post COVID-19 market estimates

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 The insurance analytics market is expected to reach $18.5 billion by 2027, at a CAGR of 12.2% during the forecast period of 2020 to 2027. Growing digitalization in insurance industry and rising adoption of advanced analytics and data driven decision making techniques are some of the major factors attributing to the growth of the insurance analytics market. Additionally, the increasing adoption of IoT insurance and growing acceptance of insurance analytics among small and medium sized enterprises are poised to offer abundant opportunities for the insurance analytics market players during the forecast period. However, the lack of skilled professionals to manage analytics solutions and reluctance in adoption of insurance analytics solutions due to data privacy and security concern are some of the key factors causing some hindrances to the consistent market growth.

Impact of COVID-19 on the Insurance Analytics Market 

The COVID-19 pandemic has adversely hit many economies around the globe. Combat measures, such as complete lockdown and quarantine to fight COVID-19, have put strong adverse impact on many industries across the globe, including the insurance industry. The uncertainty regarding the possible length of lockdown and supply chain disruptions has made it even more difficult for industry players to anticipate the resurgence in the insurance industry. Thus, the crisis is expected to cause structural shifts that would have significant implications for the insurance industry.

As the pandemic hinder the insurance business, demand for digital interactions is expected to stay elevated. Thus, the digitally driven intermediaries are proving to be effective, benefiting the insurance analytics market. Further, the growing awareness among the customers concerning their health and personal risks is poised to increase the demand for solutions that could efficiently manage their risks. This transition in customer behavior combined with economic pressure is expected to enforce insurers to develop some radical solutions in terms of business and operations models which thus could increase the demand for insurance analytics solutions over the coming years.

Insurance Analytics Market

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Rising adoption of advanced analytics and data driven decision making techniques fuels the growth of the insurance analytics market

Extensive potentiality of insurance analytics to extract meaningful insights from huge data has been engaging insurers to adopt insurance analytics solutions to increase their business productivity. Besides, the technology enables insurers to track and enhance sales productivity, create robust performance management dashboards, and forecast sales for improved revenue visibility. Thus, with viable insights from analytics solutions, insurers could develop strategies and activities that benefit their business in a number of ways.

Besides, the growing size of data and developments in technology enable insurers to leverage data and redefine their offerings to golden standards. Thus, companies opting for data driven approach have been able to create new business opportunities, predict future trends, generate more revenue, produce actionable insights, and optimize current operational efforts. Thus, the growing focus of insurers on data driven decision making techniques and implementation of advanced analytics solutions is driving the growth of the insurance analytics market.

Key findings in the global insurance analytics market study:

Solution component to dominate the overall insurance analytics market in 2020

Based on component, the software solution segment is estimated to command the largest share of the overall insurance analytics market in 2020. The large share of this segment is mainly attributed to the increase in usage of analytics software for product designing, improve underwriting, and enhance pricing precision that effectively increase profitability of the core business. Besides, the growing interoperability of the software to integrate with the new technologies, allowing developers to update and upgrade solutions consistently, is poised to drive the market during the forecast period.

Cloud based software to witness the largest demand through 2027

Based on deployment type, the cloud based segment is estimated to command the largest share of the overall insurance analytics market in 2020. This is primarily attributed to the easy accessibility, less maintenance, affordable pricing, and reliable security provided by the cloud based solutions.

Pricing and risk management application to command the largest share of the overall insurance analytics market in 2020

Based on application, the pricing and risk management segment is estimated to command the largest share of the overall insurance analytics market in 2020. The ability of insurance analytics to prevent repetitive losses, improvise insurance premiums, and improve reporting and monitor performance increases the adoption rate of insurance analytics solutions for pricing and risk management. However, the customer management segment is poised to grow at the highest CAGR during the forecast period.

Large enterprises (SMEs) to witness the higher demand through 2027

Based on organization size, the large enterprises segment is estimated to account for the largest share of the overall insurance analytics market in 2020. The large share of this segment is mainly attributed to the high spending capacity of insurance companies on data driven technologies to optimize their productivity. However, the SMEs segment is projected to grow at the highest CAGR during the forecast period.

