According to a new market research, "Insurance Analytics Market by Component, Business Application (Claims Management, Risk Management, Customer Management and Personalization, Process Optimization), Deployment Model, Organization Size, End-User, and Region – Global Forecast to 2023", published by MarketsandMarkets™, the insurance analytics market is expected to grow from USD 6.63 Billion in 2018 to USD 11.96 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. The major factors driving the insurance analytics market are the rapid adoption of the data-driven decision-making process and increasing adoption of advanced analytics techniques.
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.
Third-party administrators, brokers, and consultancies end-user segment are 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.
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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 the 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).