Information and Communication Technology Insurance Analytics Market is projected to grow up to 14.3% CAGR during the forecasting pe...

Insurance Analytics Market is projected to grow up to 14.3% CAGR during the forecasting period 2021-2027.

Insurance analytics is the use of data analytics by companies offering insurance products in the market. It helps insurance companies in aiding customer behavior and further analyzing demand for various insurance products, which are quoted by online customers. In addition, insurance analytics solutions help insurance companies generate leads based on the availability of unstructured data available on web.

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Key Driving Factors: Growth in Adoption of Advance Technologies

Insurance industry has been a fastest adopter of technologies such as robotic process automation (RPA), cloud computing, application programming interfaces (APIs), artificial intelligence, data analytics, chatbots and machine learning. In addition, firms performing in the insurance industry are inclined towards the integrated customization services, which have spurred the adoption of insurance analytics solutions across the world. 

The key competitors operating in the market are Applied Systems, Oracle, IBM Corp., Inc., Microsoft, Open Text Corporation, Pegasystems Inc., SAP SE, SAS Institute Inc., and Vertafore, Inc. 

Driver: Rise in the Fraudulent Activities 

Padding, staging accidents, inflating claims, misstate facts on an insurance application, submitting claims for injuries or damage which never happened are the few major frauds occurring in the insurance sector. In addition, frauds such as internal fraud, underwriting fraud, rate evasion, claims fraud and cyber security fraud are committed at different points in transactions by applicants, policyholders, third-party claimants and professionals rendering services to claimants. 

By End User:

As per the end user, the insurance analytics market is segmented into insurance companies, government agencies and third-party administrators. Insurance companies are substantially relying on the internal data analytics and also examine the data from third-party data sources. Data is taken from social media platforms or smart phones etc., which has become a significant source for behavioral insights for insurance companies.

The Insurance Analytics Market report has been categorized as below

By Component:

  • Tools
  • Services

By Organization Size:

  • Large Enterprises
  • SMEs

By Deployment Modes:

  • Cloud
  • On-premises

By End User:

  • Insurance Companies
  • Government Agencies
  • Third-party Administrators, Brokers and Consultancies

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : June-2021