Insurance companies to command the largest share of the overall insurance analytics market in 2020

Based on end-user, the insurance companies segment is estimated to account for the largest share of the overall insurance analytics market in 2020. The large share of this segment is attributed to the power of privatization in making business effective decisions, which encourage the high use of modern technologies in order to attract and serve high population of customers. However, the government agencies segment is expected to grow with the highest CAGR during the forecast period.

Asia-Pacific: The fastest growing regional market

The North America region is estimated to command the largest share of the global insurance analytics market in 2020, followed by Europe, Asia Pacific, Latin America, and the Middle East and Africa. However, Asia-Pacific region is expected to witness a rapid growth during the forecast period. The rapid growth of this region is mainly driven by the factors such as rapidly developing economies, presence of young and tech-savvy population in this region, rising disposable incomes, rapid infrastructure development, growing proliferation of cloud computing and smartphones, encouragement from government for the development of sector, and growing sense of responsibility towards the environment.

Key Players

The report includes competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the insurance analytics industry over last 4-5 years (2016-2020). The key players profiled in the overall insurance analytics market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), Salesforce.SE (U.S.), MicroStrategy Incorporate (U.S.), TIBCO Software Inc. (U.S.), SAP SE (U.S.), and Tableau Software LLC. (U.S.), Applied Systems (U.S.), Open Text Corporation (Canada), Pegasystems, Inc. (U.S.), Verisk Analytics, Inc. (U.S.), Hexaware Technologies Limited (India), Palantir Technologies (U.S.), Sapiens International Corporation (Israel), Guidewire Software Inc., (U.S.), LexisNexis Risk Solutions (U.S.), and Vertafore, Inc. (U.S.), among others.

Scope of the report

Insurance Analytics Market, by Component                             

  • Solutions
  • Services
    • Managed Services
    • Professional Services
      • Consulting
      • Deployment and Integration
      • Support and Maintenance

Insurance Analytics Market, by Business Application              

  • Claims Management
  • Pricing and Risk Management
  • Customer Management and Personalization
  • Process Optimization
  • Others

Insurance Analytics Market, by Deployment type

  • Cloud
  • On-Premises

Insurance Analytics Market, by Organization Size       

  • Small & Medium Enterprises (SME)
  • Large Enterprises

Insurance Analytics Market, by End-user

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

Insurance Analytics Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle East and Africa
    • UAE
    • South Africa
    • Rest of MEA

Key questions answered in the report:

The global insurance analytics market is expected to grow at a CAGR of 12.2% from 2020 to 2027 to reach $18.5 billion by 2027 from $8.3 billion in 2020.
Based on component, the solution segment is estimated to command the largest share of the overall insurance analytics market in 2020. The segment is also expected to grow with the fastest growth rate over the forecast period.
Based on end-use vertical, the insurance companies segment is estimated to command the largest share of the overall market in 2020. The large share of this segment is attributed to the power of privatization in making business effective decisions, which encourages the high use of modern technologies in order to attract and serve high population of customers.
The factors such as growing digitalization in insurance industry and rising adoption of advanced analytics and data driven decision making techniques are driving the growth of the insurance analytics market. Additionally, the increasing adoption of IoT insurance and growing acceptance of insurance analytics among small and medium sized enterprises are poised to offer abundant opportunities for the insurance analytics market players during the forecast period.
Some of the key players operating in the global insurance analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., Salesforce.SE, MicroStrategy Incorporate , TIBCO Software Inc., SAP SE, and Tableau Software LLC., Applied Systems, Open Text Corporation, Pegasystems, Inc., Verisk Analytics, Inc., Hexaware Technologies Limited, Palantir Technologies, Sapiens International Corporation, Guidewire Software Inc., LexisNexis Risk Solutions, and Vertafore, Inc. among others. Besides, there are several other small and medium scale local players contributing to the overall market growth.
At present, North America is estimated to dominate the global insurance analytics market in 2020. However, with the advent of disruptive technologies and growing digitization across several end-use verticals including insurance sector, Asia Pacific is expected to grow with the fastest growth rate over the coming years.
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