Deepening technology penetration in insurance industry, growing intensity and frequency of extreme weather events, and rising consumer awareness about risk management collectively drive demand for advanced technology aids like insurance analytics. Global insurance analytics market is likely to witness a stable growth trajectory over the course of next few years, suggests a new upcoming study of Fairfield Market Research. With consistently expanding ageing population worldwide and increasing life expectancy, demand for insurance analytics is expected to see a steady hike in future. Insurers are projected to discover opportunities in form of long-term policies with riders to protect against inflation or healthcare costs, state the initial findings of research.
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Market Proliferates as Insurers of All Sizes Showcase Preference for Analytical Aids
Insurance analytics helps insurance companies accurately analyse customer data, identify their common complaints, recognise the actionable areas of dissatisfaction, and take steps to address the same. Insurers can also achieve better understanding of customer sentiment toward their offerings as analytics help them with data collection, and analysis. This data may be sourced from social media, claims history, as well as weather patterns. While adoption remains prominent among large insurance companies, small and mid-sized insurers have also been showcasing faster inclination toward analytics solutions for an edge over competition in terms of pricing models, and customer experience. Increasing adoption of data analytics tools by insurers for underwriting purposes to achieve greater accuracy of pricing and risk selection will uphold demand for insurance analytics tools like data mining software, predictive modelling software, and actuarial software.
Adoption Soars with a Higher Affordability Quotient
With organisations seeking cost-efficient services, insurance analytics continues to gain traction. There has thus been growing adoption of insurance analytics by several companies that offer a broad range of services such as strategy development, mobile solutions, rating automation, rating enhancement through analytics & visualisation, analytical tools for capital management & process improvement, and business intelligence reporting capabilities at affordable prices. Insurance companies, especially across the developed western regions, have been relying on insurance analytics solutions for optimising their premium income stream through introduction of new products, re-pricing of underwritten policies, and risk analysis.
Availability of these tools on SaaS (software as a service) basis further raises their affordability, thereby boosting market growth. Companies that offer any one service or product within an insurance organisation across all major lines of businesses like life and health insurance, property & casualty insurance, and reinsurance are also registering increasing tendency to adopt insurance analytics solutions. This will remain an important factor fostering market growth.
Developed Western Markets Continue to Surge Ahead
The Demand for insurance analytics has been exponentially rising across the US, Canada, and some of the European nations. Asian subcontinent has however just started to embrace insurance analytics as an integral part of the new-age insurance domain that plays a crucial role in the entire decision making process of insurance companies. While data analytics companies across the region seek new revenue generation opportunities, a few of the top players continue to have control over the major markets, i.e., China, Japan, India, South Korea, and Australia. Smaller players thus continue to struggle here. The region represents a challenging, heterogeneous market.
Market Leaders in Global Insurance Analytics Landscape
The report would shed light on the detailed strategic and financial profiles of the key competitors in global insurance analytics market landscape. Besides global biggies like IBM, Oracle, Microsoft, SAP, and Hexaware Technologies, some of the major players profiled here, include TIBCO, Salesforce, Sapiens, OpenText, WNS, Verisk Analytics, SAS Institute, Vertafore, Qlik, BRIDGEi2i, Board International, MicroStrategy, InsuredMine, LexisNexis Risk Solutions, Guidewire Software, Pegasystems, Applied Systems, RiskVille, ReFocus AI, Pentation Analytics, Habit Analytics, Arceo.ai, Artivatic.ai, and CyberCube.
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Insurance agencies leverage these solutions to inform strategic decision-making, enable the self-service of policies, identify potential opportunities for cost savings, and price premiums.
What's Trending in Market:The Growing Popularity of Cloud-Based SolutionsChallenges:Restraints:Data quality and security issuesMarket Growth Drivers:Rapid Adoption of Data-Driven Decision-MakingThe Complexity of Risk Is Rising Due To Climate Change, Terrorism and CybercrimeLack of Integration with Legacy SystemsThe Rapidly Growing Insurance SectorRegulatory Pressure is Also Fueling the DemandGlobal Insurance Analytics Software Market Development Scenario by Players Ø Financials Information, Business Overview and Product Specification Matrix Ø Patent Analysis Briefing* [if applicable] Ø No.
of Patents Issuance by Year / by Players / By Issuing Office Ø Key Development – Product/Service Launch, Mergers & Acquisition, Joint Ventures Insurance Analytics Software Market Competition Each company profiled in the research document is studied considering various factors such as product and its application portfolios, market share, growth potential, future plans, and development activity.
Yes, we can add or profile new company as per client need in the report, provided it is available in our coverage list as mentioned in answer to Question 1 and after feasibility run final confirmation will be provided by research team checking the constraints related to difficulty of survey.
2) Can we narrow the available business segments?
What all regional slits covered with covid impact analysis?
