The Business Research Company’s report on the Insurance Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the insurance analytics market in recent years?
Increased digitalization of the insurance industry is significantly contributing to the growth of the insurance analytics market. Digitalization is used in the insurance analytics market for automation, underwriting, risk scoring, claims to process, and so on. Digitalization is crucial for the insurance analytics market because it helps in greater market penetration, faster query resolution and customer dashboards, better customer experience, and so on. These were some of the key reasons for the increase of digitalization in the insurance industry. For instance, according to a survey done by KPMG, a Netherlands-based professional services organization, 85% of insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight in ten (78%) say it has turbo-charged progress on the creation of a seamless digital customer experience.
Access Your Free Sample of the Global Insurance Analytics Market Report – Get Insights Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=7546&type=smp
What is the projected market size of the insurance analytics industry, and how is it expected to grow?
The insurance analytics market size has grown rapidly in recent years. It will grow from $14.71 billion in 2024 to $16.74 billion in 2025 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased data volume inThe insurance industry, regulatory compliance and reporting requirements, need for fraud detection and prevention, shift towards personalized insurance products, competitive pressure and market dynamics.
The insurance analytics market size is expected to see rapid growth in the next few years. It will grow to $32.92 billion in 2029 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to adoption of advanced predictive modeling techniques, expansion of usage-based insurance models, growing emphasis on customer experience analytics, focus on cybersecurity and risk management analytics, rising competition in the insurance industry. Major trends in the forecast period include integration of artificial intelligence in analytics, real-time analytics for claims processing, telematics and iot for risk assessment, blockchain for transparent and efficient transactions, collaborative analytics for industry insights.
Gain Exclusive Market Insights—Customize Your Research Report Today For Fast Delivery!
https://www.thebusinessresearchcompany.com/customise?id=7546&type=smp
Who are the key players driving competition in the insurance analytics market?
Major companies operating in the insurance analytics market include Applied Systems Inc., Microsoft Corporation, Open Text Corporation, Oracle Corporation, Pegasystems Inc., Verisk Analytics Inc., SAS Institute Inc., International Business Machines Corporation (IBM), Guidewide LLC, Sapiens International Corporation N. V., Duck Creek Technologies LLC, LexisNexis Risk Solutions Group Holdings Pty Ltd, Munich Reinsurance America Inc., Fair Isaac Corporation (FICO), Insurity Inc., Xactware Solutions Inc., Salesforce. com Inc., Cognizant Technology Solutions Corporation, Milliman Inc., Symbility Solutions Inc., RiskMatch LLC, Tiger Analytics Inc., WNS Global Services Inc., Shift Technology SAS, Cover-All Technologies Inc., SAP SE, Octo Telematics Ltd., EagleEye Analytics LLC, Metromile Inc., Slice Labs Inc., Zesty. ai
What key trends are expected to drive the insulin patch pumps market during the forecast period?
Technological innovation is a key trend in the insurance analytics market. Major players in the insurance analytics market are focusing on technological advancements such as adopting data visualization, to enhance decision-making, streamline operations, and improve risk assessment by providing clear, actionable insights from complex data sets. Data visualization involves displaying data in visual forms such as graphs or charts, simplifying the interpretation of complex information for better analysis. For instance, in May 2024, Aon plc, a UK-based insurance company, launched Aon’s Property Risk Analyzer. It is a comprehensive risk assessment tool that provides exposure visualization, loss modeling, and testing of insurance structures to help clients make better risk management decisions and explore various insurance and risk financing options. It enhances data quality and enables a more strategic approach to managing property risks worldwide.
Which key geographies are driving the growth of the insurance analytics market?
North America was the largest region in the insurance analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Order Your Report Now For Swift Delivery
https://www.thebusinessresearchcompany.com/report/insurance-analytics-global-market-report
What are the key segments driving growth in the insurance analytics market?
The insurance analytics market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Model: On premises, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises (SMEs)
Subsegments:
1) By Solution: Risk Assessment And Management Tools, Claims Analytics Software, Underwriting Analytics Solutions, Customer Retention And Acquisition Analytics, Fraud Detection And Prevention Tools
2) By Service: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
Purchase The Exclusive Report Now To Unlock Valuable Market Insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=7546
How is the insurance analytics market defined, and what are its core characteristics?
Insurance analytics refers to the process of collecting, analyzing, and extracting relevant insights from various data sources to effectively manage risks and offer the best possible insurance contracts in fields such as health, life, property, or casualty, among others, which is crucial for generating more leads, improving customer satisfaction, predicting accurate risk for underwriting, and enabling business growth. The insurance analytics are used to detect fraudulent claims, mitigate risk in real-time, influence customer behavior, predict lifetime value, and so on.
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
https://thebusinessresearchcompany.com/
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
