According to the latest report by IMARC Group, titled, “Insurance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global insurance analytics market reached a value of US$ 9.87 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 21.78 Billion by 2027, exhibiting at a CAGR of 13.30% during 2022-2027.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Insurance analytics is the process of analyzing, collecting, and extracting insights from various data sources for minimizing the risks associated with pricing, underwriting, rating, and marketing of insurance policies. It utilizes software platforms that enable organizations to track liquidity, insurance payments, and several financial operations and indicators. Insurance analytics assists in reducing the overall operational costs, preventing fraudulent activities, optimizing client relations, etc. As a result, it is extensively used by third-party administrators, brokers, consultants, etc.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/insurance-analytics-market/requestsample

Market Trends

The rising number of fraudulent activities, including insurance padding, inflated claims, staged accidents, etc., is among the primary factors driving the insurance analytics market. Moreover, insurance analytics aids in preventing rate evasions, internal frauds, and cybersecurity frauds committed by applicants, policyholders, third-party claimants, etc. This, in turn, is further catalyzing the market growth. In addition to this, the launch of favorable initiatives by government bodies to prevent cyberattacks and improve digital infrastructures is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of these solutions to collect information from numerous internal and external sources, such as telematics, social media platforms, customer interactions, etc., is also augmenting the global market. Apart from this, the increasing integration of insurance analytics tools with application programming interfaces (APIs), cloud computing, data analytics, robotic process automation (RPA), chatbots, etc., for enhancing operational efficiency is anticipated to fuel the insurance analytics market over the forecasted period.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Applied Systems Inc.Hexaware Technologies LimitedInternational Business Machines CorporationLexisNexis Risk Solutions (RELX PLC)Microsoft CorporationMicroStrategy IncorporatedOpen Text CorporationOracle CorporationPegasystems Inc.com inc.SAP SESapiens International Corporation.

The report has segmented the market based on component, deployment mode, enterprise size, application and end user.

Breakup by Component:

SolutionService

Breakup by Deployment Mode:

On-premisesCloud-based

Breakup by Enterprise Size:

Small and Medium-sized EnterprisesLarge Enterprises

Breakup by Application:

Claims ManagementRisk ManagementCustomer ManagementSales and MarketingOthers

Breakup by End User:

Insurance CompaniesGovernment AgenciesThird-party Administrators, Brokers and Consultancies

Breakup by Region:

North AmericaAsia-PacificEuropeLatin AmericaMiddle East and Africa

Ask Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/insurance-analytics-market

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact us:

IMARC Group
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Website: https://www.imarcgroup.com
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800