The report titled “Insurance Analytics Market Report” sheds a concentrated focus on the Insurance Analytics industry in terms of market driver, opportunities, restraints of global segmentation. Further data on the reports also includes demographic conditions, over-turning changing business cycles and analyzing country-to-market.
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The Global Insurance Analytics Market 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. This report spread across 179 pages, profiling 25 companies and supported with 73 tables and 51 figures are now available in this research.
#Key Players-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), BRIDGEi2i (India).
“The risk management business application is expected to hold the largest market size by 2023”
Insurers require to effectively use their data to understand the potential risks, use counter measures to mitigate losses, or at the least, screen, pre-empt, and price for them in the underwriting process.
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“Insurance companies are estimated to be the largest adopter of insurance analytics solution in 2018”
Insurance companies are now widely adopting various technology solutions including analytics for their internal and customer-facing services. For example, multi-line carriers that supply both consumer policies — for homes, cars and small groups — in addition to business services, such as P&C insurance, run many applications to handle underwriting, claims, and CRM.
“Asia Pacific (APAC) is projected to grow at the highest CAGR and North America to hold the largest market size”
The APAC region is expected to grow at the fastest rate in the global insurance analytics market during the forecast period, due to its growing technology adoption rate. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the insurance analytics market in the APAC region.
Breakdown of primary participants’ profile:
• By Company – Tier 1 – 22%, Tier 2 – 30%, and Tier 3 – 48%
• By Designation – C-Level – 30%, Director Level – 45%, and Others – 25%
• By Region – North America – 41%, Europe – 25%, APAC – 20%, and RoW – 14%
Competitive Landscape of Insurance Analytics Market:
1 Overview
2 Competitive Scenario
2.1 New Product Launches and Product Upgradations
2.2 Partnerships and Collaborations
2.3 Acquisitions
2.4 Business Expansions
3 Insurance Analytics Market: Prominent Players
Research Coverage:
The insurance analytics market revenue is primarily classified into revenues from tools and services. Revenue from tools is associated with software and platform offerings, while revenue from services is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services.
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